Namibia ‘losses’ billions in export earnings
09 April 2021 | Economics
Namibia lost about N$1.9 billion in export earnings in February 2021 as exports reduced by 24.6% to N$5.7 billion from its level of N$7.6 billion recorded in January 2021.
On an annual basis however, exports improved by N$4 million or 8.7%, when compared to its level of N$5.3 billion recorded in February 2020, according to Namibia Statistic Agency (NSA) trade statistics.
In addition, Namibia saved about N$1.3 billion on a monthly basis and N$6 million on an annual basis, as imports reduced to N$8.2 billion compared to N$9.5 billion recorded in January 2021 and N$8.8 billion recorded in February 2020.
Following the developments in exports and imports, Namibia’s total merchandize trade with the rest of the world (ROW) weakened by 18.4% from N$17.1 billion obtained in January 2021 to the current value of N$13.9 billion.
A further decline of 1.1% was observed in the country’s total trade when compared to its level of N$14.1 in February 2020, NSA pointed out.
During the month under review, Namibia recorded a trade deficit to the tune of N$2.4 billion compared to a deficit level of N$1.8 billion and N$3.5 billion recorded in January 2021 and February 2020, respectively.
This implies a deterioration on a monthly as the deficit increased by N$6 million and an improvement on an annual basis as the deficit reduced by N$1.1 billion.
China emerged as the main export market for the country, absorbing 28.4% of all goods exported, ahead of South Africa in the second place whose market share of Namibia’s exports stood at 14.7% of total exports.
Botswana claimed the third position to account for 10.4% while Spain and Zambia occupied the fourth and fifth positions with respective shares of 7.6% and 6.5%.
These top five markets accounted for 67.6% of Namibia’s total exports, up from the 57.1% recorded in the previous month, NSA pointed out.
Copper, mainly destined to China, Netherlands and Australia was Namibia’s largest export commodity during the month under review, accounting for 36% of total exports ahead of fish which accounted for 15.2% of total exports mainly due to the demand of this product by Spain, Zambia and South Africa.
Precious stones, primarily destined for Botswana, United Arab Emirates and Belgium, claimed the third position with a contribution of 14.1% of the total exports followed by non- monetary gold in the fourth place with 4.9%, as South Africa remain the solitary importer of Namibia’s gold.
Finally, Inorganic chemicals occupied the fifth position with a contribution of 4.6% as a result of exports to China, Finland and United Arab Emirates, NSA said.