Namibia in October exported uranium worth N$2.2 billion to China, a move attributed to the country’s trade deficit of N$1.7 billion for the period under review, however, a 33.5% improvement when compared to a deficit of N$2.6 billion recorded the previous month.
Big items export in October included fish worth N$842 million mostly destined to Spain, Zambia and the DRC, and diamonds worth N$677 million to the United Arab Emirates and Belgium.
“Uranium was Namibia’s largest export commodity during October 2022, accounting for 28.6% of total exports mainly destined to China. Fish and Precious stones (diamonds) came second and third in the list accounting for 10.8% and 8.7% of total exports, respectively,” NSA’s Statistician General and CEO Alex Shimuafeni said on Tuesday.
“Namibia’s trade deficit improved when compared to the month of September 2022, having recorded a deficit of N$1.7 billion which was mostly attributed by the exports of Uranium valued at N$2.2 billion with no uranium imported during the month under study. During the month of October 2022, the country’s trade balance remained in a deficit though it improved by a notable 33.5% (month-on-month) and 69% (year-on-year) from N$2.6 billion recorded in September 2022 and N$5.5 billion observed in October 2021, respectively.”
Namibia’s exports stood at N$7.8 billion and imports at N$9.5 billion, resulting in the country’s trade deficit of N$1.7 billion.
During the period, the country exported wood charcoal worth N$107.3 million mostly destined to South Africa, the Netherlands and Belgium whereas on the demand side, the value of wood charcoal imported into the country was valued at N$0.1 million.
This comes as Namibia’s export earnings declined by 10.2 % from N$8.7 billion recorded the previous month to N$7.8 billion.
Similarly, the imports bill amounted to N$9.5 billion representing a decrease of 15.5% from N$11.3 billion recorded in September 2022.
Furthermore, for the month of October 2022, re-exports decreased by 22.8% month-on-month and increased by 26.9% year-on-year.
The re-exports basket mainly consisted of Precious stones (diamonds), Copper ores and concentrates and Petroleum oils.
The top five commodities which were re-exported in October 2022 were Precious stones (diamonds) with a share of 16.7%t of the nation’s re-exports of which most was destined to the United Arab Emirates and Hong Kong, followed by Copper ores and concentrates with a share of 16.3% of total re-exports mostly destined to Belgium.
Petroleum oils ranked third on the list contributing 15.7% which was mostly destined to Botswana.
Lastly, Sulphur and unroasted iron pyrites; and Miscellaneous chemical products took the fourth and the fifth positions with respective shares of 11% and 5.9% of all commodities re-exported.
