Exports surge to N$43 billion in five months

During the first five months of 2023, Namibia experienced a remarkable surge in exports, reaching an impressive value of N$43 billion.

This figure exceeded the N$36,3 billion reached during the same period the previous year.

According to the most recent data released by the Namibia Statistics Agency, uranium, diamonds, and fish continued to play vital roles in the country’s export earnings.

Uranium emerged as the leading export commodity, accounting for a staggering 21,5% of total exports in May.

The majority of this uranium was destined for China and Canada, experiencing a notable increase of N$1,4 billion in May.

Diamonds claimed the second spot on the list of top exports, constituting 21,1% of Namibia’s total exports.

A significant portion of diamond exports comprised domestic exports (15,7%) and re-exports (5,4%).

The value of diamond exports rose by N$296 million, with Botswana serving as the primary destination.

Fish, another crucial component of Namibia’s export portfolio, claimed the third position, contributing 12% to the nation’s total earnings.

The majority of fish exports (11,9%) were domestic, with a small fraction (0,1%) being re-exports.

Spain, Zambia, and the Democratic Republic of Congo emerged as the primary recipients of Namibia’s fish.

“Namibia exported uranium and diamonds worth N$2 billion each. Uranium recorded a trade surplus of N$2 billion, while diamonds yielded a trade surplus of N$1,7 billion.

“The country continued to be a net exporter of fish with N$1,1 billion worth of fish exported, and only N$11 million imported during the month under review,” the statistics agency notes.

DESTINATIONS

The Southern African Customs Union (Sacu) emerged as the dominant destination for Namibia’s goods during the period under review, capturing a significant share of 36,8% of the country’s total exports.

Following closely behind Sacu were the Organisation for Economic Cooperation and Development (OECD) and Brazil, Russia, India, and China (the Bric countries), claiming the second and third positions, respectively, with 26,4% and 18,3% shares of Namibia’s total exports.

“Exports to Sacu consisted mainly of diamonds, non-monetary gold and petroleum oils, whereas uranium, fish and copper were destined to the OECD. The export basket to the Bric countries was mainly made up of uranium and ores,” the statistics agency says.

The European Union (EU) secured the fourth spot on the list, accounting for 15,7% of Namibia’s total exports, while the Southern African Development Community (SADC), excluding Sacu, claimed the fifth position, representing 13,4% of total exports.

TRADE BALANCE

Meanwhile, the import sector continues to dominate Namibia’s trade landscape, with cumulative trade for the first five months amounting to N$52,7 billion.

This represents an increase of N$440 million compared to the same period in the previous year.

In May 2023, the country recorded a trade deficit amounting to N$2,8 billion, indicating a widened trade balance compared to the preceding month’s N$1,3 billion deficit.

Although the trade deficit in May 2023 showed improvement compared to the N$5,2 billion deficit recorded in May 2022, Namibia experienced no trade surplus between May 2022 and May 2023.

Instead, trade deficits averaged at N$2,4 billion, emphasising the challenges the nation faces in balancing its imports and exports.

During the month under review, the export bill witnessed a significant increase of 22,4% from N$7,6 billion recorded in April 2023.

Moreover, when compared to May 2022, exports surged by 45,3%, soaring from N$6,4 billion to N$9,3 billion in May 2023.

Conversely, imports stood at N$12,1 billion in May 2023, marking a substantial month-on-month increase of 35,8% and a 4% year-on-year growth.