Namibia’s exports surged in 2023, surpassing the N$100 billion mark at N$105.0 billion, compared to N$97.4 billion recorded in 2022, latest data reveals.
Data released by the Namibia Statistics Agency (NSA) on Tuesday shows that on the import side, cumulative trade for 2023 amounted to N$136.9 billion, an increase of N$7.9 billion when compared to the previous year.
NSA Statistician General and Chief Executive Officer Alex Shimuafeni said between December 2022 and December 2023, Namibia recorded no trade surplus whereas trade deficits averaged at N$2.6 billion during the period under review.
“Trade activities in the country have been on an upward trajectory since 2021. For the year 2023, exports increased by 7.8% when compared to 2022, while imports increased by 6.1%,” he said.
This comes as precious stones (diamonds) were the most exported commodity during 2023 accounting for 23.9% whereas uranium took the second position contributing 13.8% of the total export value.
“South Africa absorbed 20.2% of all goods exported during the year 2023 followed by Botswana with 19.5 %. China, Zambia and Belgium were among the top five markets for Namibia during 2023,” the NSA noted.
The NSA highlighted that exports by economic regions indicate that SACU was the main end market for Namibian goods in 2023, accounting for 39.7% of the total exports.
This coincides with a notable increase in exports to SACU, reaching N$41.7 billion, reflecting an N$8 billion rise from the previous year.
Meanwhile, Shimuafeni said that petroleum oils topped the list of imported commodities accounting for 20.6% of the total imports for Namibia in 2023.
Similarly, motor vehicles for the transportation of goods came in second place accounting for 4% of total imports.
Other notable entries in the top five imported commodities include copper ores and concentrates, civil engineering and contractors’ equipment, and motor cars for the transportation of persons, according to Shimuafeni.
“On the demand side, the top five sources of imports for Namibia were South Africa, China, India, the United Arab Emirates and the United States of America. South Africa topped the list contributing 38.6% of the total imports during the year under study,” the CEO said.
This comes as in December 2023, Namibia’s trade data revealed exports at N$11.5 billion and imports at N$11.8 billion, resulting in a trade deficit of N$299 million for the country.
“During December 2023, exports decreased by 1.9% from N$11.8 billion recorded in November 2023. Additionally, an increase of 23.2% from N$9.4 billion registered in December 2022,” the NSA revealed.
The Agency noted that the import value decreased by 25.0% when compared to the value recorded in November 2023 and increased by 9.9% when compared to the value of N$10.8 billion recorded in December 2022.
