Boom in copper exports
Exports to China in the second quarter, mainly copper cathodes, were N$2.68 billion or 726% higher than the same quarter in 2017.
Jo-Maré Duddy – An annual surge in the export of copper cathodes, as well as a once-off export of vessels boosted Namibia’s total exports in the second quarter by 61% compared to the same quarter in 2017.
The latest data released by the Namibia Statistics Agency (NSA) shows Namibia exported goods worth more than N$22.79 billion in the past quarter – about N$8.6 billion more than the second quarter last year.
Imports rose by 16.3% to nearly N$24.03 billion, leaving Namibia with a trade deficit of about N$1.23 billion. Compared to the corresponding three months in 2017, the trade deficit shrank by nearly 81% or about N$5.2 billion.
According to the NSA, Namibia experiencing continuous trade deficits for the past 20 quarters. The average trade deficit was about N$7.3 billion. Average growth in the trade deficit was 42%. The lowest trade deficit over this period was recorded in the first quarter of 2016, totalling N$999 million. The highest – N$12.1 billion – was in the second quarter of 2015.
Exports
Namibia’s top export product in the past quarter was vessels, which earned about N$5.4 billion.
However, this was a once-off export of three exploration and two research vessels to the UK. The vessels were imported in the first quarter of this year and were re-exported in the past quarter.
Diamond exports earned Namibia more than N$4.6 billion in foreign exchange in the second quarter, N$127 million or 2.7% less the same period in 2017. The biggest annual increase in diamond exports came from Hong Kong. This market slurped up N$184 million of Namibia’s gems, N$166 million more than the second quarter in 2017.
Copper cathodes were the star in exports in the second quarter, pumping nearly N$3.2 billion or 368% more into export earnings than a year ago. The bulk of the nearly N$4.07 billion worth of copper cathodes exported went to China, with about N$2.1 billion. Belgium was the second biggest export market, earning nearly N$1.36 billion.
Due to the vessel exports, the United Kingdom was Namibia’s top export market in the second quarter. South Africa came in second and China third. Exports to South Africa totalled nearly N$3.56 billion, about N$339 million or 10.5% more than the second quarter of 2017. Exports to China rose by nearly N$2.68 billion or 726% to about N$3.05 billion.
Fish
The NSA says “fish continued to prove its significance as one of Namibia’s major export revenue earners, ranking fourth among the top five major exported commodities, and the only food item amongst minerals”.
Nearly N$2.52 billion worth of fish was exported in the past quarter, N$290 million or 13% more than the second quarter in 2017. As such, it contributed 11% to the country’s total export earnings.
Over the past 20 quarters, fish exports have grown at an average rate of 5%, equivalent to N$2.011 billion, reaching an all-time high of N$2.567 billion in the second quarter of 2016 and a record low of N$1.304 billion in the fourth quarter of 2014, according to the NSA.
On an annual basis, fish exports to the Democratic Republic of the Congo (DRC) grew the most. The N$286 million worth of fish destined for the country in the past quarter was nearly 78% more than a year ago. Exports to Mozambique rose by 65% and to Spain by 22%.
Imports
Most of Namibia’s imports – nearly N$11.5 billion in total – came from South Africa. Compared to the second quarter of 2017, imports from the neighbour dropped by N$995 million or nearly 8%.
At more than N$3.8 billion, Zambia was Namibia’s second biggest import market. Imports from the country, copper cathodes, rose by about N$2.9 billion or 327.8% in a year.
Copper cathodes were Namibia’s top import product, followed by vessels (N$2.2 billion) and vehicles (N$1.9 billion).
The latest data released by the Namibia Statistics Agency (NSA) shows Namibia exported goods worth more than N$22.79 billion in the past quarter – about N$8.6 billion more than the second quarter last year.
Imports rose by 16.3% to nearly N$24.03 billion, leaving Namibia with a trade deficit of about N$1.23 billion. Compared to the corresponding three months in 2017, the trade deficit shrank by nearly 81% or about N$5.2 billion.
According to the NSA, Namibia experiencing continuous trade deficits for the past 20 quarters. The average trade deficit was about N$7.3 billion. Average growth in the trade deficit was 42%. The lowest trade deficit over this period was recorded in the first quarter of 2016, totalling N$999 million. The highest – N$12.1 billion – was in the second quarter of 2015.
Exports
Namibia’s top export product in the past quarter was vessels, which earned about N$5.4 billion.
However, this was a once-off export of three exploration and two research vessels to the UK. The vessels were imported in the first quarter of this year and were re-exported in the past quarter.
Diamond exports earned Namibia more than N$4.6 billion in foreign exchange in the second quarter, N$127 million or 2.7% less the same period in 2017. The biggest annual increase in diamond exports came from Hong Kong. This market slurped up N$184 million of Namibia’s gems, N$166 million more than the second quarter in 2017.
Copper cathodes were the star in exports in the second quarter, pumping nearly N$3.2 billion or 368% more into export earnings than a year ago. The bulk of the nearly N$4.07 billion worth of copper cathodes exported went to China, with about N$2.1 billion. Belgium was the second biggest export market, earning nearly N$1.36 billion.
Due to the vessel exports, the United Kingdom was Namibia’s top export market in the second quarter. South Africa came in second and China third. Exports to South Africa totalled nearly N$3.56 billion, about N$339 million or 10.5% more than the second quarter of 2017. Exports to China rose by nearly N$2.68 billion or 726% to about N$3.05 billion.
Fish
The NSA says “fish continued to prove its significance as one of Namibia’s major export revenue earners, ranking fourth among the top five major exported commodities, and the only food item amongst minerals”.
Nearly N$2.52 billion worth of fish was exported in the past quarter, N$290 million or 13% more than the second quarter in 2017. As such, it contributed 11% to the country’s total export earnings.
Over the past 20 quarters, fish exports have grown at an average rate of 5%, equivalent to N$2.011 billion, reaching an all-time high of N$2.567 billion in the second quarter of 2016 and a record low of N$1.304 billion in the fourth quarter of 2014, according to the NSA.
On an annual basis, fish exports to the Democratic Republic of the Congo (DRC) grew the most. The N$286 million worth of fish destined for the country in the past quarter was nearly 78% more than a year ago. Exports to Mozambique rose by 65% and to Spain by 22%.
Imports
Most of Namibia’s imports – nearly N$11.5 billion in total – came from South Africa. Compared to the second quarter of 2017, imports from the neighbour dropped by N$995 million or nearly 8%.
At more than N$3.8 billion, Zambia was Namibia’s second biggest import market. Imports from the country, copper cathodes, rose by about N$2.9 billion or 327.8% in a year.
Copper cathodes were Namibia’s top import product, followed by vessels (N$2.2 billion) and vehicles (N$1.9 billion).
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