Uganda’s Imports From Tanzania Surges By 25% In One Month

Uganda’s Imports From Tanzania Surges By 25% In One Month

Accessdome.com: an accessible web community

By Spy Uganda

Uganda’s imports from Tanzania almost doubled in April, signaling an increased reliance on East Africa’s second largest economy.

READ ALSO: The Able Leadership Of Experienced Museveni Will Solve Uganda, Kenya Trade Issues-Minister Tumwebaze

According to the Bank of Uganda monthly performance report, Uganda, during April , imported goods worth $125m (Shs443b), representing an increase of 25 per cent.

This was up from $92.9m worth of goods imported in March, which according to the United Nations (Comtrade) database on international trade, contributed to a cumulative import bill of $743.68m (Shs2.6 trillion) from Tanzania during 2020.

READ ALSO: First-Ever Black Woman Set For World Trade Organization Office As Korea’s Myung Withdraws

Tanzania remains one of Uganda’s strategic trade partners. However, the two countries have had trade challenges in the last two years, with Tanzania blocking some of Uganda’s exports including sugar.

Uganda mainly imports machinery, agriculture products, and medicines from Tanzania. During the period ended December 2020, according to Comtrade, Uganda imported pearls, precious stones, metals, coins from Tanzania, which cost $591.26m.

These were the leading imports followed by cereals such as rice and wheat, which cost $79.76m.

READ ALSO: International Corporation, Trade Boosted As Czech Republic Officially Opens Consulate In Uganda 

Other imports include edible vegetables and roots, tubers, iron and steel, fish, crustaceans, molluscs, aquatics, paper and paperboard, articles of pulp, paper and board.

Dr Adam Mugume, the Bank of Uganda executive director research, yesterday attributed the surge to gold imports, noting that Tanzania was one of the main source of Uganda’s gold re-exports.

READ ALSO: Stay Dreaming As We Move On: Kagame Ignores Ugandan Row, Moves To Trade With Congo

Bank of Uganda data indicates that during April, Uganda earned $175.61m (Shs623b) from gold up from $155.9m (Shs552b) in March.

Regional economic analyst Alykhan Satchu, said the increase was an important signal to the Samia Suluhu Hassan administration, noting that it is designed to accelerate reciprocated trade between the two countries.

Accessdome.com: an accessible web community

Related Post

Leave a Reply

Your email address will not be published. Required fields are marked *

//graizoah.com/afu.php?zoneid=3565727
%d bloggers like this: