Trade between Namibia and Spain has grown significantly with exports value amounting to N$5 billion within the past year, official data shows.
According to the Namibia Investment Promotion and Development Board (NIPDB), the strengthening economic ties between the two countries highlight the growing importance of bilateral trade and the potential for mutually beneficial cooperation.
NIPDB Chairperson and Chief Executive Officer Nangula Uaandja recently revealed that Spain’s imports from Namibia in the past year approximately stood at N$800 million in 2022, a sharp decrease from N$1.4 billion recorded in 2017.
Over the past five years, the largest bulk of imports is attributed to tyres contributing 45.7% and molluscs coming in at 34.5%.
Simultaneously, Namibia has experienced a notable surge in its exports to Spain, underscoring the reciprocal nature of the trade relationship.
“This substantial increase signifies Spain’s growing appetite for Namibian products, indicating the country’s recognition of the quality and competitiveness of Namibian goods in the global market,” Uaandja said during a presentation on the business environment and investment opportunities in Namibia.
This comes as Namibian exports to Spain have witnessed a staggering growth rate over the last year, with the total export value reaching approximately N$4.8 billion.
“This growth demonstrates Namibia’s capacity to meet the demands of the Spanish market, as well as its ability to diversify its export base, the largest portion of the exports is attributed to fish fillets covering 71% of exports,” she said.
This is closely followed by fish, zinc ores, molluscs and crustaceans, with all products respectively ranging from 8% to 5%.
Uaandja said the upswing in trade activities between Spain and Namibia reflects the efforts made by both governments to promote bilateral trade relations.
Over the past year, the nations signed various trade agreements, business missions, and investment opportunities that have played vital roles in fostering stronger ties and facilitating mutually beneficial trade exchanges.
The CEO said the agreements signed include, the “Namibia-Spain Development Partnership Framework in 2011-2015, MoU between the Kavango Region and Valsolar Consortoria 2006 S.L Company for the establishment of a Rice Project in the Kavango Region in 2013 and Partnership in 2016 between the Namibia Training Authority and TKNIKA Institute for Innovation and Applied Research, amongst others.”
The robust growth in imports and exports between Spain and Namibia not only boosts the economies of both countries but also creates opportunities for job creation and economic development.
This is backed by Spain’s foreign direct investment in Namibia ranging from N$800 million and N$1.4 billion between 2017 and 2022, according to the latest data from NIPDB.
