With steady growth in trade volumes, Uganda is not far away from achieving Vision 2040, a strategic master plan for Uganda's development. In the Vision 2040 strategic plan, boosting trade was identified as one of the pathways through which Uganda will be able to transform the society from a peasant to a modern and prosperous country. The Government pledged to undertake numerous trade initiatives to improve the country's trade balance so as to achieve the goals. These include increasing and diversifying exports and ensuring stable supply to meet market targets, identifying new export destinations in regional and emerging markets and ensuring that the exports are competitive and meet international standards. Additionally, it planned to develop an effective incentive system to attract and expand investments in export commodities. The incentive system was expected to facilitate productivity enhancement in production for exports, especially high value and Hi-Tech products to highend markets. The Government pledged to promote the manufacturing of consumer, investment and Hi-Tech goods, and value addition to agricultural products. The steps taken so far and starting to bear fruit; Uganda's trade volumes have been growing steadily over the years. The country's exports have indeed posted substantial growth over time. Available statistics indicate that Uganda's overall merchandise exports have registered substantial growth over the years, growing from $450.1m (sh1.65 trillion) in 2001 to $3.3b (sh12.2 trillion) in 2017, before rising to $3.64b (sh13.4 trillion) in 2018. In 2019, Uganda's exports were valued at close to $4.09b (sh15.1 trillion), according to figures from...
Growing export markets boost trade
Posted on: October 26, 2020
Posted on: October 26, 2020