Implications of the fish export trade on the people and the "fisheries resource of Lake Victoria, Uganda were examined. Eight fish processing factories and ninety fishers were analyzed in terms of socio-economic characteristics of fishers and the economic characteristics of fish factories. Results indicated that industrial fish processors in Uganda are presently the main link between the artisanal fisher-folk and the overseas export markets. Their entry into the market has stabilized and expanded the fisher-folk market and average earnings. Fishers attributed improvement in incomes and living standards (76%) to positive changes in the fish market (78%) in the last 5 years (1994-1999). Ugandan fisher-folk communities are not seriously affected by the Nile perch exports (73%) because they normally have easy access to cheap fish at prices much less than urban prices and; depend mainly on alternative fish species of less export value. The price of Nile perch influences positively the price of Tilapia. This makes poor domestic consumers and some fisher-folk communities more vulnerable to the high prices, which they cannot afford. Traditional fish processors and boat crew (real fishers) have lost out to boat owners, middlemen, local traders and factory owners who have benefited more from the export trade.