Namibia more of a consumer than a producer
The value of imports into the country amounted to N$9.5 billion from its level of N$10.8 billion recorded in November 2019.
20 January 2021 | Economics
Namibia recorded a trade deficit to the tune of N$1.4 billion in November 2020. The recent figure shows that the deficit improved by 40.2% from its level of N$2.4 billion recorded November 2019.
The trade balance compares the country’s trade with the rest of the world in terms of earnings by exporting and expenditure by importing.
According to the Namibia Statistics Agency (NSA), Namibia’s import markets remained the same comprising of countries such as South Africa, Zambia, Bulgaria, China and DRC which replaced Puerto Rico. These countries supplied Namibia with 84.7% of all import requirements needed by the country.
The value of imports into the country amounted to N$9.5 billion from its level of N$10.8 billion recorded in November 2019, NSA pointed out.
The top five commodities imported into Namibia jointly accounted for 47.7% of total imports with non-ferrous metals leading with the largest share of 29.2%. Following in the second position is metalliferous ores and metal scrap with a share of 7% of all commodities imported, NSA said.
The category of vehicles was ranked third after making a contribution of 6 percent to total import while electrical machinery and; iron and steel followed in the fourth and fifth position with contributions of 2.8% and 2.7%, respectively.
Non-ferrous metals were mostly imported from Zambia and DRC while most of metalliferous ores and metal scrap imported into the country originated from Bulgaria with South Africa and Zambia contributing small amounts. Domestic demand for vehicles and electrical machinery were mainly met by supply from South Africa. Finally, South Africa and China supplied most of the iron and steel coming into the country, NSA added.
The Southern African Customs Union (SACU) region emerged as the largest source of imports for Namibia accounting for 43.8% of all goods imported mainly vehicles, beverages, manufactures of metals and essential oils.
Non-ferrous metals were responsible for the high value of imports from COMESA which had a share of 31.2% of total imports and hence making it the second largest source of imports into the country.
Equally, Southern African Development Community (SADC) excluding SACU region accounted for 31% of Namibia’s total import bill, followed by the European Union (EU) and Brazil, Russia, India and China (BRIC) in the fourth and fifth positions with 10.8% and 6.8%, respectively, NSA [email protected]