Farm tools drive N$2.7-billion trade deficit in January

The Namibia Statistics Agency (NSA) highlights disc ploughs, harrows, and related agricultural implements as the commodity of the month in January, which marks the peak of rain-fed agricultural activities.

NSA chief executive Alex Shimuafeni said this in the Namibian Merchandise Trade Statistics bulletin for January, released yesterday.

He says the country imported disc ploughs and harrows worth N$1.1 million, mainly from South Africa and Zimbabwe, but did not export any of these goods during the period under study.

The movement of these goods contributed to a trade deficit of N$2.7 billion recorded in January, which was worse than the deficits of N$129 million and N$2.1 billion recorded in December 2024 and January 2024, respectively.

Shimuafeni says Namibia exported N$10.7 billion worth of goods in January, reflecting a 15% decrease from N$12.6 billion recorded in December 2024.

The country’s import bill for the same month stood at N$13.4 billion, a 5.7% increase from N$12.7 billion recorded during the preceding month.

“This translated in a trade deficit of N$2.7 billion in January 2025, compared to a deficit of N$129 million recorded in December 2024.

The N$129-million deficit is the lowest recorded in the past 13 months – from January 2024 to January 2025,” Shimuafeni says.

South Africa was the country’s top market for both exports and imports, he says.

In terms of export composition, Namibia’s key traders for January were in the mining sector, such as non-monetary gold, uranium, precious stones (diamonds) and “copper and articles of copper” with fish being the only non-mineral products among the top five export goods.

Shimuafeni says re-exports saw a 6.4% decline month-on-month, but had a 46.1% increase year-on-year.

Re-exports are commodities imported by residents who assume short-term ownership of the commodities before ultimately exporting them.

“The re-exports basket mainly comprised inorganic chemical elements, petroleum oils, copper and articles of copper, fertilisers and nickel ores, and concentrates.

“On the other hand, the import basket mainly comprised petroleum oils, copper ores and concentrates, aircraft and associated equipment, motor vehicles for the transportation of goods, and civil engineering and contractors’ equipment,” Shimuafeni says.

The bulletin states that Namibia was a net exporter of food items with a trade surplus of N$264 million, while a trade deficit was witnessed for beverages at N$161 million in January.

In January, the country’s trade started off with a trade deficit of N$2.7 billion, significantly higher than the N$129 million deficit recorded in the previous month.

Between January 2024 and January 2025, the country recorded persistent trade deficits, and over this period, trade deficits averaged N$3.5 billion.

Namibia’s trade balance with key trading partners during the period under review shows Namibia traded surpluses in January, with Botswana amounting to N$1.2 billion, Zambia (N$1.0 billion) and the United States of America (N$932 million).

On the other hand, the country recorded trade deficits against South Africa (N$1.5 billion), China (N$1.4 billion) and Peru (N$1.2 billion).

“Copper ores and concentrates emerged as the largest contributor to the country’s trade deficit, having recorded a deficit of N$1.5 billion in January 2025,” the NSA bulletin says.

Following in second place was petroleum oils which posted a deficit of N$1 billion, while aircraft and associated equipment ranked third after posting a deficit of N$469 million.

The country, however, recorded trade surpluses on non-monetary gold amounting to N$1.8 billion.

The second and third places were occupied by uranium and fish, which recorded trade surpluses of N$1.4 billion and N$1.2 billion, respectively.
– email: matthew@namibian.com.na