Analysis
- Namibia’s trade activities increased for 2023 in relation to 2022. Total exports for 2023 stood at N$ 105 billion, representing an increase of 7.8% from N$ 97.4 billion recorded in 2022 (See figure 1)
- In December 2023, the mining and quarrying exported goods to the value of N$ 5.3 billion, absorbing 45.9% of total exports followed by products from the manufacturing industry absorbing 43.9 percent of the export bill
- Precious stones (diamonds) had the largest share in Namibia’s total exports accounting for 35.4% of total exports and were predominantly destined for Botswana. Non-monetary gold came in second accounting for 11.2% destined for South Africa. Fish took the third position contributing 9.6% and it was mainly destined for Spain, Zambia, and Mozambique. ‘Fruits and nuts’ came in fourth accounting for 6.6% of the total export. ‘Fruits and nuts’ were predominantly destined for the Netherlands and the United Kingdom
- Similarly, imports depict an increase of 6.1% from N$136.9 billion compared to N$129 billion recorded in 2022 (See figure 2)
- The demand side was largely dominated by products from the manufacturing industry, with an import bill of N$ 8.4 billion while the mining and quarrying goods imported stood at N$3.2 billion during December 2023
- Commodities that contributed most to the import bill during December 2023 were petroleum oils, fertilizers, and motor vehicles for the transportation of goods
- Namibia recorded a trade deficit of N$ 299 million for December 2023, reflecting an improvement of 92.6% and 78.8% when compared to the trade deficits recorded in November 2023 and December 2022 respectively (See figure 3). The improved trade deficit resulted mainly from a decline in the import bill
- The country did not record any trade surplus from 2022 to 2023
Figure 1: Total exports value (N$), 2022 vs 2023
Source: NSA & HEI Research
Figure 2: Total import value (N$), 2022 vs 2023
Source: NSA & HEI Research
Figure 3: Trade balance (N$), 2022 vs 2023
Source: NSA & HEI Research
Outlook
Namibia's heavy reliance on international trade, particularly imports, is expected to persist in 2024. This dependency exposes the country to potential commodity price fluctuations and global economic uncertainties. Despite some improvement in December 2023, the country has experienced a consistent trade deficit over the past years. Sustained deficits pose challenges to the country's economic growth.
