Uganda's trade deficit widens by over 44 pct in June

Source: Xinhua| 2018-08-22 20:25:27|Editor: xuxin
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KAMPALA, Aug. 22 (Xinhua) -- With falling exports and increasing imports, Uganda's trade deficit in June experienced a month-on-month increase of 44.4 percent to 190.7 million U.S. dollars, the finance ministry said Tuesday.

According to its report, the total value of exports declined by 7.9 percent to 296.33 million dollars in June from May's revised 321.58 million dollars.

It is mainly attributed to the decreasing values of gold, maize, beans, base metals and coffee, which are the key export products in the landlocked East African country, it said.

In June, the East African Community (EAC) remained the major destination for Uganda's exports, accounting for 46.3 percent of total exports, followed by the rest of Africa (18.6 percent), and the European Union (14.2 percent).

The country's imports stood at 486.98 million dollars in June, with a growth of 7.4 percent compared with May.

Asia remained the biggest source of imports to Uganda, while the Middle East and EAC contributed 24 percent and 14 percent of the total imports, respectively.