Executive summary
- Namibia’s total exports earnings amounted to N$ 7.2 billion for September 2021 down from N$ 8.9 billion recorded for the same period last year. (See figure 1 below)
- China remains the main export market for the country for September 2021, absorbing 34.6% of all goods exported ahead of South Africa in the second place whose market share of Namibia’s exports stood at 26.9% of total exports
- Imports bill amounted to N$10.3 billion for September 2021 up from N$ 10.5 billion that was recorded during the same period last year. (See figure 1 below)
- During the month of September 2021, Namibia sourced the majority of imports mainly from South Africa, Zambia, D.R.C, India, and China
- Copper was Namibia’s largest export and import commodity for September 2021, accounting for 35.5% and 25.4% respectively. (See figure 3&4 below)
- The county’s trade balance stood at N$ 3.1 billion for September 2021, up from N$ 1.5 billion recorded for September 2020. (See figure 2 below)
- SACU economic region and BRIC took up the largest percentage share of exports by economic region accounting for 34.9% each followed by EU accounting for 10.1% and the COMESA took up the least percentage of exports of 8.4%
- The majority of the products exported during the month of September 2021 reached their destination using the sea as a mode of transport accounting for 44.1% and the majority of the imported products reached the country by road which accounted for 73.6% of total products imported
Analysis
- Namibia’s total export earnings decreased by 8.1% for September 2021 in relation to the previous month. This came as a result of a decline in the export of uranium or thorium ores and concentrates, fish, pearls and precious or semiprecious stones, unworked or worked and gold, non-monetary (excluding gold ores and concentrates) and the export of live animals
- On an annual basis total exports earnings declined by 19.7%. This was mainly attributed to a decline in the exports earnings recorded for copper, fish, and live animals. This was due to a negative impact of Covid-19 restrictions.
- Namibia’s import bill declined by 3.6% for September 2021 when compared to August 2021. This was influenced by an increase in the import of medicinal (pharmaceutical) products, ships, boats, copper, and inorganic chemicals
- On an annual basis total imports increased by 1.9% as a consequence of an increase in the importation of petroleum oils and fuels, precious or semiprecious stones (Diamond), tubes, and pipes.(See figure 1 below)
Figure 1: Export and Import value, (September 2020- September 2021)
Figure 2: Trade Balance (September 2020 – September 2021)
Figure 3: Top 5 Export products % share of total exports, Namibia (September 2021)
Figure 4: Top 5 Import products % share of total imports, Namibia (September 2021)
Outlook
Boosting exports is of utmost importance for the country’s economic growth. The implementation of aggressive vaccine rollouts remains essential to caution the negative impact of covid-19 on commodity prices. Additionally, there is a need to facilitate access to credit for export companies and investment in value addition for the main commodities that are exported. This will improve the country’s trade balance in the medium term.