Gdp Growth of Uganda in 2023

 The Republic of Uganda in East Africa is a globally growing nation with a diverging range of imports and exports supporting the growing economy to a massive extent. The influential economy of the African continent on the equator with a suitable climatic condition is heavily dependent on its agriculture sector with picturesque landscapes and scenic views of rolling hills, mountains, plains, and plateaus. The rich biodiversity of the nation is represented by wildlife reserves like the Murchison Falls National Park, Queen Elizabeth National Park, Bwindi Impenetrable National Park, Mgahinga Gorilla National Park, and the Kidepo Valley National Park.



The country possesses a rich and complex history influenced by the several kingdoms of the early eras like the Kingdom of Buganda, the Kingdom of Bunyoro-Kitara, the Kingdom of Ankole, and the Kingdom of Toro. The stable political relationship with the top trade destinations and the strong grip over the growing industrial sectors has led to a GDP of 44.37 billion US dollars in 2023 with a growth rate of 6%. The rapid outgrowth of the globally demanded industrial commodities is a result of the efficient productivity of the industrial sectors and the skilled workforce engaged in it says the Uganda Customs Data.

TOP 10 GOVERNMENT INITIATIVES BEHIND THE GROWING ECONOMY OF UGANDA IN 2023

The thriving interests of the government authorities in the growing export trade rates of the nation account for the growth in the global economic trade rank. According to the Uganda Trade Data, the top 10 government initiatives behind the growing economy of the nation in 2023 are discussed below,

 

  • Infrastructure Development
  • Industrialization and Manufacturing
  • Oil and Gas Sector Development
  • Agricultural Transformation
  • Tourism Promotion
  • Digital and Financial Inclusion
  • Education and Skills Development
  • Health Sector Improvements
  • Trade and Investment Promotion
  • Governance and Anti-Corruption Measures

VALUATION OF IMPORTED GOODS

The Uganda Import Data enlists the below-mentioned products as the top imported goods of the nation in 2023; the valuations and variations of import commodities are discussed below,

  • Refined petroleum (HS code - 27) - Valuations of imports 2023 – 1.2 billion US dollars

IMPORT VARIATIONS

1.      Gasoline

2.      Diesel

3.      Jet Fuel

4.      Kerosene

5.      Lubricating Oils

  • Motor vehicles (HS code - 87) - Valuations of imports 2023 – 800 million US dollars

IMPORT VARIATIONS

1.      Passenger Cars

2.      Commercial Trucks

3.      Buses

4.      Motorcycles

5.      Four-Wheel Drive Vehicles

  • Wheat (HS code - 10) - Valuations of imports 2023 – 500 million US dollars

IMPORT VARIATIONS

1.      Hard Wheat

2.      Soft Wheat

3.      Durum Wheat

4.      Wheat Flour

5.      Whole Wheat

  • Pharmaceuticals (HS code -29) - Valuations of imports 2023 – 400 million US dollars

IMPORT VARIATIONS

1.      Prescription Medications

2.      Over-the-counter (OTC) Medications

3.      Vaccines

4.      Biopharmaceuticals

5.      Diagnostic and Laboratory Reagents

  • Machinery and equipment (HS code -84) - Valuations of imports 2023 – 350 million US dollars

IMPORT VARIATIONS

1.      Construction Machinery

2.      Agricultural Machinery

3.      Industrial Machinery

4.      Mining Equipment

5.      Energy Equipment

  • Wheat (HS code -10)  - Valuations of imports 2023 – 231 million US dollars

IMPORT VARIATIONS

1.      Hard Wheat

2.      Soft Wheat

3.      Durum Wheat

4.      Wheat Flour

5.      Whole Wheat

  • Trucks for transport (HS code - 84) - Valuations of imports 2023 – 151 million US dollars

