The total value of food and live animal exports surged by 31.3% year-on-year, reaching approximately N$994 million in the first quarter of 2024, latest data shows.
According to a report by the central bank, this growth was driven mainly by increased export earnings from weaners, attributed to higher volumes exported due to drought-induced marketing activities.
The central bank report highlighted that the category encompasses the export value of food products and live animals, including cattle, sheep and goats.
“Despite the annual growth, the total earnings from these exports fell by 48.3% quarterly, largely due to the seasonal decrease in grape exports,” the Bank of Namibia’s Quarterly Bulletin for June 2024 reads.
Average prices for weaners and sheep declined both yearly and quarterly. Weaner prices dropped by 22.8% year-on-year and 9.5% quarterly to N$24.75 per kilogramme.
“Sheep prices fell by 4.8% annually and 0.2% quarterly to N$52.92 per kilogramme, attributed to oversupply amid drought conditions. The decline in the weaner and live sheep prices was ascribed to the oversupply of animals amid droughts,” stated the report.
Meanwhile, the total number of cattle marketed surged by 47.9% annually to 86,693 heads, with live weaner exports and cattle slaughtered for exports rising by 87.9% and 32.2%, respectively.
“This growth was fuelled by strong demand from South Africa and drought-induced marketing due to poor rainfall during the 2023/24 season. Farmers opted to market more at export-approved abattoirs due to favourable prices. Consequently, cattle slaughtered for local consumption decreased by 33.8% to 7,879 heads,” noted BoN.
Quarterly, cattle marketing increased by 43.5% from 60,436 heads, driven by a rise in live weaner exports and cattle slaughtered for exports. Seasonal adjustments showed an even higher quarterly rise of 52.6%.
“When seasonally adjusted, cattle marketing activity pointed to a higher quarter-on-quarter rise of 52.6% during the quarter under review,” the bulletin highlighted.
