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South Africa cream off N$41b from Namibia

Mon, 18 March 2013 03:28
by Tirivangani Masawi
Business

South African companies creamed off a staggering N$41.6b from the total trade engagement with Namibia which is worth N$48.6b last year the latest economic statistics from National Statistics Agency (NSA) shows.
In return, Namibia only managed a total of N$7b in export earnings to SA in the same trade period under review.
However, a general look at the national economic performance released by the statistics agency shows that although the country’s trade with SA is predominantly skewed against Namibia, the domestic economy did well.
This means that SA exports to Namibia earned them more than 90% of the trade between the two countries while Namibia only received the remaining 10%.
The NSA, however, noted that last year agriculture, mining, electricity and water sectors performed exceptionally well to steer the economy to reasonable growth recording strong growth in real value added of 21.1%, 47.7 % and 17.2%, respectively.
Also contributing to growth was the wholesale and retail trade sectors which expanded by 11.8% during the quarter under review, NSA noted.
In addition, the NSA noted that the growth of the agricultural sectors was reflected in a substantial increase in the number of cattle marketed while the number of small stock marketed declined during the review period.
“Contributing to the stellar performance of the agricultural sector during the quarter under consideration was an increase in crop production due to the grape harvesting season.
“The increase in mining and quarrying was reflected in a strong rebound in diamond output and uranium output that increased by 51.4% and 26.5%, respectively during the period under review,” NSA added.
The agency attributed the strong performance of the electricity and water sectors to intermediate consumption in electricity that declined by 22.8%.
“The growth in the wholesale and retail trade sectors was reflected in increased revenues by clothing stores and supermarkets that increased by 38.0% and 17.7 %. Credit extended to households and business also rose at a healthy rate of 19.4%,” NSA noted.
According to the NSA, the construction sector registered a slow growth of only 3.7% attributable to the slower growth of construction works for the general and government sector that recorded a decline of 5.0%.
The agency also noted that the transport and communication sector, another NDP4 priority sector, recorded a slow growth of only 1.3% in real value added during the fourth quarter of 2012 while mineral exports, mainly diamond, uranium and ores, continue to be the major export items with a combined value of N $19.8b or close to 50% of all exports in 2012.
Furthermore, NSA added that fish, with an export value of N$5.7b in 2012 also continues to be one of the main supporters of Namibia’s balance of payments.
“On the other hand, manufactured exports such as beverages although posting a healthy increase of 19.2% remain minimal with an export value of around N$2b in 2012,” NSA noted.