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.”
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
