Key Market Indicators
KAMPALA, Uganda — Uganda's nickel imports are projected to climb to nearly $71,000 by 2028, up from approximately $63,000 in 2023, marking an average annual growth rate of 1.8%. However, since 1999, the nation's demand for nickel has slightly declined, averaging a 0.7% yearly decrease. In stark contrast, Uganda's nickel exports have taken a significant hit. In 2018, exports plummeted to around $1,500, a sharp drop from roughly $10,000 in 2017, representing an 85.1% decline year-over-year. Over a longer period, since 2009, Uganda's nickel supply has consistently fallen, with an average annual decrease of 13.4%. The trends highlight a growing discrepancy between Uganda's nickel imports and exports, posing challenges for the country's trade balance in this sector.
