Namibia trade hits N$225 billion in 2022

February 02, 2023 2194

Namibia’s trade with the rest of the world totalled N$225 billion last year compared to N$161.1 billion recorded in 2021.

According to the Namibia Statistics Agency (NSA), the country imported goods worth N$128.3 billion in 2022, a 34.8% increase from N$95.2 billion recorded during the same period last year. However, exports stood at N$96.4 billion, resulting in a trade deficit N$31.9 billion.

“Over the entire period (December 2021 to December 2022), the import value of Sanitary pads monthly averaged at N$7.5 million with the largest value of N$14.5 million recorded in July 2022 and the lowest value of N$ 4.0 million recorded in October 2022. On the export side, the country exported Sanitary pads worth N$0.1 million which were mostly destined to Zambia during the month of December 2022,” said NSA.

In December last year, Namibia’s exports stood at N$8.7 billion and imports at N$9.8 billion, resulting in the country’s trade deficit of N$1.1 billion.

“During the month of December 2022, exports decreased by 10.3% from its value of N$9.6 billion recorded in November 2022.
Additionally, exports increased by 37.1% from N$6.3 billion registered in December 2021. Import value decreased by 21.4% when compared to the value recorded in November 2022 and an increase of 14.1% when compared to its value of N$8.6 billion recorded in December 2021.”

Botswana emerged as Namibia’s largest export destination in December mainly due to diamond exports, with a share of 24% of all goods exported followed by China with a share of 17.2%, with South Africa, Zambia and the United Kingdom forming part of Namibia’s top five export markets.

“Precious stones (diamonds) were Namibia’s largest export commodity in December, accounting for 28.1% of total exports mostly destined to Botswana, the UAE and Belgium. Uranium and Fish came second and third in the list accounting for 13.7% and 9.5% of total exports, respectively.”

Petroleum oils worth N$568 million topped the list of imported goods for the month of December 2022 according to the NSA data, with a share of 23.7% of the nation’s total import value, followed by Precious stones worth N$2.783 billion with a share of 4.1%, while Motor vehicles for the transportation of goods; and Fertilizers were rated third and fourth in the list accounting for 2.9% and 2.7% of all commodities imported, respectively.

“The demand side saw South Africa take first position as the country’s largest source of imports, accounting for 40.8% of total imports into Namibia followed by the United Arab Emirates in the second position with 16.6% of the market share. China, Saudi Arabia and the United States of America also formed part of Namibia’s top five import markets.”

The Southern African Customs Union (SACU) was the dominant export destination for Namibia’s goods during the month under review accounting for 39.9 %of total exports.

“The Organisation for Economic Co-operation and Development (OECD) and the BRIC followed in the second and third positions with 21.8% and 19.2% of Namibia’s total exports, respectively.”

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Last modified on Friday, 03 February 2023 12:58

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