Weak Swiss demand hurts copper exports
Of Namibia's top ten export products in the past quarter, five registered a drop in earnings compared to the same period in 2016.
Jo-Maré Duddy - Namibia's export earnings from copper cathode tumbled by N$645 million year-on-year in the second quarter of 2017 due to weaker demand from Switzerland.
The country exported N$867 million worth of copper cathode in the past quarter, 42.7% less than the same quarter in 2016. Compared to the first quarter of 2017, the value of copper cathode exports dropped by N$311 million or 26.4%.
The Namibia Statistics Agency (NSA) attributes the poor figures to a weaker demand in Switzerland.
Export earnings from copper cathode registered the biggest year-on-year decline in the second quarter. As such, it played a major role in the country's total export earnings of about N$13.9 billion decreasing by N$1.5 billion year-on-year.
Lower demand from France also hurt export earnings from copper ore on a yearly basis. Nearly N$2.2 billion worth of copper ore were exported in the past quarter, down about N$100 million compared to the same quarter in 2016. Lower demand from Spain and Zambia caused export earnings from fish to shrink by about N$400 million to nearly N$2.2 billion in the past quarter.
Top ten
Besides copper and fish, Namibia top ten exports in the quarter under review were diamonds, live animals, zinc, vessels, meat, beverages and vehicles. Some of the items, like vessels and vehicles, were mostly re-exported products.
Of the top ten export products, five registered a drop in earnings compared to the second quarter of 2016. At N$580 million, zinc earnings were down N$196 million or 25%. About N$44 million less were earned from meat exports of N$266 million.
Other major export products performed as follows: diamonds (N$4.7 billion: 2.7% up from the second quarter of 2016); live animals N$683 million (+40.9%); vessels (N$290 million: +37 749%); beverages (N$252 million: +11%); and vehicles (N$218 million: +14.3%).
The country exported N$867 million worth of copper cathode in the past quarter, 42.7% less than the same quarter in 2016. Compared to the first quarter of 2017, the value of copper cathode exports dropped by N$311 million or 26.4%.
The Namibia Statistics Agency (NSA) attributes the poor figures to a weaker demand in Switzerland.
Export earnings from copper cathode registered the biggest year-on-year decline in the second quarter. As such, it played a major role in the country's total export earnings of about N$13.9 billion decreasing by N$1.5 billion year-on-year.
Lower demand from France also hurt export earnings from copper ore on a yearly basis. Nearly N$2.2 billion worth of copper ore were exported in the past quarter, down about N$100 million compared to the same quarter in 2016. Lower demand from Spain and Zambia caused export earnings from fish to shrink by about N$400 million to nearly N$2.2 billion in the past quarter.
Top ten
Besides copper and fish, Namibia top ten exports in the quarter under review were diamonds, live animals, zinc, vessels, meat, beverages and vehicles. Some of the items, like vessels and vehicles, were mostly re-exported products.
Of the top ten export products, five registered a drop in earnings compared to the second quarter of 2016. At N$580 million, zinc earnings were down N$196 million or 25%. About N$44 million less were earned from meat exports of N$266 million.
Other major export products performed as follows: diamonds (N$4.7 billion: 2.7% up from the second quarter of 2016); live animals N$683 million (+40.9%); vessels (N$290 million: +37 749%); beverages (N$252 million: +11%); and vehicles (N$218 million: +14.3%).
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