Namibia’s trade increased by 50% to N$15.3 billion in February this year compared to N$10.2 billion recorded in February 2021, latest official figures show.
According to the Namibia Statistics Agency (NSA), the latest trade statistics however are 8.2% lower when compared to N$16.7 billion recorded in January 2022.
“For the month of February 2022, Namibia’s exports earnings stood at N$ 5.7 billion (a decrease of 8.9% monthly) while the imports bill amounted to N$9.6 billion (a decline of 7.8% monthly).However, year -on -year, the trade deficit worsened when compared to N$2.4 billion witnessed in February 2021,” said NSA Statistician General & CEO Alex Shimuafeni.
This comes as the country’s trade deficit improved to N$3.8 billion from the revised deficit of N$4.1 billion recorded in January 2022.
For the month of February 2022, South Africa emerged as Namibia’s largest trading partner for both trade flows.
“South Africa emerged as the main export market for Namibia, absorbing 21.4% of all goods exported, ahead of Botswana in second position with a market share of 15.9% of total exports.China ranked third with a relative share of 9.7% while Zambia and Spain occupied the fourth and fifth positions with respective shares of 7.6% and 6.9%, respectively,” said Shimuafeni.
“The composition of the export basket for the month of February 2022 mainly consisted of minerals such as Precious stones (diamonds), Uranium, Non-monetary gold and copper blisters. Fish continued to be the only non-mineral commodity within the top five products exported. On the other hand, the import basket mainly consisted of a Vessel, Petroleum oils, Inorganic chemicals, Precious stones (diamonds) as well as Motor vehicles for the transportation of goods.”
Re-exports for the month of February 2022 decreased by 6.3% month-on-month, while on yearly basis an increase of 33.7 percent was observed.
“The re-exports basket mainly consisted of Precious stones (diamonds), Copper blisters and Petroleum oils,” Shimuafeni said.
Analysis for the commodity of the month for February 2022 focused on import of wheat products.
“Namibia imported wheat products valued at N$14 million all sourced from South Africa,” he said.
