Namibia’s uranium export earnings increased by 22.1% year-on-year to N$7.3 billion in the third quarter of 2025, despite a 7.2% decline quarter-on-quarter, according to the Bank of Namibia Quarterly Bulletin.
The annual increase was supported by a 38.2% rise in export volumes, reflecting catch-up sales enabled by improved shipping lines. During the period, the average international spot price of uranium declined by 6.5% year-on-year to US$76.29 per pound, but increased by 5.1% quarter-on-quarter.
The Bank of Namibia said the quarterly price gains were driven by production cuts in Canada and Kazakhstan, ongoing disruptions in Niger, and increased spot purchases by uranium investment funds, which tightened global supply.
“Compared with the third quarter of 2024, prices were lower during the third quarter of 2025 because utilities in major markets such as the United States, Europe and East Asia were still well stocked after heavy purchases in 2023 and 2024,” the central bank said. “Secondary supplies and high inventories also kept the market comfortably supplied, leading to softer year-on-year demand.”
In contrast, export earnings from rough diamonds fell sharply during the quarter, declining 19.0% year-on-year and 17.4% quarter-on-quarter to N$2.4 billion. The contraction was largely attributed to subdued global demand, lower realised prices, increased competition from lab-grown diamonds and oversupply from major producers.
The Bank of Namibia said key markets, including China and the United States, continued to record weak consumer demand, placing pressure on diamond revenues.
Other mineral exports recorded mixed performance. On an annual basis, export earnings from this category increased by 11.2% to N$5.7 billion, largely driven by gold exports, which rose 24.5% to N$4.7 billion due to higher international prices and increased export volumes.
The international gold price rose 35.5% year-on-year and 2.0% quarter-on-quarter to US$3,359 per fine ounce, supported by strong central bank demand and sustained investor interest amid global economic uncertainty, the central bank said.
On a quarterly basis, however, earnings from other minerals declined by 5.7%, reflecting lower production and reduced export volumes, particularly for gold following the completion of open-pit mining operations at one mine. A 3.5% appreciation of the Namibian dollar against the US dollar also weighed on export receipts.
Zinc export earnings declined marginally by 0.3% year-on-year, but surged 100.3% quarter-on-quarter, driven by higher export volumes.
“Exports of other minerals increased on an annual basis owing to higher export volumes and prices, but declined quarter-on-quarter amid lower production and export activity,” the Bank of Namibia said.
