Business 6 May 2026 Daily Monitor (Uganda)
Hong Kong Surpasses Regional Markets as Uganda's Second-Largest Export Destination
Uganda's exports to Hong Kong jumped to $317.74 million in March, making it the second-biggest market after the UAE and exceeding earnings from the entire Comesa region and the EU. This shift underscores growing reliance on gold re-exports amid fluctuating demand from key buyers. Source: https://www.monitor.co.ug/uganda/business/markets/hong-kong-emerges-as-uganda-s-second-biggest-export-market--5449500
Uganda’s export landscape saw a major change in March, with shipments to Hong Kong soaring 74.6% to $317.74 million (Shs1.17 trillion) from $181.96 million the previous month. This leap positioned Hong Kong as the second-largest export market, trailing only the UAE at $534.83 million, according to the Bank of Uganda’s latest economic report.
Exports to the UAE dropped from $644.92 million in February, reflecting softer demand in Dubai. Hong Kong’s figures outpaced Uganda’s $262.04 million from the 15-nation Comesa bloc and $181.74 million to the EU, a key coffee destination.
Total exports climbed to $1.36 billion (Shs5 trillion), driven by gold at $851.35 million and coffee at $173.37 million, comprising over 75% of earnings. Bank of Uganda’s Adam Mugume notes that much of the gold is re-exported after imports from regions like Tanzania and DRC, with minimal local processing.
The UAE decline of $110 million aligned with weaker Dubai demand, while Hong Kong absorbed redirected volumes. Key exports to Hong Kong include gold, coffee, pearls, jewelry, fish, and meat products. UN Comtrade data shows 2024 exports to Hong Kong at $519.4 million, with March 2025 marking a sharp rise.
UAE and Hong Kong together captured 62.5% of March exports, highlighting concentration risks and weak regional trade. Experts warn of vulnerability to global demand shifts without enhanced refining and diversification into non-gold goods like processed foods.
Traders anticipate sustained Hong Kong demand as buyers pivot from Dubai, but long-term gains hinge on boosting local value addition.
Source: Daily Monitor (Uganda)