… Namibia exports goods worth millions while importing from next door
Namibia exported grapes worth N$815.4 million in December, yet at the same time imported grapes worth N$2.3 million – primarily from South Africa.
The exports were mainly to The Netherlands and the United Kingdom.
According to the Namibia International Merchandise Trade Statistics Bulletin issued by the Namibia Statistics Agency (NSA), this contributed to Namibia’s export earnings for December 2024 of N$12.6 billion, reflecting an increase of 3.4% from N$12.2 billion recorded in November 2024.
“The country’s import bill for the same month stood at N$12.7 billion, a 28.0% decrease from N$17.6 billion recorded during the preceding month.
“This translates into an improved trade deficit of N$119 million during December 2024, compared to a trade deficit of N$5.5 billion recorded in November 2024,” says NSA chief executive Alex Shimuafeni.
The N$119-million deficit is the lowest recorded in the past 12 months, he says.
Namibia’s cumulative exports over 12 months stood at N$119.0 billion, compared to N$103.2 billion registered over the same period of 2023.
On the import side, the cumulative value for the month under review over the 12 months amounted to N$161.5 billion, a N$25.2 billion increase compared to N$136.3 billion recorded over the same period in 2023.
Shimuafeni says in December 2024, the mining and quarrying sector occupied the top position, with the largest export valued at N$6.3 billion, contributing 50% to the country’s total export earnings.
“Exported products from this industry increased by N$1.3 billion from the previous month,” he says.
The manufacturing sector came in second with a 41.5% share of total exports in December 2024.
Exported goods from this industry decreased by N$1.2 billion from the previous month.
“Agriculture, forestry and fishing ranked third, contributing 8.1% of the total exports,” Shimuafeni says.
Demand showed the country’s dependency on foreign manufactured goods following large imports from this industry.
Namibia’s import bill for December 2024 of manufactured products stood at N$9.1 billion, which shows a 33.7% decline when compared to November 2024.
In second position was the mining and quarrying sector, which stood at N$3.3 billion during the month under review, also reflecting a 3.9% decline when compared to the preceding month.
The agriculture, forestry and fishing sector occupied the third position, with imports valued at N$312 million during the month under study.
During the month under review, export revenue increased by 3.4% to N$12.6 billion, compared to N$12.2 billion recorded in November 2024.
However, exports rose by 16.1% when compared to N$10.8 billion registered in the corresponding month of 2023. December 2024 data shows that imports stood at N$12.7 billion, reflecting a strong decrease of 28.0% month on month, as opposed to a sluggish increase of 7.5% year on year.
Looking at Namibia’s trade balance with key trading partners shows that the country witnessed trade surpluses with Botswana amounting to N$2.1 billion, China (N$1.8 billion) and Zambia (N$1.0 billion) during December 2024.
“On the other hand, the country recorded trade deficits against South Africa (N$3.0 billion), Oman (N$568 million) and the Democratic Republic of Congo (DRC) (N$455 million),” the NSA says.
Petroleum oils emerged as the largest contributor to the country’s trade deficit, recording a trade deficit of N$1.6 billion in December 2024.
In second place, motor vehicles for the transportation of goods noted a deficit of N$351 million, followed in the third place by ‘inorganic chemical elements’ posting a deficit of N$329 million.
The NSA highlights that contrary to the deficits, the country recorded trade surpluses on uranium amounting to N$2.5 billion.
The second and third places were occupied by precious stones (diamonds) and non-monetary gold, which recorded trade surpluses of N$2.1 billion and N$1.0 billion, respectively.
China maintained its pole position as Namibia’s main export destination, absorbing 22.7% of total exports, with Botswana second with a share of 17.5%, while South Africa occupied third position on 12.1%.
Zambia and Belgium took the fourth and fifth positions, respectively, contributing 11.2% and 4.4% of total exports.
South Africa was the main source of imports, accounting for 35.4% of total imports.
In second position was China, with 8.3%, followed by the DRC in third position, with 6.4%.
Oman and the United States took the fourth and fifth positions, with 4.5% and 3.8%, respectively.
– email: matthew@namibian.com.na
Stay informed with The Namibian – your source for credible journalism. Get in-depth reporting and opinions for
only N$85 a month. Invest in journalism, invest in democracy –
Subscribe Now!
