Namibia exports improve in August

NAMIBIA recorded an increase in the value of exports during August 2021, which grew by 41,5% to N$7,1 billion up from its July 2021 level of N$5 billion.

The country’s import bill, on the other hand, amounted to N$10 billion (up by 18,5% on a monthly basis), resulting in a trade deficit of N$2,9 billion.

This is contained in the August issue of the Namibia Trade Statistics released by the Namibia Statistics Agency (NSA).

The agency, however, said when compared to the N$7,5 billion level of August 2020, exports had declined by 6,2% year on year.

On an annual basis, imports had recorded growth of 12,1% from their August 2020 level of N$8,9 billion, the NSA stated.

The N$2,9 billion deficit recorded in August 2021 was lower than the deficit of N$3,5 billion recorded in July 2021, the decline emanating from increases in the imports of copper, petroleum oils, motor vehicles, ores and concentrates of base metals; and the manufacture of base metals and telecommunication equipment, NSA added.

The report said Namibia’s total exports and imports grew by 27,1% from their July 2021 level of N$13,4 billion to N$17,1 billion in August 2021.

According to statistician general Alex Shimuafeni, China was Namibia’s largest export market while South Africa was the country’s largest source of imports.

“The export basket mainly comprised minerals such as copper, precious stones (diamonds), non-monetary gold, uranium as well as ores and concentrates of base metals. Fish remained the only non-mineral product among the top five exports,” he said.

Meanwhile, the import basket comprised mainly copper, petroleum oils, precious stones (diamonds), motor vehicles (for transportation of persons) and ores and concentrates of base metals.

The August 2021 trade figures show that re-exports rose by 30,3% month-on-month and declined by 20,4% year-on-year.

Copper had the largest share of all goods re-exported, accounting for 69,7% of total re-exports mainly destined for China, Spain, the Netherlands and France.

Most of the re-exported copper originated from Zambia and DRC. Notably, copper featured as the most dominant commodity on both trade flows indicating the vital role the country plays as a major logistics hub for SADC in terms of copper.

With the many deaths as a result of Covid-19 during the last months, undertakers experienced a high demand for their services, including the supply of coffins.

From August 2020 to August 2021, Namibia imported coffins worth N$34 million with the largest import figure of N$8 million (23,8%) reflected in August 2021 and the lowest figure of less than N$1 million recorded in September 2020.

Namibia’s manufacturing industry emerged as the largest exporting sector. In August 2021, the industry exported goods worth N$4,9 billion, representing 68,8% of total exports.

From the N$4,9 billion worth of manufactured goods exported, 65,3% are re-exports, reflecting that Namibia has a small manufacturing base.

Exports of goods from this industry rose by N$1,1 billion from N$3,8 billion in July 2021. Additionally, goods from the mining and quarrying industry came in second place after recording exports valued at N$1,9 billion.

Exports from that industry rose by N$1 billion from N$840 million recorded in July 2021.

The Southern African Customs Union (Sacu) emerged as the largest export destination for Namibia’s goods during the month of review, with a market share of 30,3% of total exports.

The Bric and the EU group of countries followed in the second and third positions, absorbing 29,7% and 20,3% of the Namibia’s total exports, respectively.