Gold overtakes coffee as Uganda’s top export after 76% surge to $5.8bn

Uganda’s export profile has undergone a major shift after gold exports jumped 76% in 2025 to $5.8 billion , overtaking coffee as the country’s largest source of foreign‑exchange earnings.

Llewellyn Williams21 January 2026, 11:00 · 2 min read

Gold bars prepared for export in Uganda after record surge — Image via Openverse

Uganda’s export profile has undergone a major shift after gold exports jumped 76% in 2025 to $5.8 billion, overtaking coffee as the country’s largest source of foreign‑exchange earnings. Record global gold prices drove the surge. Uganda's expanding role as a regional gold processing and trading hub also contributed, according to data released by the Bank of Uganda.

Gold becomes Uganda’s biggest export

Gold shipments rose from $3.3 billion in 2024 to $5.8 billion in 2025, representing a 75.8% year‑on‑year increase. Central bank officials attributed the export boom to soaring international gold prices. These prices climbed more than 64% during 2025 amid heightened global geopolitical tensions.

The rally attracted new traders into the Ugandan gold market, significantly increasing the volume of formally exported bullion. Bank of Uganda Director of Research Adam Mugume said high prices encouraged market entry and spurred export growth, even though Uganda remains a modest gold producer domestically.

Regional processing hub drives growth

Uganda has increasingly positioned itself as a regional gold processing and re‑export centre. It refines gold sourced from neighbouring countries, notably the eastern Democratic Republic of Congo and South Sudan. Domestic production is limited, but improved logistics, increased refining capacity and regulatory compliance have turned Uganda into a preferred export corridor within East Africa.

Last year, the country inaugurated its first large‑scale gold mine, a $250 million Chinese‑owned project in eastern Uganda. Policymakers view this project as a signal of long‑term confidence in the sector and as a foundation for downstream investment.

Coffee retains growth but loses top spot

Coffee exports continued to grow strongly in 2025, earning roughly $2.4 billion, but were outpaced by gold’s rapid rise. Economists said this marked a structural turning point in Uganda’s export economy. Minerals have overtaken agriculture as the dominant source of hard currency for the first time.

Central bank data show Uganda’s total exports rose 33% to $12.7 billion in the year ending November 2025, with gold and coffee together accounting for the bulk of the increase.