Stefanus Nashama
The Namibia Statistics Agency (NSA) has announced that the country’s export earnings for November 2024 reached N$12.2 billion, marking a 39.0 percent increase from N$8.8 billion recorded in October of the same year.
In contrast, the country’s import bill for the month amounted to N$17.7 billion, a rise of 7.2 percent from N$16.5 billion in the previous month.
These figures were released in the Namibia International Merchandise Trade Statistics Bulletin for the month under review, published on Thursday.
The trade data reveals an improved trade deficit of N$5.5 billion in November 2024, an improvement from the N$7.7 billion deficit in October.
Cumulatively, Namibia’s exports for the first eleven months of 2024 totalled N$106.4 billion, up from N$92.3 billion during the same period in 2023.
Key Export Sectors and Growth
According to the report, the increase in exports was largely driven by significant gains in the mining and manufacturing sectors.
Copper and copper articles saw an export increase of N$1.3 billion, uranium exports rose by N$1.1 billion, while precious stones (diamonds) surged by N$718.9 million. Exports of fruits and nuts also saw an increase of N$470.8 million, and inorganic chemical elements grew by N$190.6 million.
On the import side, the monthly rise was primarily attributed to a surge in the importation of aircraft and associated equipment, which increased by N$2.2 billion. Additionally, imports of precious stones (diamonds) rose by N$653.9 million, nickel ores and concentrates by N$301.8 million, and heating and cooling equipment by N$188.6 million.
Sector Performance
The manufacturing sector led the charge in exports, contributing N$6.4 billion, or 52.7 percent, of Namibia’s total export earnings.
This, according to the report, marked an increase of N$1.6 billion compared to October 2024.
The mining and quarrying sector accounted for 40.7 percent of the total exports, with its earnings rising by N$1.4 billion.
Agriculture, forestry, and the fishing sector ranked third, contributing 6.1 percent to the overall export value.
The positive trends in Namibia’s trade statistics for November 2024 suggest a strengthening export performance, positioning the country for continued growth in the year ahead.
