Staff Reporter
DURING October 2024, Namibia’s export revenue stood at N$8.7 billion, reflecting a slight decrease of 3.8% from the N$9.0 billion recorded in September 2024. Meanwhile, the import bill rose to N$16.5 billion, an increase of 11.5% from the N$14.8 billion recorded the previous month. This resulted in a trade deficit of N$7.8 billion in October 2024, compared to a deficit of N$5.8 billion in September 2024.
This data is according to the Namibia Merchandise Trade Statistics bulletin for October 2024, released by the Namibia Statistics Agency (NSA).
Namibia’s trade composition by partner revealed that South Africa retained its position as the country’s largest market for both exports and imports. The export basket for October 2024 mainly comprised minerals such as non-monetary gold, uranium, precious stones (diamonds), and nickel ores and concentrates. Fish remained the only non-mineral product among the top five exports. Re-exports for the month increased by 36.5% month-on-month and 32.9% year-on-year, primarily comprising precious stones (diamonds), nickel ores and concentrates, and copper and articles of copper.
The import basket was dominated by petroleum oils, copper ores and concentrates, civil engineering and contractor equipment, inorganic chemical elements, and motor vehicles for transporting goods.
The report highlighted “live fowls of the species Gallus domesticus, weighing ≤185g (chicks)” as the commodity of the month. Namibia imported chicks valued at N$1.4 million, primarily from the Netherlands, South Africa, and Zambia, with no exports of this commodity recorded in October 2024.
Interestingly, the NSA introduced a section tracking trade trends in food items (excluding live animals) and beverages. For October 2024, Namibia was a net importer of both categories, recording trade deficits of N$166 million and N$262 million, respectively.
