Executive Summary
Analysis
- Total export earnings declined by 8.9% for February 2022 when compared to January 2022. This was attributed to a drop in the exports of non-monetary gold, fish, inorganic chemical, fruits, and nuts
- On an annual basis, total exports earnings increased by 47.1% year on year. This resulted from an increase in the exports earnings recorded for commodities such as precious stones, uranium, and copper blisters
- Import bill dropped by 7.8% for February 2022 when compared to January 2022. This was due to a decline in the import of copper ores and concentrates, petroleum oils, road motor vehicles, and fertilizers
- On an annual basis, total imports increased by 51.7%. This was influenced by an increase in the importation of vessels, inorganic chemical elements, and motor vehicles (See figure 1 below)
- The trade balance increased by 58.9% for February 2022 in relation to the same period last year (See figure 2 below)
Figure 1: Export and Import value N$ million, (February 2021 – February 2022)
Source:
Namibia Statistics Agency & HEI RESEARCH
Figure 2: Trade Balance (February 2021 – February 2022)
Source:
NSA & HEI RESEARCH
Outlook
The country’s trade deficit continues to widen. Given the ambiguous current economic environment whereby energy and commodity prices continue spurring investments to improve local procurement of food production is of utmost importance. The beneficiation and value addition of raw materials in the domestic market should be explored.