Namibia’s contribution to total intra-African trade increased to 6.26% in 2023, up from 5.94% in 2022, the 2023 African Export and Import Bank (Afreximbank) Trade Report reveals.
The improvement secured Namibia a spot among the top 10 African nations in intra-continental trade.
Namibia’s exports to other African countries also saw a slight increase, reaching over N$37 billion (US$3.15 billion) last year, representing an increase compared to the N$41 billion (US$2.62 billion) exported in 2022.
However, the report also highlights a decrease in Namibia’s share of total intra-African exports, which currently stands at 2.85%.
On the import side, the value of goods and other commodities that Namibia “brought in” from other African countries stood at N$56 billion (US$3.2 billion) in 2023 compared to N$60 billion (US$3.32 billion) in 2022.
Moreover, the report indicates that South Africa is the top contributor to intra-African trade contributing 20.4% and worth N$713 billion (US$39.2 billion), followed by Cote d’Ivoire, Egypt, Nigeria, Zimbabwe, Mali, Ghana, Zambia and DR Congo.
Together, these nations accounted for 22.2 per cent of total intra-African trade in 2023.
The collective contribution of these countries was bolstered by Ghana, Mali, and Namibia, which saw substantial gains in their trade volumes, marked by robust growth rates of 18.6%, 13.0%, and 5.4%, respectively.
The report further says that the overall numbers show significant differences between regions. It was revealed that Southern Africa was the strongest driver of intra-African trade in 2023, with a growth rate of 41.1% in trade with neighbouring countries.
West Africa held its position as the second-largest trading region, accounting for 25.7% of total intra-African trade.
East Africa came in third, contributing 14.1%. North and Central Africa made up a smaller share, at 12.4% and 6.6% respectively.
The report highlights Africa’s intra-regional trade as a bright spot for the continent’s economic future, despite global challenges.
It stated that trade grew to 7.2% in 2023, reaching N$3 trillion (US$192 billion) and making up a larger portion of 15% of Africa’s total trade compared to the previous year.
The report attributes this strength to ongoing efforts to implement the African Continental Free Trade Area (AfCFTA) along with supporting initiatives like trade fairs, payment systems and business project assistance.
These efforts are not only boosting trade but also fostering a more optimistic outlook for Africa’s economic development.