Uganda's export earnings up 10.2% y/y in July

Business Recorder reported that Uganda's July export earnings grew 10.2% year on year, with the total reaching $1.40 billion, up from $1.27 billion a year before. The finance ministry's report, seen by Reuters, credited the gain mainly to larger shipments of gold, cocoa, flowers and maize.

Gold shipments were the standout, rising 35% to $788.45 million in July. The ministry linked the rise to higher export volumes and firmer international prices, as buyers sought the metal as a safe haven amid geopolitical tensions. The wider report adds that Uganda is a regional centre for gold processing, while gold and coffee rank as the East African nation's chief foreign currency earners.

The export gains could also help steady the shilling, which has weakened against the dollar in recent days. For PSX investors, the story has no direct listed-company link, though it shows how export receipts can bear on currency moves.