IMPORT VARIATIONS

1.      Light-Duty Trucks

2.      Medium-Duty Trucks

3.      Heavy-Duty Trucks

4.      Flatbed Trucks

5.      Refrigerated Trucks

  • Iron and steel (HS code -72) - Valuations of imports 2023 – 130 million US dollars

IMPORT VARIATIONS

1.      Steel Bars

2.      Steel Plates

3.      Steel Pipes and Tubes

4.      Steel Sheets

5.      Structural Steel

  • Electrical apparatus (HS code -85) - Valuations of imports 2023 – 127 million US dollars

IMPORT VARIATIONS

1.      Traffic Signal Systems

2.      Vehicle Lighting Systems

3.      Automotive Electrical Parts

4.      Telematics and GPS Systems

5.      Electric Charging Equipment

  • Chemicals like pesticides (HS code -38) - Valuations of imports 2023 – 110 million US dollars

IMPORT VARIATIONS

1.      Insecticides

2.      Herbicides

3.      Fungicides

4.      Rodenticides

5.      Growth Regulators

VALUATION OF EXPORTED GOODS

According to the Uganda Export Data, the top export variations of the nation in 2023 with its valuations are discussed below,

  • Coffee (HS code - 09) – Valuations of Coffee exports 2023 – 600 million US dollars

EXPORT VARIATIONS

1.      Green Coffee Beans

2.      Roasted Coffee Beans

3.      Instant Coffee

4.      Coffee Extracts

5.      Coffee Pods and Capsules

  • Gold (HS code - 71) – Valuations of Gold exports 2023 – 400million US dollars

EXPORT VARIATIONS

1.      Gold Bullion

2.      Gold Nuggets

3.      Gold Dust

4.      Gold Jewellery

5.      Gold Concentrates

  • Tea (HS code - 09) – Valuations of Tea exports 2023 – 350 million US dollars

EXPORT VARIATIONS

1.      Black Tea

2.      Green Tea

3.      Herbal Tea

4.      White Tea

5.      Tea Extracts

  • Fish (HS code - 03) – Valuations of Fish exports 2023 – 250 million US dollars

EXPORT VARIATIONS

1.      Fresh Fish

2.      Frozen Fish

3.      Dried Fish

4.      Fish Fillets

5.      Fish Meal and Fish Oil

  • Oil (HS code - 15) – Valuations of Oil exports 2023 – 200 million US dollars

EXPORT VARIATIONS

1.      Crude Oil

2.      Refined Petroleum Products

3.      Lubricating Oil

4.      Heavy Fuel Oil

5.      Oil-based Chemicals

  • Seafood (HS code - 03) – Valuations of Seafood exports 2023 – 180 million US dollars

EXPORT VARIATIONS

1.      Freshwater Fish

2.      Frozen Fish

3.      Dried Fish

4.      Smoked Fish

5.      Fish Meal

  • Maize (HS code - 11) – Valuations of Maize exports 2023 – 120 million US dollars

EXPORT VARIATIONS

1.      Maize Grain

2.      Maize Flour

3.      Maize Meal

4.      Maize Bran

5.      Maize Starch

  • Petroleum fuels (HS code - 27) – Valuations of Petroleum fuels exports 2023 – 90 million US dollars

EXPORT VARIATIONS

1.      Crude Oil

2.      Gasoline

3.      Diesel

4.      Jet Fuel

5.      Heavy Fuel Oil

  • Plants (HS code - 06) – Valuations of Plants exports 2023 – 70 million US dollars

EXPORT VARIATIONS

1.      Cut Flowers

2.      Live Plants

3.      Herbs and Spices

4.      Fruit and Vegetable Plants

5.      Tea Plants

  • Iron and its articles (HS code – 73) – Valuations of Iron and its articles exports 2023 – 60 million US dollars

EXPORT VARIATIONS

1.      Iron Ore

2.      Steel Bars (Reinforcing Bars)

3.      Steel Sheets

4.      Iron and Steel Pipes

5.    Steel Plates

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