Namibia’s total merchandise trade during May 2022 increased by 50.4 % to N$15.9 billion, up from N$10.6 billion recorded in the same month last year, the latest official figures show.
Although the statistics show that on an annual basis the economy is recovering from the coronavirus pandemic, total trade decreased by 0.8% in May from N$16 billion registered in April 2022.
According to the latest Namibia Statistics Agency (NSA) trade data, the country’s trade balance remained in a deficit of N$4.6 billion from N$4.1 billion recorded in April 2022 and N$2.6 billion observed in May 2021.
“Namibia’s trade composition by partner showed that Botswana was Namibia’s largest market for exports whereas South Africa remained the largest source market for the country,” said the NSA Statistician-General and Chief Executive, Alex Shimuafeni.
He added that the composition of the export basket for the month of May 2022 mainly comprised of minerals such as precious stones (diamonds), copper blisters, non-monetary gold, and petroleum oils.
Fish continued to be the only non-mineral commodity within the top five products exported.
On the other hand, the import basket mainly comprised petroleum oils, copper ores and concentrates, civil engineering and contractors’ equipment, sulphur and unroasted iron pyrites as well as motor vehicles for the transportation of goods.
For the month of May 2022, re-exports increased by 26.6% month-on-month and 121.1% year-on-year. The re-exports basket mainly consisted of copper blisters, precious stones (diamonds), inorganic chemical elements, petroleum oils and rubber tyres.
Analysis for the commodity of the month for May 2022 focused on the import of glass and glassware products. Namibia imported glass and glassware products valued at N$55 million mostly sourced from South Africa, Angola and China.
In the month under review, manufactured products emerged as the largest exported goods with a value of N$3.5 billion, absorbing 62.4% of total exports.
Exports of manufactured products increased by N$244 million from N$3.3 billion recorded in April.
The mining and quarrying industry maintained its second position, with exports valued at N$1.7 billion in May 2022. Exported products from this industry decreased by a remarkable N$511 million compared to N$2.2 billion recorded in April 2022.
Products from the manufacturing industry dominated the demand side, with an import bill of N$6.5 billion in May 2022.
This, however, is a decrease of 12.8% from N$7.4 billion recorded the previous month. Mining and quarrying goods imported took a 34.5% share of the total imports in May, the bill increased by N$1.2 billion from N$2.3 billion.
Precious stones (diamonds) were Namibia’s largest export commodity during the month under review, accounting for 28.1% of total exports mainly destined for Botswana, the United Arab Emirates and Israel.
This was followed by fish, which accounted for 12.3% of total exports destined mostly for Spain, Zambia and Italy.
Copper blisters ranked third on the list with a share of 10.1% destined for the Netherlands, China, and the Democratic Republic of Congo.
