The Namibia Statistics Agency (NSA) reveals that in May 2024, the manufacturing industry was the leading sector for the country’s exports, contributing goods valued at N$6.3 billion.
This comes as Namibia’s cumulative exports amounted to N$44.7 billion in May 2024, higher when compared to N$42.4 billion registered during the same period of the previous year.
The Merchandise Trade Statistics Bulletin shows that this represents 66.5% of the total exports for the month, with the industry seeing an increase of N$1.0 billion compared to the previous month.
The mining and quarrying industry came in second position with a share of 28.2% of the total exports in May 2024.
“Exported goods from this industry decreased by N$1.1 billion when compared to the previous month,” the report reveals.
Furthermore, the agriculture, forestry and fishing industries ranked third, contributing 4.5% of the total export of goods.
Meanwhile, the demand side was largely dominated by products from the manufacturing industry, with an import bill of N$8.6 billion recorded in May 2024, a slight increase of 2.5% when compared to April 2024.
“In second position was the mining and quarrying industry which stood at N$3.9 billion during the month under review, an increase of N$59 million when compared to the preceding month,” the bulletin shows.
Lastly, agriculture, forestry and fishing industries occupied the third position with imports valued at N$305 million during the month under study.
This comes as in May 2024, Namibia’s exports stood at N$9.4 billion and imports at N$12.8 billion, resulting in the country’s trade deficit of N$3.3 billion.
“During May 2024, exports decreased by 0.7% from N$9.5 billion recorded in April 2024 and increased by 2.8% when compared to May 2023. The import value increased by 1.1% when compared to the value recorded in April 2024 and by 6.2 % when compared to the value of N$12.0 billion recorded in May 2023,” reads the Bulletin.
South Africa emerged as the country’s largest export destination, with a share of 21.6% of all goods exported, followed by Botswana with a share of 15.8%. Zambia, Belgium and Spain were part of Namibia’s top five export markets.
“The demand side saw South Africa maintaining its position as the country’s largest source for imports, accounting for 35.3% of total imports into Namibia followed by China in second position with 12.3% of the market share,” added the report.
The UAE, Bahrain and India also formed part of Namibia’s top five import markets.
In Namibia, exports are dominated by precious stones (diamonds), comprising 20.6% of total exports, followed by fish at 13.1% and non-monetary gold at 12.6%. Copper products (6.7%) and petroleum oils (5.5%) round out the top five.
On the import side, petroleum oils lead with 22.1% of total imports, followed by nickel ores and precious stones (diamonds) at 3.8% each. Motor vehicles for goods transport and medicaments each account for 2.3% of imports.
