The Namibia Statistics Agency has revealed that Namibia’s export earnings increased by 2.3 percent from N$7.8 billion in August to N$8 billion in September 2022, while imports totalled N$10.4 billion, a 12.5 percent decrease from N$11.9 billion in August 2022.
According to the Namibia Trade Statistics Bulletin, the trade deficit stood at N$2.4 billion in September 2022, a 41.2 percent improvement over the previous month’s N$4.1 billion.
The agency notes that when compared to the same period in 2021, Namibia’s trade activities increased from January to September 2022.
The top five import commodities during the months of September were petroleum oils, precious stones (diamonds), motor vehicles, pharmaceuticals and wheat.
The five products collectively accounted for 40.9 percent of total imports, with petroleum products taking more than halve a share with 26.9 percent of the nation’s total import value.
Petroleum oils were mostly sourced from the United Arab Emirates, United States and Bahrain, while precious stones were mostly sourced from Belgium. Pharmaceuticals were most from India.
Wheat was sourced mainly from Lithuania.
The trade statistics also reveal that Namibia imports diamonds from Belgium for re-export to countries such as United Arab Emirates and Honk Kong, as well as Copper ores and concentrates for re-export to Netherlands. ‘’Petroleum oils ranked third on the list contributing 9.9 percent which was mostly distant for Botswana.’’
The statistics agency earmarked rice as the commodity of the month valued at N$20 million mainly sourced from South Africa and India.
The cumulative exports from January to September 2022 totalled N$68.7 billion, a 51.4 percent increase over the N$45.4 billion recorded during the same period in 2021.
Subsequently, for imports, an increase of 44.6 percent is depicted when compared to the value of N$65.4 billion recorded during the same period the previous year.
Meanwhile, in September 2022, Manufactured products continued to be the highest valued exports with an amount of N$3.8 billion, absorbing 47.2 percent of total exports, products from the industry increased by N$39 million from N$3.7 billion recorded in August 2022.
Products from the Mining and quarrying industry came in second position with exports valued at N$3.7 billion in September 2022. Exported products from this industry, increased by N$14 million when compared to the value recorded in August 2022.
The demand side was also mainly dominated by products from the manufacturing industry, with an import bill of N$6.6 billion in September 2022.
‘’This is a decrease of 17.4 percent from N$8 billion recorded the previous month. Mining and quarrying goods imported accounted for 32.7 percent of the total imports for the month of September 2022 amounting to N$3.4 billion, the value decreased by an amount of N$294 million from N$3.7 billion recorded in August 2022, the bulletin notes.
Namibia’s Trade deficit improved when compared to the month of August 2022, having
recorded a deficit of N$2.4 billion which was mostly attributed by the exports of Precious stones valued at N$2.4 billion and having only imported N$617 million worth of the commodity.
Furthermore, exports of Fish to the rest of the world amounted N$707 million for the month under review while import stood at N$49 million. In terms of Uranium, the country’s exports stood at N$676 with no Uranium imported during the period under review.Namibia’s exports to South Africa were valued at N$1.4 billion while imports stood at N$4.2
billion resulting in a trade deficit of N$2.8 billion with its neighbouring country.
NSA states that the UAE was the second largest source of goods for Namibia for the month of September with imports amounting to N$813 million and exports valued at N$340 million resulting in a deficit of N$473 million.
South Africa remained the largest source of imports, accounting for 40.9 percent of total imports followed by United Arab Emirates, the US, China and Bahrain.