Stefanus Nashama
The country’s export earnings in December 2024 rose to N$12.6 billion, marking a 3.4% increase from the previous month.
This is according to the latest Merchandise Trade Statistics Bulletin released by the Namibia Statistics Agency (NSA) on Tuesday.
The bulletin highlighted that the country’s import bill for the same month was N$12.7 billion, which reflects a notable decrease of 28% from the N$17.6 billion recorded in November 2024.
This shift contributed to a significant reduction in the country’s trade deficit, which stood at N$119 million in December 2024, compared to a trade deficit of N$5.5 billion the previous month.
According to the bulletin, this represents the lowest trade deficit recorded in the past 12 months.
In the report, the NSA noted that Namibia’s total cumulative exports for the year amounted to N$119.0 billion, surpassing the N$103.2 billion achieved in the previous year.
Key drivers behind the monthly increase in exports include a surge in precious stones (diamonds), nickel ores and concentrates, as well as notable rises in the exports of fish, fruits, nuts, and base metals.
“Diamonds saw a sharp increase of N$744 million, and nickel ores and concentrates rose by N$378 million,” said the report.
“Fish exports also contributed to the gains with an increase of N$330 million,” it added.
In terms of imports, the monthly decrease was attributed to a sharp drop in the importation of aircraft and associated equipment, which fell by N$2.0 billion.
Other goods such as motor vehicles for goods transportation, heating and cooling equipment, and wheat also saw decreases in their import values.
The country reported a net export surplus of N$669 million in food items (excluding live animals) for December, though the country had a deficit of N$302 million in beverages.
The report also highlighted Namibia’s growing trade in grapes, a commodity of the month.
In December 2024, Namibia exported grapes worth N$815.4 million, primarily to the Netherlands and the United Kingdom.
The country also imported N$2.3 million worth of grapes, mainly sourced from South Africa.
Over the twelve months leading up to December 2024, exports of grapes averaged N$173.8 million per month, marking a steady demand for the fruit in international markets.
NSA noted that these positive trade figures provide an optimistic outlook for Namibia’s economy and demonstrate the resilience of key sectors such as mining, agriculture, and manufacturing.
The improved trade balance offers hope for the country’s continued economic growth as it navigates global challenges.