Namibia’s trade deficit narrows in December
In December 2024, Namibia’s exports stood at N$12.6 billion and imports at N$12.7 billion, resulting in the country’s trade deficit of N$118.6 million.
During December 2024, exports increased by 3.4% from N$12.2 billion recorded in November 2024 and an increase of 16.1% when compared to December 2023. The import value decreased by 28% when compared to the value recorded in November 2024 and increased by 7.5% when compared to the value of N$11.8 billion recorded in December 2023.
“China continued as the country’s largest export destination, with a share of 22.7% of all goods exported, followed by Botswana with a share of 17.5%. Furthermore, South Africa, Zambia and Belgium formed part of Namibia’s top five export markets. The demand side saw South Africa maintaining its position as the country’s largest source for imports, accounting for 35.4% of total imports into Namibia followed by China in second position with 8.3% of the market share.
The Democratic Republic of Congo, Oman and the United States of America also formed part of Namibia’s top five import markets.
“The analysis of exports by commodities revealed that diamonds had the largest share of the export basket accounting for 21.5% of Namibia’s total exports ahead of Uranium which accounted for 20% and non-monetary gold with a share of 8.3%,” the NSA said.
“Fish (7.2%) and ‘fruits and nuts’ (6.5%) came in fourth and fifth positions. In terms of imports, Petroleum oils was the highest valued commodity with a share of 15.7% of total imports, followed by fertilizers and diamonds with a share of 4.4% each, in second and third positions. In addition, inorganic chemical elements and ‘Ores and concentrates of base metals’ accounted for 3.5% and 2.9% shares of total imports, respectively,” it added.
In terms of regional composition, the Southern African Customs Union emerged as the largest export market during December 2024, contributing 29.6% to total exports.
During December 2024, exports increased by 3.4% from N$12.2 billion recorded in November 2024 and an increase of 16.1% when compared to December 2023. The import value decreased by 28% when compared to the value recorded in November 2024 and increased by 7.5% when compared to the value of N$11.8 billion recorded in December 2023.
“China continued as the country’s largest export destination, with a share of 22.7% of all goods exported, followed by Botswana with a share of 17.5%. Furthermore, South Africa, Zambia and Belgium formed part of Namibia’s top five export markets. The demand side saw South Africa maintaining its position as the country’s largest source for imports, accounting for 35.4% of total imports into Namibia followed by China in second position with 8.3% of the market share.
The Democratic Republic of Congo, Oman and the United States of America also formed part of Namibia’s top five import markets.
“The analysis of exports by commodities revealed that diamonds had the largest share of the export basket accounting for 21.5% of Namibia’s total exports ahead of Uranium which accounted for 20% and non-monetary gold with a share of 8.3%,” the NSA said.
“Fish (7.2%) and ‘fruits and nuts’ (6.5%) came in fourth and fifth positions. In terms of imports, Petroleum oils was the highest valued commodity with a share of 15.7% of total imports, followed by fertilizers and diamonds with a share of 4.4% each, in second and third positions. In addition, inorganic chemical elements and ‘Ores and concentrates of base metals’ accounted for 3.5% and 2.9% shares of total imports, respectively,” it added.
In terms of regional composition, the Southern African Customs Union emerged as the largest export market during December 2024, contributing 29.6% to total exports.
