Trade deficit widens in October
Exports down 3.8%
Namibia imported goods worth N$131.2 billion in the first ten months of this year, marking an increase of N$22.4 billion compared to the same period in 2023.
Namibia’s trade balance showed a widening deficit in October, with exports falling slightly and imports increasing significantly. According to the latest data of the Namibia Statistics Agency (NSA), Namibia's export revenue stood at N$8.7 billion in October, a 3.8% decrease from N$9.0 billion in September.
In contrast, the country’s import bill rose by 11.5%, reaching N$16.5 billion, up from N$14.8 billion the previous month.
This resulted in a trade deficit of N$7.8 billion, compared to N$5.8 billion in September.
Despite the month-on-month (m/m) decline in exports, Namibia’s cumulative exports for October 2024 totalled N$94.1 billion, up from N$80.7 billion in the same period the previous year.
On the import side, the cumulative value amounted to N$131.2 billion, marking an increase of N$22.4 billion compared to the same month in 2023.
Top exports
Non-monetary gold remained Namibia's largest export commodity, accounting for 16.9% of total exports, primarily destined for South Africa.
Uranium followed, representing 15.3% of exports, with France and the United States as the main markets.
Diamonds ranked third with 13.4% of total exports, mostly sent to Botswana.
Fish came fourth at 11.9%, predominantly exported to Spain and Zambia.
Nickel ores and concentrates rounded out the top five, contributing 4.5% of the country’s export revenue, mainly shipped to Canada.
Together, the top five export commodities accounted for 62.1% of Namibia’s total exports in October.
Re-exports
Namibia also saw an increase in re-exports, which are goods imported by residents and re-exported without significant industrial transformation.
In October, goods worth N$2.9 billion were re-exported, a 36.5% increase m/m and 32.9% year-on-year (y/y).
Diamonds were the largest re-export, representing 17.8% of total re-exports, primarily destined for Botswana and Belgium.
Nickel ores and concentrates followed at 13.7%, with Canada as the main market.
Copper and copper products ranked third, accounting for 12.8%, with Belgium being the main destination.
Imports
On the import front, petroleum oils were the top import commodity for October, accounting for 13.2% of total imports.
Copper ores and concentrates followed in second place with 5.8%, while civil engineering and contractors’ equipment took third, also with a 5.8% share.
Other major imports included inorganic chemical elements (4.3%) and motor vehicles for transporting goods (3.3%).
Petroleum oils were mainly sourced from India, the United Arab Emirates (UAE) and Togo, while copper ores came from Peru.
Civil engineering equipment was largely imported from China, and inorganic chemicals were sourced from the DRC.
Motor vehicles for the transportation of goods were primarily imported from South Africa and China.