During November 2024, China occupied first position as Namibia’s main export destination, accounting for 26.8 percent of total exports; South Africa stood in second position with a share of 17.4 percent, while Botswana occupied the third position with a share of 14.3 percent.
According to the Namibia Statistics Agency (NSA), Belgium and Zambia took the fourth and fifth positions, respectively, contributing 12.1 percent and 9.4 percent of the total export value.
Uranium was Namibia’s largest exported commodity in November 2024, accounting for 20.1 percent of the total export of goods that was destined for China. Precious stones (diamonds) came second on the list, accounting for 16.2 percent of the total exports, and were mainly destined for Botswana and the United Arab Emirates. Copper and articles of copper took the third position, contributing 14.0 percent, which was mainly destined to Belgium and China. Non-monetary gold stood in fourth position on the list, accounting for 12.5 percent, with the commodity destined for South Africa. Fish took the fifth position and contributed 4.7 percent to the country’s export earnings and was primarily destined for Spain and Zambia. The top five export commodities jointly accounted for 67.4 percent of total exports.
On the other hand, during the month under review, South Africa occupied the first position as the main source of goods imported, accounting for a share of 34.9 percent. In second position was China, claiming a share of 24.6 percent, followed by India in third position, supplying the country with 4.3 percent of the total imports. Lastly, Zambia and the DRC took the fourth and fifth positions, gaining shares of 3.6 percent and 3.2 percent of the total imports, respectively.
The top five commodities imported into Namibia jointly accounted for 33.4 percent of total imports. Aircraft and associated equipment emerged at the top of the list for imported goods during the month under review, with a share of 12.7 percent of total imports. In second and third positions were petroleum oils and precious stones (diamonds), gaining shares of 9.6 percent and 4.0 percent of total imports, respectively. Motor vehicles for the transportation of goods and ‘Nickel ores and concentrates’ ranked fourth and fifth on the list, accounting for 3.7 percent and 3.2 percent, respectively.
The top five commodities re-exported in November 2024 were copper and articles of copper, occupying the first position with a share of 30.7 percent of total re-exports, which were primarily destined for Belgium. Precious stones (diamonds) and petroleum oils followed in second and third place with shares of 21.2 percent and 8.7 percent, respectively, with both commodities mainly destined for Botswana. Lastly, inorganic chemical elements and fertilisers ranked fourth and fifth with shares of 7.3 percent and 5.8 percent, respectively. Inorganic chemical elements were mostly destined for China and Switzerland, while fertilisers were mostly destined for Zambia.
“Namibia’s top 10 traded commodities highlight a reliance on mineral exports, with uranium, precious stones (diamonds), ‘copper and articles of copper,’ and non-monetary leading as top earners, underscoring the country’s wealth in the extractive industry (mining). However, this reliance poses risks due to global price fluctuations. Imports are mainly dominated by essential items such as ‘aircraft and associated equipment’ and petroleum oils, reflecting dependency on foreign industrial inputs. This composition suggests a need for export diversification and increased domestic production capacity to reduce import dependency and enhance economic resilience,” NSA said.
SACU emerged as the biggest export destination for Namibian goods during the month under review, with a share of 31.7 percent of total exports. BRIC and the OECD followed in second and third positions, contributing 27.2 percent and 24.1 percent to Namibia’s total exports, respectively. The EU and SADC-excl-SACU, respectively, took the fourth and fifth positions, accounting for 19.2 percent and 12.0 percent of total exports.
Exports to SACU comprised mainly of non-monetary gold and precious stones (diamonds). Exports to BRIC comprised mainly of uranium, while the export basket to the OECD and the EU comprised mainly of copper and articles of copper. Finally, exports to SADC excl. SACU were mainly comprised of fertilisers and fish.
During November 2024, SACU occupied first position as the largest source of imports for Namibia, contributing 35.4 percent of total imports, and supplied Namibia mainly with motor vehicles for the transportation of goods, alcoholic beverages, and maize. BRIC came in second with a share of 29.2 percent, supplying the country mostly with aircraft and associated equipment, while the OECD came in third position with a share of 15.2 percent of all goods imported, providing the country mostly with fertilisers, rubber tires, and wheat. The EU ranked in fourth position, accounting for 9.0 percent of total imports, and supplied the country mostly with fertilisers, wheat, and ‘ores and concentrates of precious metals.’.