Contribution of fisheries to the balance of payment position in Uganda
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Date
1992
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Since mid 1980, the Government has been faced with a collapsing economy in which coffee generated 96% of the export earnings and financed 70% of the import bill (MPED, 1987). To redress the macroeconomic imbalances, itlaunched a number of economic reforms aimed at economic rehabilitation, growth and development (MPED, 1987; MFEP, 1992a). One of the reform objectives has been to reduce the deficit in the Balance of Payments (BOP)current account through export promotion and diversification.The results have been mixed. Whereas hitherto non-traded products (at least officially) such as fish entered the export market, the' external imbalance increased. Fish exports increased from 0.1% of total export value in 1988 to 3.0 % in 1991 and are projected to rise even further (EPADU, 1992; MAAIF, 1991). The Balance of Payment current account deficit, on the other hand, increased considerably from 1.7% of GDP in 1987 to 5.6% in 1990 as a result of a rapid rise in imports and a dramatic decline in coffee export prices (Bank of Uganda, 1992). Further, the ratio of coffee exports to total export value fell from 96% in 1989 to 65% in 1991 (MFEP,1992b).Pages
15Publisher or University
Uganda Freshwater Fisheries Research Organization