By:Justicia Shipena
Namibia exported commodities worth N$4.9 billion to Africa in June, according to the Namibia Statistics Agency (NSA).
The continent currently awaits to implement the African Continental Free Trade Area (AfCFTA).
The AfCFTA is one of Agenda 2063’s major projects, a high-ambition trade agreement with a broad scope that incorporates crucial aspects of Africa’s economy, such as digital commerce and investment protection, among others.
The AfCFTA’s goal is to gradually reduce tariffs and non-tariff obstacles to trade in products and services, as well as to cooperate on investment, intellectual property rights, and competition policy.
“During June 2023, Namibia exported goods worth N$4.9 billion to the whole of Africa,” NSA’s Namibia Merchandise Trade Statistics Bulletin for June stated.
Namibia shipped 0.4 million dollars worth of goods to Ethiopia out of the N$4.9 billion.
According to NSA, the majority of the export basket to Ethiopia was made up of works of art, collectors’ items and antiquities.
“Whereas, on the demand side, the country sourced goods from Africa worth N$4.9 billion during the month under review and having imported goods from Ethiopia valued at N$10 483,” the bulletin stated.
Namibia exported commodities totaling N$4.3 million from 2015 to 2022, while importing goods totaling N$15.3 million over the same time period.
The NSA said Namibia’s export revenues fell by 5.9% in June, from N$9.2 billion to N$8.7 billion in the previous month.
Furthermore, the import bill for June was 15.9% lower than the N$12.0 billion reported in May, which led to a trade imbalance of N$1.4 billion, down from N$2.8 billion in May 2023.
The Agency said the country’s exports continue to rise, reaching N$51.6 billion in the first six months of 2023.
This is more than the N$45.0 billion recorded during the same time in 2022.
Furthermore, monthly decreases in goods exports in June were primarily reflected in diamonds which fell by N$1.7 billion, uranium by N$852 million and printed matter by N$191 million, petroleum oils by N$164 million, and inorganic chemical elements by N$61 million.
On the other hand, the monthly decline in goods imports was mostly reflected in copper ores and concentrates which fell by N$1.5 billion, petroleum oils by N$1.2 billion and thermionic cathode valves and tubes by N$264 million.
“Ores and concentrates of precious metals decreased by N$248 million and precious stones (diamonds) decreased by N$178 million.”
According to the data, the export bill fell by 5.9% in June from N$9.2 billion in May 2023.
In comparison to June 2022, exports fell by 1.1%, from N$8.8 billion to N$8.7 billion in June 2023.
Imports were N$10.1 billion in the same month, a 15.9% reduction month on month and a 13.5% increase year on year.
Meanwhile, Namibia had a N$1.4 billion trade deficit in June as the country registered a N$2.8 billion trade deficit in May.
“The trade deficit registered in June 2023 was high compared to N$129 million deficit recorded in June 2022.”
The country had no trade surpluses between June 2022 and June 2023, with trade losses averaging N$2.1 billion.
On the other hand, the country had trade surpluses of N$1.5 billion with Botswana and N$773 million with Zambia in June.
Furthermore, Namibia’s top five export destinations accounted for 63.6% of overall exports in the same month.
With this, South Africa surpassed Botswana as Namibia’s primary export destination, accounting for 20.5% of total exports; Botswana with 18.3%; and Zambia with 9.6%.
China and the United Arab Emirates were fourth and fifth with 7.8% and 7.3%, respectively.
In terms of import markets, the country’s top five import markets accounted for 69.5% of all imports in June.
“South Africa occupied the first position with a share of 46.4%. In second position was China with a share of 11.7% followed by Malaysia supplying the country with 4.9% of its import bill.”
The United States of America and Italy contributed 3.6% and 3.0%, respectively.
