>That’s not just because the price of gold reached record high prices. In February 2026, the tons of gold exported may have set an all-time record.
> Normally, America’s highest value exports are either oil, pharmaceuticals, or aircraft and their parts. Not now. Starting in October 2025, the value of gold exports has topped all other categories almost every month.
Relative to quantity, the price of gold might have less to do with why it’s the top of the list, but gold being more valuable in general might still be the main reason it’s at the top.
For example:
June
Oil at $1 a barrel
Gold at $10 a ton
100 barrels of oil exported - $100
9 tons of gold exported - $90
By value, oil is the top export.
——-
July
Oil at $1 a barrel
Gold at $9 a ton
100 barrels of oil exported - $100
12 tons of gold exported - $108
By value, gold is now the top export.
——-
Even though the price of gold dropped—-the inverse of our current situation to illustrate an extreme—-the general higher price of gold is more relevant to the ranking than its quantity increase.