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Namibia’s trade with the rest of the world totalled N$225 billion last year compared to N$161.1 billion recorded in 2021.
Namibia’s trade with the rest of the world totalled N$225 billion last year compared to N$161.1 billion recorded in 2021. According to the Namibia Statistics Agency (NSA), the country imported goods worth N$128.3 billion in 2022, a 34.8% increase from N$95.2 billion recorded during the same period last year. However, exports stood at N$96.4 billion, resulting in a trade deficit of N$31.9 billion.
In December last year, Namibia’s exports stood at N$8.7 billion and imports at N$9.8 billion, resulting in the country’s trade deficit of N$1.1 billion. During the month of December 2022, exports decreased by 10.3% from their value of N$9.6 billion recorded in November 2022. Additionally, exports increased by 37.1% from N$6.3 billion registered in December 2021. Import value decreased by 21.4% when compared to the value recorded in November 2022 and an increase of 14.1% when compared to its value of N$8.6 billion recorded in December 2021.”
Botswana emerged as Namibia’s largest export destination in December mainly due to diamond exports, with a share of 24% of all goods exported followed by China with a share of 17.2%, with South Africa, Zambia, and the United Kingdom forming part of Namibia’s top five export markets.Precious stones (diamonds) were Namibia’s largest export commodity in December, accounting for 28.1% of total exports mostly destined for Botswana, the UAE, and Belgium. Uranium and Fish came second and third on the list accounting for 13.7% and 9.5% of total exports, respectively.Petroleum oils worth N$568 million topped the list of imported goods for the month of December 2022 according to the NSA data, with a share of 23.7% of the nation’s total import value, followed by Precious stones worth N$2.783 billion with a share of 4.1%, while Motor vehicles for the transportation of goods; and Fertilizers were rated third and fourth in the list accounting for 2.9% and 2.7% of all commodities imported, respectively.
The demand side saw South Africa take the first position as the country’s largest source of imports, accounting for 40.8% of total imports into Namibia followed by the United Arab Emirates in the second position with 16.6% of the market share. China, Saudi Arabia, and the United States of America also formed part of Namibia’s top five import markets.
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The Southern African Customs Union (SACU) was the dominant export destination for Namibia’s goods during the month under review accounting for 39.9 %of total exports. The Organisation for Economic Co-operation and Development (OECD) and the BRIC followed in the second and third positions with 21.8% and 19.2% of Namibia’s total exports, respectively.
