The Namibia Statistics Agency (NSA) says the country recorded a trade deficit of N$5.5 billion in November 2024, with exports at N$12.2 billion and imports at N$17.7 billion.
During November 2024, exports increased by 39.0% from N$8.8 billion recorded in October 2024 and 4.4% when compared to November 2023.
NSA’s Trade Statistics Bulletin for November 2024 reveals that the import value increased by 7.2% when compared to the value recorded in October 2024 and 12.6% when compared to the value of N$15.7 billion recorded in November 2023.
China emerged as the country’s largest export destination, with a share of 26.8% of all goods exported, followed by South Africa with a share of 17.4%.
Furthermore, Botswana, Belgium, and Zambia formed 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 34.9% of total imports into Namibia, followed by China in second position with 24.6% of the market share,” noted NSA.
Furthermore, the bulletin noted that India, Zambia and the DRC also formed part of Namibia’s top five import markets.
Meanwhile, the analysis of exports by commodities revealed that uranium had the largest share of the export basket, accounting for 20.1% of Namibia’s total exports, ahead of precious stones (diamonds), which accounted for 16.2%, and copper and articles of copper with a share of 14.0%.
“Non-monetary gold (12.5%) and fish (4.7%) came in fourth and fifth positions. In terms of imports, aircraft and associated equipment was the highest valued commodity, with a share of 12.7% of total imports, followed by petroleum oils with a share of 9.6%. Precious stones (diamonds) accounted for 4.0% in third position,” added the Agency.
Furthermore, motor vehicles for the transportation of goods and nickel ores and concentrates accounted for 3.7% and 3.2% shares of total imports, respectively.
In terms of regional composition, SACU emerged as the largest export market during November 2024, contributing 31.7% to total exports.
“BRIC ranked second with a market share of 27.2%, while the OECD accounted for 24.1% in third place. The EU (19.2%) and SADC excl. SACU (12.0%) occupied the fourth and fifth positions,” said the NSA.
On the demand side, SACU maintained its position as the largest source for Namibia’s imports, with a share of 35.4% of the total import bill, followed by BRIC and the OECD with contributions of 29.2% and 15.2%, respectively.
The EU and (9.0%) COMESA (8.3%) also formed part of the top five economic regions and occupied the fourth and fifth positions, respectively.
Namibia’s trade by mode of transport revealed that in November 2024, vast goods were exported via sea transport, accounting for 47.6% of total exports, followed by air transport with 28.9% and road transport with 23.5%.
From the demand side, road transport took the first position, accounting for 51.5% of total imports, followed by sea transport at 29.6% and air transport at 19.0%.
The bulletin also noted that on the African Continental Free Trade Area, the focus was on Namibia’s intra-Africa trade, and for the period under study, Namibia was a net importer.
