Gold became Ethiopia’s largest export in the 2024/25 fiscal year (July 2024 to June 2025). According to the National Bank of Ethiopia (NBE), gold exports earned USD 3.48 billion, more than eight times the USD 409 million of the year before. Gold made up 41.7 percent of all merchandise export earnings, up from 10.8 percent, and earned more than coffee, which brought in USD 2.67 billion.
Key figures, 2024/25
| Measure | 2022/23 | 2023/24 | 2024/25 |
|---|---|---|---|
| Gold export earnings (USD million) | 197.0 | 408.6 | 3,480.9 |
| Share of merchandise exports | 5.4% | 10.8% | 41.7% |
| Export volume (tonnes) | 3.5 | 4.2 | 38.9 |
| Average price (USD per gram) | 56.9 | 96.9 | 89.4 |
Source: National Bank of Ethiopia, Annual Report 2024/25, using Ethiopian Customs Commission data.
What drove the jump
The increase came from volume, not price. Export volume rose about ninefold, from 4.2 tonnes to 38.9 tonnes, while the average price received fell 7.7 percent, from USD 96.9 to USD 89.4 per gram, according to the NBE.
Gold also shaped the money supply. The NBE says the 66.4 percent rise in base money during the year was largely driven by a rise in other items on its balance sheet, primarily linked to its gold purchase operation. It also notes large errors and omissions in the 2024/25 balance of payments because of the time lag between gold export processing and deposits into the National Bank’s reserves.
Total merchandise exports reached USD 8.35 billion, up 119.7 percent. Gold accounted for USD 3.07 billion of the USD 4.55 billion increase.
Why we do not rank gold exporters
The NBE and the Ethiopian Customs Commission report gold exports as a national total. We found no official figures for individual mining companies or suppliers, so a company ranking would not be reliable. If the Ministry of Mines publishes deliveries by company, we will add a ranked list.
How we built this profile
All figures come from the National Bank of Ethiopia’s Annual Report 2024/25, which draws on Ethiopian Customs Commission data. The NBE marks its 2024/25 balance of payments data as preliminary, so figures may be revised. Values are in US dollars and are not adjusted for inflation.
Sources
- National Bank of Ethiopia, Annual Report 2024/25 (section 5.2.2, Merchandise Export, and tables on export value, volume and unit value): https://nbe.gov.et/wp-content/uploads/2026/07/Annual-Report-2024-2025.pdf
Last updated: 18 October 2026.
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