Namibia, the fourth largest uranium producer in the world, exported N$2,8 billion worth of yellowcake in November 2023, constituting 23,3% of its total exports for the month.
According to a statement from the Mining and Energy website on data released by the Namibia Statistics Agency (NSA) last Thursday, the country’s mineral revenues are the driving force behind its economic performance and all the uranium produced during the month, was destined for China.
Revenue from uranium exports experienced an increase of N$1,5 billion, significantly contributing to the overall surge.
According to NSA data, the country’s trade balance surged to N$2,8 billion due to a recent boom in uranium exports.
The positive balance signifies that the value of exports exceeded imports during the period under review.
The statement reported that Namibia’s total exports for November 2023 stood at N$11,8 billion, marking a remarkable 73% increase from October and a substantial 21,2% rise from November 2022.
In contrast, imports for the same period amounted to N$15,8 billion, resulting in a trade deficit of N$4 billion.
“Moreover, the import bill for the month under review increased by 39,7% from N$11,3 billion recorded during the preceding month, resulting in an improved trade deficit of N$4 billion compared to a deficit of N$4,5 billion recorded in October 2023,” said NSA.
The statement said China secured its position as Namibia’s largest export market, accounting for 23,9% of all goods exported.
Botswana followed closely with a share of 22,2%, underlining the regional importance of the economic partnerships.
Beyond uranium, the bulletin revealed that “precious stones (diamonds) emerged as the second largest exported commodity, constituting 20,9% of total exports including 3,3% re-exports, with the primary destination being Botswana”.
Meanwhile, non-monetary gold claimed the third position, contributing 12,3%, mainly headed for South Africa.
Most exports via sea included uranium, copper and articles of copper, and fish, totaling N$4,9 billion and representing 41,7% of total exports leaving the country by sea.
The Mining and Energy website also noted that Namibia’s exports continue to be on an upward trajectory, recording N$93,6 billion for the first eleven months of 2023, higher than N$88,1 billion registered during the same period in 2022.
For the period, the mining and quarrying industry emerged as the sector with the largest exported goods valued at N$6 billion, absorbing 50,6% of total exports.
Products from the industry increased by N$3,8 billion compared to the previous month.
– email: matthew@namibian.com.na
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