Namibia’s import bill surged to N$16.5 billion in October 2024, marking the highest figure recorded this year, latest figures show.
According to the Namibia Statistics Agency’s (NSA) International Merchandise Trade Statistics Bulletin, this represents an 11.5% increase from September 2024’s N$14.8 billion and a 45.4% rise compared to the same period in 2023.
“Imports for the same period stood at N$16.5 billion, the largest figure recorded over the year, translating into an increase of 11.5% month-on-month and 45.4% year-on-year,” the report said.
NSA further reported that the import flow was led by the manufacturing sector, which contributed N$12.5 billion, accounting for 75.8% of total imports and reflecting a 15.2% increase from the previous month.
Key imports included motor vehicles, petroleum oils and fertilisers. The mining and quarrying sector followed with an import value of N$3.5 billion, while agriculture, forestry and fishing contributed N$382 million.
Exports stood at N$8.7 billion, a 3.8% decline from September 2024 but a 27.9% increase from October 2023.
The manufacturing sector led exports with goods worth N$4.8 billion, followed by mining and quarrying at N$3.4 billion, and agriculture, forestry, and fishing at N$348 million.
This disparity between imports and exports resulted in a trade deficit of N$7.8 billion, up from N$5.8 billion in September 2024.
It also marked the 13th consecutive month of trade deficits for Namibia, with the average monthly deficit standing at N$3.6 billion since October 2023.
Namibia’s major trading partners in October 2024 were South Africa, China and Peru, with South Africa accounting for 35.7% of total imports.
NSA reported that the Organisation for Economic Co-operation and Development (OECD) was Namibia’s largest export destination for domestic goods during the month under review, accounting for 38.6% of total exports.
SACU and the EU ranked second and third, contributing 38.1% and 28.6% to the total, respectively. SADC excluding SACU and COMESA occupied the fourth and fifth positions, making up 13.2% and 12.0% of Namibia’s exports.
