During the month of October 2022, Namibia exported wood charcoal valued at N$107.3 million of which mostly was destined to South Africa, the Netherlands and Belgium, a trade bulletin released by the Namibia Statistics Agency (NSA) reveals.
Over the entire period (October 2021 to October 2022), the export value of wood charcoal averaged at N$96.8 million with the largest value of N$125.8 million recorded in July 2022 and the lowest value of N$71.0 million recorded in December 2021.
On the demand side, the country imported wood charcoal worth N$ 0.1 million mostly from South Africa during the month of October 2022.
At large, in October 2022, Namibia’s exports stood at N$7.8 billion and imports at N$9.5 billion, resulting in the country’s trade deficit of N$1.7 billion.
During October 2022, exports decreased by 10.2 percent from its value of N$8.7 billion recorded in September 2022. Additionally, exports increased by 13.2 percent from N$6.9 billion registered in October 2021. Import value decreased by 15.5 percent when compared to the value recorded in September 2022 and 23.4 percent when compared to its value of N$12.4 billion recorded in October 2021.
“China emerged as the country’s largest export destination, with a share of 29.1 percent of all goods exported followed by South Africa with a share of 18.7 percent. Furthermore, Zambia, Belgium and Botswana formed part of Namibia’s top five export markets. The demand side saw South Africa maintaining her first position as the country’s largest source of imports, accounting for 48.3 percent of total imports into Namibia followed by the Saudi Arabia in the second position with 12.9 percent of the market share. China, Bulgaria and the USA also formed part of Namibia’s top five import markets,” the Agency said.
The analysis of exports by commodities revealed that Uranium had the largest share of 28.6 percent in Namibia’s total exports ahead of Fish with a share of 10.8 percent. Precious stones (diamonds) accounted for 8.7 percent, while Non-monetary gold accounted for 8.5 percent in fourth and in the fifth position was Petroleum oils accounting for 7.2 percent. In terms of imports, Petroleum oils was the highest valued commodity with a share of 14.2 percent of total imports, followed by Motor vehicles for the transportation of goods with a share of 5.2 percent and Ores and concentrates of precious metals came third with a share of 4.0 percent. Furthermore, Civil engineering and contractors’ equipment accounted for 3.5 percent while Alcoholic beverages contributed 2.4 percent to Namibia’s total imports.
In terms of regional composition, BRIC emerged as the largest export market during the month of October 2022, contributing 29.2 percent of total exports. SACU ranked second with a relative market share of 24.8 percent while the OECD and SADC excl. SACU markets accounted for 20.2 percent and 19.5 percent, respectively. The EU market absorbed 17.4 percent of Namibia’s total exports. On the imports side, SACU emerged as the largest source of Namibia’s imports with a share of 49.6 percent of total import bill followed by OECD market with contributions of 12.7 percent while EU came third in the list with a percentage share of 12.3 percent. The BRIC and COMESA markets had a share of 11.4 percent and 1.4 percent, respectively.
Namibia’s trade by mode of transport revealed that in October 2022, vast of goods were exported via Sea, accounting for 52.4 percent of total exports, followed by Road transport with 28.7 percent and Air transport with 18.9 percent. From the demand side, Road transport was the most recurrent mode of transport accounting for 60.5 percent of total imports followed by Sea with 36.6 percent and Air with 2.8 percent.
On the African Continental Free Trade Area, the focus country was Angola for the month under review, and Namibia was the net exporter between the two countries.