Glass imports still reaching the ceiling

This averages around N$48 million a month.

For the whole year, that would be over half a billion Namibia dollar.

Namibia”;s glass-manufacturing ability is low, although there were talks in 2018 that Groot Group, a company to be based at Tses, would become Namibia”;s leading glassmaker.

The Namibia Statistics Agency (NSA) yesterday released trade data for May – and the picture hasn”;t changed much.

Namibia is still importing more than it exports.

According to the NSA, the country”;s total merchandise trade for May 2022 came to N$15,9 billion – an increase of 50,4% and a decrease of 0,8% when compared to N$10,6 billion and N$16 billion recorded in May 2021 and April 2022, respectively.

Despite the yearly growth, the country”;s trade balance remained at a deficit, though quite larger at N$4,6 billion from the N$4,1 billion recorded in April 2022, and much lower compared to N$2,6 billion recorded for May 2021.

“Namibia”;s trade composition by partner showed that Botswana was Namibia”;s largest market for exports, whereas South Africa remained the largest source market for the country,” statistician general and NSA chief executive officer Alex Shimuafeni says.

He says the composition of the export basket for May 2022 mainly consisted of minerals such as precious stones (diamonds), copper blisters, non-monetary gold and petroleum oils.

“Fish continued to be the only non-mineral commodity within the top-five products exported,” he says.

On the other hand, the import basket mainly comprised petroleum oils, copper ores and concentrates, civil engineering and contractors”; equipment, sulphur and unroasted iron pyrites, as well as motor vehicles for the transportation of goods.

For May 2022, re-exports increased by 26,6% month on month – an increase of 121,1% year on year.

The re-exports basket mainly consisted of copper blisters, precious stones (diamonds), inorganic chemical elements, petroleum oils and rubber tyres.

According to the NSA, monthly changes in exports (down by 5,2%) of goods were mainly reflected in uranium, which decreased by N$660 million, fish which decreased by N$289 million, ores and concentrates of base metals which decreased by N$141 million, printed matter which decreased by N$71 million, and non-monetary gold which decreased by N$61 million.

Monthly changes in imports (up by 1,9%) of goods were mainly reflected in petroleum oils increasing by N$645 million, copper ores and concentrates increasing by N$643 million, civil engineering and contractors”; equipment increasing by N$270 million, ores and concentrates of precious metals increasing by N$111 million, and sugars, molasses and honey increasing by N$88 million.

In May 2022, manufactured products emerged as the largest exported goods with a value of N$3,5 billion, comprising 62,4% of total exports.

“Export of products from the manufacturing industry increased by N$244 million from N$3,3 billion recorded in April 2022.

The mining and quarrying industry maintained its second position with exports valued at N$1,7 billion in May 2022.

“Exported products from this industry decreased with a remarkable N$511 million, compared to N$2,2 billion recorded in April 2022,” the NSA says.

The demand side was mainly dominated by products from the manufacturing industry, with an import bill of N$6,5 billion in May 2022.

This is a decrease of 12,8% from N$7,4 billion recorded the previous month.

Mining and quarrying goods imported took a share of 34,5% of the total imports for May 2022 – an increased of N$1,2 billion from N$2,3 billion.

Namibia recorded a trade deficit of N$4,6 billion in May, reflecting a widened deficit when compared to N$4,1 billion recorded in April 2022, and N$2,6 billion recorded in May 2021.

During May 2022, Namibia”;s top-five export partners were Botswana, South Africa, Zambia, Netherlands, and the Democratic Republic of Congo, while South Africa, India, China, Peru and Bahrain were major sources of imports.

Email: bottomline@ namibian.com.na

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