Coffee , Gold Trade spur Uganda’s export earnings  by 70%  in November 2025

The Ministry of Finance, Planning and Economic Development (MoFPED) has reaveled that in the months leading to December 2025,economic activity and perceptions about doing business in Uganda continued to strengthen, supported by improving business confidence and favorable demand conditions, as reflected by the high-frequency indicators of economic activity.

The Purchasing Managers’ Index (PMI) rose to 54.0 in December 2025, from 53.8 in November 2025, firmly remaining above the 50-point threshold that separates expansion in economic activity from contraction.

Similarly, the Composite Index of Economic Activity (CIEA) continued on an upward trajectory, increasing to 181.48 in November 2025, up from 180.41 in October 2025. The improvement in the level of economic activity has been supported by increasing optimism among business operators and investors as shown by the Business Tendency Index (BTI) which increased to 57.20 in December 2025 from 56.20 in November 2025.

Annual headline inflation remained unchanged at 3.1 percent in December 2025, reflecting sustained price stability. This was mainly due to a moderation in core inflation, particularly services inflation, which offset increases in food crops inflation, Energy, Fuel and Utilities (EFU) inflation.

In December 2025, the Ugandan shilling remained relatively stable against the US Dollar, trading at an average mid-rate of Shs.3,575.23/USD compared to Shs.3,575.14/USD in November 2025.

Compared to November 2024, Uganda’s merchandise trade deficit narrowed by 32.4 percent, declining from USD.343.7 million to USD.232.3 million in November 2025. This was mainly attributed to stronger export growth which contributed to narrowing of the trade deficit.

Export earnings grew by 70.4 percent from USD.698.46 million in November 2024 to USD.1,190.51 million in November 2025, on account of increased receipts from mainly coffee and gold exports over this period.