Executive summary
- Namibia’s total exports earnings amounted to N$ 9.3 billion for December 2021 up from N$ 8.3 billion that was recorded in December 2020. (See figure 1 below)
- China remained the main export market for the country, absorbing 31.4% of all goods exported, followed by South Africa in the second place whose market share of Namibia’s exports with 14% of total exports.
- Imports bill amounted to N$11.7 billion for December 2021 up from N$ 8.6 billion that was recorded in December 2020. (See figure 1 below)
- Namibia sourced the majority of its imports mainly from South Africa, Zambia, D.R.C, China, and India for December 2021
- Namibia’s largest export and import commodity for December 2021 was copper blisters, accounting for 34.4% and 29.2% respectively. (See figures 3 & 4 below)
- The county’s trade balance stood at N$ 2.4 billion for December 2021, up from N$ 425 million recorded for December 2020. (See figure 2 below)
- COMESA economic region took up the largest percentage share of imports by economic region accounting for 32.9% followed by SACU, accounting for 32.7% and MERCOSUR took up the least percentage share of exports of only 0.3%
- During the month of December 2021, the main mode of transport used for the majority of the products exported accounting for 44.7% was via sea and the majority of the products imported reached the country by road which accounted for 71.4% of total products imported.
Analysis
- Namibia’s total export earnings declined by 3.8% for December 2021 when compared to November 2021. This came as a result of a decline in the exports of uranium, precious stones, ores and concentrates of base metals, and non-monetary gold
- On an annual basis, total exports earnings increased by 14.1%. This was influenced by an increase in the exports earnings recorded for commodities such as copper blisters, uranium, and non-monetary gold as a result of a boost in trade flow
- Namibia’s import bill dropped by 9.0% for December 2021 when compared to November 2021.This was due to a decline in the import products of petroleum oils, other meat and edible offal, and motor vehicles
- On an annual basis, total imports increased by 36.2%. This was driven by an increase in the importation of copper blisters, ores and concentrates precious metals, copper ores and concentrates, motor vehicles, and rubber tyres (See figure 1 below)
Figure 1: Export and Import value (N$ million), December 2020 – December 2021
Figure 2: Trade Balance (December 2020 – December 2021)
Figure 3: Top 5 Import products % share of total imports, December 2021
Figure 4: Top 5 Export products % share of total imports, December 2021
Outlook
Minerals continues to dominate Namibia’s export and import basket with copper leading since 2018. Local value addition on export commodities is crucial to boost exports, create employment opportunities and help the economy grow. We anticipate slow growth in the country’s trade balance in the medium term. This is due to a lack of investments to boost local exports, negative external shocks that influence commodity prices and the continuous negative impact of the Covid-19 pandemic.