Namibia Surpasses Uranium as Gold Exports Soar
Namibia has seen gold overtake uranium as its largest export commodity in July 2026, according to an analysis of trade statistics by the Namibia Statistics Agency. The value of non-monetary gold exports increased by 25.4% month-on-month and 27.4% year-on-year, despite total exports declining by 17.2%. Gold exports were valued at N$1.9 billion during the month, accounting for 17.9% of Namibia's total exports.
The strong performance comes as gold has emerged as one of the defining global macroeconomic stories of 2026, with spot gold trading near US$4,371 per ounce in early September. This is approximately 30% higher than a year earlier and follows an intraday record above US$4,689 reached earlier in the year.
The rally has been supported by strong central-bank purchases, a softer US dollar, expectations of further interest-rate cuts by the US Federal Reserve, and increased demand for safe-haven assets amid geopolitical tensions and uncertainty surrounding global trade policy. Central banks have collectively purchased more than 1,000 tonnes of gold annually for three consecutive years, providing significant support to global demand.