Total exports of goods and services grew from USD 4.9 billion in FY2013/14 to USD 5.4 billion in FY2017/18 in nominal terms.
President Museveni as always stated that growing the value of Uganda’s exports is key to the country’s efforts to maintain its debt sustainability and earn enough foreign capital to pay for the importation of required goods and services, particularly intermediate goods which will be critical for the early stages of the country’s industrialization.
Over the course of NDP I and NDP II period, Uganda’s exports grew in value from USD 4.9 billion in FY2013/14 to USD 5.4 billion in FY2017/18.
Tourism, in particular, remains one of the best performing sectors under service exports. Visitor arrivals increased from 945,899 in 2010 to 1,505,669 in 2018, which earned the country foreign exchange revenue amounting to USD 1.6 billion.
The improved security situation in the country undoubtedly contributed to this healthy growth. The volume and value of commodity exports, however, remain comparatively low and stagnant. This growth is expected to be even stronger when the Africa Continental Free Trade Area (AfCFTA) is fully operationalized.
In addition, the continuation of a policy of clustering through fully serviced and spatially concentrated industrial parks should be encouraged to deepen and broaden the knowledge base of companies, attract foreign investment and increase local employment while at the same time contributing to a diversification of the economy and the increased production of locally made products for the local market.
Remittances increased from USD 819 million in FY2010/11 to over USD 1.4 billion in FY2017/18 in nominal terms. Remittances from Ugandans abroad increased significantly from USD 819 million in FY2010/11 to USD 1.4 billion in FY17/18. The increased inflow of foreign exchange through remittances impacted positively on the economy through boosting aggregate demand and economic growth as well as the national savings pool available for investment. Consequently, gross domestic savings as a percentage of GDP have grown from 14.5 percent in FY 10/11 to 16.5 in FY17/18, while investment has grown from 21.1 percent to 28.5 percent of GDP over the same period.
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