Non-monetary gold was Namibia’s largest exported commodity in October 2024, accounting for 16.9 percent of the total export of goods which was predominantly destined for South Africa.
According to the Namibia Statistics Agency (NSA), uranium came second on the list accounting for 15.3 percent of the total exports and was mainly destined for France and the United States of America.
“Precious stones (diamonds) took the third position, contributing 13.4 percent and was mainly destined to Botswana. Fish stood in fourth position on the list accounting for 11.9 percent with the commodity primarily destined to Spain and Zambia. ‘Nickel ores and concentrates’ took the fifth position and contributed 4.5 percent to the country’s export earnings and was primarily destined to Canada. The top five export commodities jointly accounted for 62.1 percent of total exports,” the Agency said.
On the other hand, the top five commodities imported into Namibia jointly accounted for 32.5 percent of total imports. Petroleum oils topped the list of imported goods for the month of October 2024, with a share of 13.2 percent of total imports. In second and third positions were ‘Copper ores and concentrates’ and ‘Civil engineering and contractors’ equipment with both having shares of 5.8 percent to total imports. Inorganic chemical elements and Motor vehicles for the transportation of goods ranked fourth and fifth on the list accounting for 4.3 percent and 3.3 percent, respectively.
During October 2024, Namibia’s export revenue stood at N$8.7 billion, a slight decrease of 3.8 percent from the N$9.0 billion recorded in September 2024. Whereas the import bill stood at N$16.5 billion, an increase of 11.5 percent from the N$14.8 billion recorded during the preceding month. The above translates to a trade deficit of N$7.8 billion during October 2024 compared to a trade deficit of N$5.8 billion recorded in September 2024.
“In October 2024, the manufacturing sector took the first position with the largest export of goods valued at N$4.8 billion, making up 55.8 percent of the country’s total exports. Exports of products from this industry increased by N$579 million when compared to the previous month. The ‘Mining and quarrying’ sector accounted for 39.5 percent share of total exports in October 2024, placing this sector in the second place after the Manufacturing sector. However, exports of goods from this industry decreased by N$940 million when compared to the previous month. Furthermore, the ‘Agriculture, forestry and fishing’ sector ranked third, contributing a share of 4.0 percent to the total exports,” the Agency notes.
The demand side showed the country’s level of dependency on foreign manufactured goods following large import flows of products from this industry, with an import bill of N$12.5 billion recorded in October 2024, reflecting an increase of 15.2 percent when compared to the month of September 2024. In second position was the ‘Mining and quarrying’ industry which stood at N$3.5 billion during the month under review, a decrease of 2.0 percent when compared to the preceding month. Lastly, the ‘Agriculture, forestry and fishing’ industry occupied the third position with imports valued at N$382 million during the month under study.
Namibia’s trade strategy is anchored in its participation in key Free Trade Agreements (FTAs) such as Southern African Development Community (SADC) protocol on trade, the Economic Partnership Agreement (EPA) with the European Union (EU) and United Kingdom (UK) as well as the Southern African Customs Union (SACU) among many others. Through these agreements, Namibia benefits from reciprocal preferential access to regional and global markets, allowing duty-free and quota free access in these markets. This explains higher trade volumes between Namibia and these regions when compared to the rest of the world.
The OECD emerged as Namibia’s biggest export destination for domestic goods during the month under review, with a share of 38.6 percent of total exports. SACU and the EU followed in second and third positions contributing 38.1 percent and 28.6 percent to Namibia’s total exports, respectively. SADC excl. SACU and COMESA respectively took the fourth and fifth positions accounting for 13.2 percent and 12.0 percent of total exports.
Exports to the OECD comprised mainly of Uranium, Fish and ‘Copper and articles of copper’. Exports to SACU comprised mainly of non-monetary gold and precious stones (diamonds) while the export basket to the EU had similar commodities as the OECD. Exports to SADC excl. SACU and COMESA was mainly comprised of Fish and Fertilizers.