Petroleum oils dominate imports in March

PETROLEUM oils topped Namibia’s import bill in March, accounting for N$2.5 billion and 16.3% of total imports, the latest trade data indicates.

The report shows Namibia sourced most of its petroleum oils from Bahrain, Oman and Kuwait.

Motor vehicles for commercial purposes were second, contributing 6.3% of total imports, followed by nickel ores and concentrates at 5.4%.

The figures show the country’s five largest imported commodities together made up 33.1% of total imports.

“Imports were mainly dominated by essential commodities such as petroleum oils and motor vehicles (for commercial purposes), thus reflecting dependency on foreign industrial factors to support domestic activities,” statistician general Alex Shimuafeni says.

He says the trend points to structural vulnerabilities in the economy.

“This composition suggests a need for increased industrialisation, particularly in the manufacturing sector and export diversification to reduce import dependency while enhancing economic resilience.”

Vehicles for transporting people ranked fourth with 2.8%, while civil engineering and contractors’ equipment came fifth with 2.3%.

Commercial vehicles were imported mainly from South Africa and India, while nickel ores and concentrates came largely from Zambia.

Passenger vehicles were sourced from South Africa and Japan.

Civil engineering and contractors’ equipment came mainly from China and South Africa.

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