Namibia ‘losses’ billions in export earnings

09 April 2021 | Economics

PHILLEPUS UUSIKU

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.

Markets

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.

Similar News

 

More than N$10 bn in debt holidays

1 day - 05 May 2021 | Economics

Jo-Maré Duddy – Commercials banks last year granted clients severely impacted by the Covid-19 pandemic debt relief to the tune of N$10.3 billion in total.About...

Africa Briefs

1 day - 05 May 2021 | Economics

Zambia, Angola ink oil pipeline dealZambia and Angola have signed an agreement aimed at constructing a pipeline for the transportation of finished petroleum product between...

A decade of solar plants at Tsumkwe, Gam

3 days ago - 03 May 2021 | Economics

TSUMKWE – The 10-year-old Tsumkwe and Gam solar plants continue to provide reliable electricity supply to the settlements of nearly 6 000 people.The two solar...

CoW to install traffic lights in Katutura

3 days ago - 03 May 2021 | Economics

The City of Windhoek (CoW) has secured N$1.6 million to install traffic lights at three different intersections in Katutura, including the four-way at the Havana...

Consumer crippled by debt

6 days ago - 30 April 2021 | Economics

Jo-Maré Duddy – Out of every N$100 disposable income in 2020, consumers on average could call only N$10.90 their own as they owed N$89.10 in...

Ongwediva road upgrade faces delay

6 days ago - 30 April 2021 | Economics

ONGWEDIVA – The Ongwediva town council has terminated a tender awarded to Neu Olulya Trading to upgrade Church Street to bitumen standard, following non-performance on...

Rand a surprise safe haven in emerging market maelstrom

6 days ago - 30 April 2021 | Economics

Karin Strohecker - The rand has emerged as an unlikely winner among emerging market currencies since the Covid-19 pandemic swept the globe, despite South Africa's...

Tackling a rare disease in a global pandemic

6 days ago - 30 April 2021 | Economics

Emeline Wuilbercq - Okello Aballa Ognum regularly has to walk deep into the jungles of south-west Ethiopia to treat the water ponds that harbour a...

Inmates produce food worth millions

1 week ago - 29 April 2021 | Economics

Inmates at various correctional facilities countrywide, produced food worth N$19 million, Deputy Minister of Home Affairs, Immigration, Safety and Security Daniel Kashikola has said.Kashikola while...

Operation drives urban, rural development budget

1 week ago - 29 April 2021 | Economics

The N$1.6 billion budget for the financial year 2021/22 allocated to the Ministry of Urban and Rural Development has been split among four programmes to...

Latest News

Local cosmetics industry growing

1 day - 05 May 2021 | Business

Namibia’s cosmetics industry has grown considerably and 34 businesses currently export products worth over N$100 million per year. The minister of Industrialisation and trade, Lucia...

More than N$10 bn in...

1 day - 05 May 2021 | Economics

Jo-Maré Duddy – Commercials banks last year granted clients severely impacted by the Covid-19 pandemic debt relief to the tune of N$10.3 billion in total.About...

Shiimi kicks out Agribank board...

1 day - 05 May 2021 | Agriculture

MATHIAS HAUFIKU WINDHOEKAgribank board chairperson Michael Iyambo was recently forced to resign from his...

Kora trial: We were misled,...

1 day - 05 May 2021 | Justice

ELLANIE SMIT WINDHOEK The Namibia Tourism Board (NTB) was misled and wrongly made to believe that the organisers of the failed...

Africa Briefs

1 day - 05 May 2021 | Economics

Zambia, Angola ink oil pipeline dealZambia and Angola have signed an agreement aimed at constructing a pipeline for the transportation of finished petroleum product between...

Quit singing songs of fake...

1 day - 05 May 2021 | Opinion

Whose freedom is the blood of those who perished in Cassinga watering? This is one in a myriad of questions we must ask ourselves as...

Bumper six months for Agra

1 day - 05 May 2021 | Business

Jo-Maré Duddy – Agra Limited weathered the Covid-19 storm in the six months ended 31 January 2021, reporting an increase of nearly 66% year-on-year in...

Police can’t find army general’s...

1 day - 05 May 2021 | Justice

Kenya Kambowe RUNDUThe second suspect in a stock-theft case involving former Namibia Defence Force (NDF) Major-General Thomas Hamuyela is nowhere to...

Shangula pours cold water over...

1 day - 05 May 2021 | Health

JEMIMA BEUKES WINDHOEKHealth minister Dr Kalumbi Shangula has allayed fears that the Covishield...

Load More