Namibia’s trade with the rest of the world increased by 22% to reach N$15 billion in March 2022, compared to N$12.3 billion recorded in March last year, latest official figures show.
According to the Namibia Statistics Agency (NSA), the N$15 billion trade figure was, however, 12.5% lower than N$17.1 billion registered in February 2022.
In the period under review, the country recorded a trade deficit of N$2.9 billion, a 37.3% improvement from N$4.6 billion recorded in February.
“For the month of March 2022, Namibia’s exports earnings stood at N$6.0 billion (a decrease of 3.4% monthly) while the imports bill amounted to N$8.9 billion (a decline of 17.7% monthly),†said NSA Statistician General & CEO Alex Shimuafeni.
Namibia’s top five export partners in March were South Africa, Botswana, Netherlands, Zambia and the United Arab Emirates.
“These top five markets accounted for 62.3% of Namibia’s total exports, up from 52.2% and 48.5% witnessed in February 2022 and March 2021, respectively. South Africa emerged as the main export market for Namibia, absorbing 20.8% of all goods exported, Botswana in second position with a market share of 15.6% of total exports,†Shimuafeni said.
“Precious stones (diamonds) were Namibia’s largest export commodity during the month under review accounting for 25% of total exports mainly destined to Botswana, United Arab Emirates, Belgium and Hong Kong; followed by fish, which accounted for 14% of total exports destined mostly to Spain, Zambia, South Africa and Mozambique.â€
South Africa, China, India, Saudi Arabia and Brazil were the major sources of imports for Namibia according to NSA data.
“These top five import markets supplied Namibia with 63.2% of all imports required by the country, up from its February 2022 level of 49.8% and 58.9% recorded in March 2021.Analysis for the commodity of the month for March 2022 focused on Cheese. Namibia imported cheese valued at N$14.6 million during the period under review, mostly sourced from South Africa,†he said
