This report presents an analysis of livestock marketing in the Karamoja region of north-east Uganda. This assesment reviews the current status of livestock marketing and trade in Karamoja, including cross-border trade with Kenya and South Sudan. The assessment explains the economic logic of herd growth in Karamoja as a means to build household financial capital, and questions the notion of Karamojong herders as unresponsive to price and opportunity. The assessment reports a practice of 'trading up' in which bulls are fattened and exchanged for heifers, as well as a dynamic livestock market activity in Karamoja. Key constraints to livestock production are highlighted - weak veterinary services and problems with livestock water supply.