September 23, 2024
Economy

Namibia’s trade within SACU declines

March 31, 2022
Namibia’s trade within SACU declines

Namibia’s trade within the Southern African Customs Union (SACU) has declined from a high of 53.1% of the country’s total trade in 2017 to 43% in 2021, latest figures show.

SACU is the oldest customs union established formally in 1910 and comprises five Member States, namely Botswana, Eswatini, Lesotho, Namibia and South Africa.

Figures from the Namibia Statistics Agency (NSA) International Merchandise Trade Statistics reveal that the country’s exports to SACU last year amounted to N$22.4 billion from N$20.3 billion recorded in 2020, while the import bill stood at N$49 billion up from N$42.3 billion in 2020.

Namibia’s exports to Botswana, however, increased by 14.1% to N$8.6 billion from N$7.6 billion recorded in 2020, with imports from the neighbouring country diminishing from N$982 million down to N$754 million in 2021.

“Namibia trade with Botswana has been plentifully growing and this excellence in growth is reflected in the country’s trade balance which has been consistently growing,” the NSA said.

Namibia’s trade with Lesotho, according to the NSA, has been relatively low on both trade flows – exports and imports.

“For instance, in 2021 exports to Lesotho stood at N$5 million whereas imports amounted to N$8 million. Namibia imports from Lesotho comprised mostly clothing that accounted for 90.1 percent followed by clothing accessories (5.8%), motor cars (2.0%), and footwear (1.7%) in 2021. While Namibia exported mostly manufactures of base metals accounting for 41.9 percent followed by electric power machinery (27.5%); pumps for liquids (9.9%); rotating electric plant and parts (7.7%) and fuel woods (4.6%).”

Namibia has been recording a trade deficit against Eswatini according to the NSA for the past five years as the country’s imports from Eswatini have been relatively high as opposed to very minimal exports.

“During 2021, the country’s total import bill from Eswatini amounted to N$327 million against export earnings of N$7 million.”

NSA data shows that Namibia’s merchandise exports to South Africa have been running fairly constant over the five-year period while imports from South Africa have been gradually decreasing from N$48.2 billion in 2017 to less than N$50 billion in the remainder of the period.

“For the last five years Namibia did not record any trade surplus as her imports have been on average three times greater that of the exports.”

Namibia’s revised IMTS show the country recorded a trade deficit of N$29.3 billion in 2021 compared to N$17.7 billion prior year, a downward revision from N$33.4 billion previously announced.

The value of merchandise total trade, according to the Namibia Statistics Agency (NSA) data, increased by 14.4% to N$165.9 billion in 2021, from N$145 billion recorded during 2020. 

Exports for the period increased by 7.3% to reach N$68.3 billion from N$63.7 billion in 2020, a 26.9% downward adjustment from N$93.4 billion.

Merchandise imports according to the NSA report, increased by 20% to reach N$97.6 billion against N$81.3 billion registered the year prior, a 22.3% downward adjustment from the initial figure of N$126 billion.

Rate this item
(0 votes)
Last modified on Thursday, 31 March 2022 19:51
Tags
« Leon Jooste resigns as Public Enterprises minister Will oil, Green Hydrogen provide the boon for the South »

Related items

  • Government moves to abolish barriers hindering SME growth

    Mines and Energy Minister Tom Alweendo says government is scaling up efforts to remove constraints that inhibit entrepreneurship activities and the growth of small businesses into medium- and large-scale competitive enterprises.

  • Is Namibia using correct measures to achieve quality education?

    The government regards education as a fundamental human right. Kofi Ananan said: “Education is the great equalizer of our time, it gives hope to the hopeless and creates chances for those without it”. The Dakar Framework for Action on Education noted that quality education is a key enabler for sustainable development. Carol Bellamy, the Chairperson of the Global Partnership for Education said “education should not be seen as a sideline, but as an anchor to development policy”.

  • Three key considerations when embarking on your home-building journey

    Purchasing a new construction home or opting to buy a plot and acquiring the services of a contractor to build your home are becoming popular options for homebuyers. 

  • Enriching generations: The importance of creating an emergency fund

    Life is unpredictable, and financial emergencies can strike when you least expect them. Whether it's a sudden medical expense, a car repair, or a job loss, having a financial safety net can make all the difference.

back to top
Ad Sidebar Small Size
Ad Sidebar big size

Joomla! Debug Console

Session

Profile Information

Memory Usage

Database Queries