Staff Writer
Non-monetary gold overtook uranium to become Namibia’s largest export commodity in July 2026, benefiting from a strong global rally that has pushed gold prices to record levels, according to an analysis of the July trade statistics by the Namibia Statistics Agency.
Gold exports were valued at N$1.9 billion during the month, accounting for 17.9% of Namibia’s total exports.
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%.
The strong performance comes as gold has emerged as one of the defining global macroeconomic stories of 2026. Spot gold traded near US$4,371 per ounce in early September, approximately 30% higher than a year earlier, after reaching an intraday record above US$4,689 earlier in the year.
The global 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, including those of Poland, China, India and Turkey, have collectively purchased more than 1,000 tonnes of gold annually for three consecutive years, providing significant support to global demand.
For Namibia, the higher gold price has translated directly into stronger export earnings. Annual gold export receipts increased from N$14.3 billion in 2024 to N$20.1 billion in 2025, representing growth of 40.4%.
The increase largely reflects higher international gold prices rather than a comparable increase in physical export volumes.
Namibia’s gold production is sourced primarily from a single domestic mine, while the metal is exported to South Africa under the Namibia Statistics Agency’s classification.
Namibia currently does not have a domestic gold refinery, meaning that doré bars are exported for refining, assaying and certification in South Africa before entering international markets.
While Namibia benefits from higher export values as gold prices rise, the refining and certification stages of the value chain, including associated higher-value economic activity and specialised employment, remain outside the country.
The country’s gold production base is also expected to expand as global prices remain elevated.
B2Gold’s Otjikoto mine produced 23 438 ounces of gold during the second quarter of 2026, leading the company to raise its full-year Namibian production forecast.
Meanwhile, construction is progressing at the Twin Hills gold project near Otjiwarongo, which was acquired by Dundee Precious Metals in a transaction valued at approximately US$214 million.
The project is targeting first gold production in 2027 and is expected to produce about 100 000 ounces annually at steady-state production.
The expansion of Namibia’s domestic gold production capacity could provide further support to export earnings if global prices remain high, Simonis said.
“However, the strong performance of gold exports did not prevent Namibia’s overall trade deficit from widening. The country recorded a 13-month high trade deficit of N$5.9 billion in July, despite gold accounting for its largest single share of exports.”
Gold also benefited from conditions that have contributed to uncertainty in the wider global trading environment, including tariff volatility, concerns over the future of trade arrangements such as the African Growth and Opportunity Act and increased efforts by central banks to diversify their reserves.
“While higher gold prices provide a significant boost to Namibia’s export earnings, the sustainability of the rally remains dependent on global monetary policy, movements in the US dollar and geopolitical developments.”
Simonis said a shift in the Federal Reserve’s interest-rate outlook, stronger inflation or reduced geopolitical uncertainty could affect demand for safe-haven assets and place pressure on gold prices.
