Martin Endjala
Alcoholic beverages topped the list of commodities exported from Namibia, contributing 72% to the commodity trade in May.
This is according to the Namibia Statistics Agency’s (NSA) latest international merchandise trade statistics bulletin.
Namibia exported goods worth N$5.4 billion and imported goods worth N$5.3 billion to and from other African countries.
Exports to Kenya stood at N$10 million.
Namibia imported goods valued at N$464 905, with the import basket mainly made up of men’s or boys’ clothing (47.4%) and telecommunications equipment (16.2%).
In the analysis of the commodity of the month, the country imported blankets worth N$10.8 million and exported N$29 387 worth of the same commodity.
The value of blankets imported over the entire period of May 2023 averaged N$6.5 million, with the largest value of N$ 11.1 million recorded in May 2023 and the lowest value recorded in October 2023 at a value of N$3.1 million.
In his review, the NSA’s Statistician-General and Chief Executive Officer, Alex Shimuafeni said that during May, the country’s trade balance stood at a deficit of N$3.3 billion.
The trade balance has deteriorated compared to the N$3.1 billion and N$2.9 billion recorded in April and May 2023.
Namibia’s trade composition by partner showed that South Africa continued to be Namibia’s largest market for both exports and imports,” he said.
Shimuafei said the export basket for the month of May mainly consisted of minerals such as precious stones (diamonds), non-monetary gold, ‘copper and articles of copper’, and petroleum oils.
“International merchandise trade plays a crucial role in economic development as it links producers and consumers located in different countries into a global economic system.
In this context, the availability of timely and high-quality trade statistics becomes a precondition for an in-depth analysis of employment, production, income, consumption, and overall welfare at the country and global levels,” he said.
Namibia recorded N$44.7 billion in exports in May, which is higher than the N$42.4 billion registered during the same period of the previous year.
The report indicates that the import value of trade for the month under study amounted to N$ 61.9 billion, higher by N$ 9.4 billion compared to the same period in 2023.
The monthly decrease in exports of goods was mainly reflected in the decrease in uranium, which decreased by N$1.3 billion, salts and peroxy salts, which decreased by N$522 million, and copper ores and concentrates, which decreased by N$156 million.
The value of ore and base metal concentrates decreased by N$146 million, while the value of petroleum oils decreased by N$67 million.
Petroleum oils, which increased by N$824 million, largely reflected the increase in good imports, while iron and steel bars increased by N$214 million.
During the month under review, the export bill decreased by 0.7% compared to N$9.5 billion recorded in April 2024 and increased by 2.8% compared to N$9.2 billion registered in the corresponding month of 2023.
Imports for the same period stood at N$12.8 billion, an increase of 1.1% month over month and 6.2% year over year.
Namibia witnessed trade surpluses with Botswana of N$1.4 billion, Zambia (N$658 million), and Belgium (N$567 million).
During the period under review, trade deficits were recorded against South Africa (N$2.5 billion), China (N$1.2 billion), and Bahrain (N$930 million).
South Africa emerged as the country’s largest export destination, accounting for 21.6% of all goods exported, followed by Botswana with 15.8%. Zambia, Belgium and Spain formed part of Namibia’s top five export markets.
South Africa maintained its position as the country’s largest import source, accounting for 35.3% of total imports into Namibia, followed by China in second place with 12.3% of the market share. The United Arab Emirates, Bahrain, and India also formed part of Namibia’s top five import markets.
