Analysis
- Namibia’s total export earnings declined by 24% for January 2022 when compared to December 2021. This was due to a decline in the exports of copper blisters, precious stones, inorganic chemical elements, fruits, and nuts
- On an annual basis, total exports earnings increased by 22%. This resulted from an increase in the exports earnings recorded for commodities such as copper blisters, uranium, non-monetary gold, and fish
- Namibia’s import bill dropped by 6.0% for January 2022 when compared to December 2021. This came as a result of a decline in the import products of ores and concentrates of precious metals, road motor vehicles, iron and steel bars
- On an annual basis, total imports increased by 24.9%. This was influenced by an increase in the importation of copper blisters, precious stones, fish, and non-monetary gold (See figure 1 below)
Figure 1: Export and Import value (N$ million), January 2021 – January 2022
Figure 2: Trade Balance (January 2021 – January 2022)
Outlook
Namibia is still reliant on imports for the majority of goods and dependent on commodity exports. Prioritization of investments to improve the productivity and enhance value addition on domestic commodities and the facilitation of access to credit for businesses remains crucial to improve the country’s trade balance and narrow trade deficit.