- Published: Wednesday, 05 April 2017 10:29
- Sourced by SolutionsTeam
Gold exports from Uganda recorded an 89 per cent increase in the year ending 2016, a Bank of Uganda (BoU) report has shown. Although Uganda is not a big miner of gold, experts said the re-exports saw the country register $340 million (Shs1.2 trillion) revenue up from $36 million (Shs129 billion) exported the previous year.
This performance makes the commodity the country's second largest export product after coffee. According to the report, most of the gold was destined to United Arab Emirates (UAE). Because of this, UAE became the leading export destination recording 20 per cent of Uganda's exports. Responding to this performance, Mr Adam Mugume, the director of research at BoU, said: "The increase in exports to UAE is largely because of the increase in gold exports."