Namibia’s trade balloons in first six months

Tujoromajo Kasuto

Namibia’s trade activities increased from January to June 2022 when compared to the same period in 2021, with cumulative total trade of import and exports standing at N$107 billion by June 2022, a noticeable 46.1 percent increase from N$73.2 billion in June 2021, accordingto the latest statistics from the Namibia Statistics Agency (NSA). Mining and quarrying products were the most valuable exported goods in June 2022, accounting for 47.1 percent of total exports, with a value of N$3.8 billion, up from N$2billion in May 2022, according to NSA’s Namibia Trade Statistics Bulletin for June 2022.

The Manufacturing industry came in second place with exports valued at N$3.7 billion, a decrease of N$256 million from N$4 billion in May 2022.

‘’The demand side was mainly dominated by products from the Manufacturing industry, with an import bill of N$6.8 billion in June 2022. This however is a decrease of 4.3 percent from N$7.1 billion recorded the previous month. Mining and quarrying goods imported took a share of 32.1 percent of the total imports for the month of June 2022, the bill decreased by a notable N$1.8 billion from N$5.1 billion,’’ the Bulletin states.

Besides that, the value of imports into the country was N$10.5 billion, a 15.9 percent decrease from N$12.4 billion in May 2022 and a 24.8 percent increase from N$8.4 billion in the same month the previous year.

South Africa, India, China, the Democratic Republic of the Congo, and Saudi Arabia emerged as Namibia’s top five import markets, accounting for 69.8 percent of total imports, up from 48.1 percent in May 2022 and 55.4 percent in June 2021.

According to the NSA, the value of exports in June 2022 increased by 26 percent to N$8 billion from N$6.3 billion in May 2022.

‘’On the other hand, when compared to its level of N$6.9 billion recorded in June 2021, exports increased by 15.1 percent. Imports stood at N$10.5 billion, reflecting a decrease of 15.9 percent month-on-month and a 24.8 percent increase year-on-year basis. Following these developments in both flows, Namibia’s total merchandise trade (exports plus imports) with the ROW2 decreased by 1.7 percent from its May 2022 level of N$18.8 billion to N$18.4 billion recorded in June 2022,’’ reads the NSA bulletin.

Consequently, total trade strengthened by 20.4 percent when compared to N$15.3 billion recorded in June 2021.

According to NSA Statistician General, Alex Shimuafeni Namibia’s trade composition by partner showed that Botswana emerged as Namibia’s largest market for exports whereas South Africa maintained its position as the largest source market for the country.

‘’The composition of the export basket for the month of June 2022 mainly consisted of minerals such as Precious stones (diamonds), Uranium while Fish continued to be the only non-mineral commodity within the top five products exported. On the other hand, the import basket mainly comprised Petroleum oils, Inorganic chemical elements and Civil engineering and contractors’ equipment,’’ he said.

He said that the month of June 2022, saw Namibia’s total merchandise trade adding up to N$18.4 billion, a decrease of 1.7 percent from a value of N$ 18.8 billion when compared to the month of May 2022 and an increase of 20.4 percent from a value of N$ 15.3 billion recorded in the month of June 2021.

Additionally, the country’s trade balance remained in a deficit amounting to N$2.5 billion from

N$6.1 billion recorded in May 2022 and N$1.4 billion observed in June 2021.

By Observer