By: Mupiri Mathias
Windhoek, June 6 – Namibia’s export revenues fell from N$10.2 billion in March 2023 to N$7.6 billion in April 2023, a loss of 26.2 percent. As a result, as compared to the N$12.5 billion reported the month before, the import bill for the month under review fell by 28.7. As a consequence, the trade imbalance decreased to N$1.3 billion from N$2.2 billion in March 2023, a significant improvement.
International Merchandise Trade Statistics (IMTS) show that Namibia’s exports are still growing, reaching N$33.7 billion in the first four months of 2023, up from N$29.9 billion in the corresponding period of 2022. In terms of imports, total commerce for the first four months came to N$40.7 billion, a tiny decline of 0.1 percent from the same time last year.
Precious stones (diamonds) decreased by N$1.7 billion, uranium by N$852 million, printed matter by N$191 million, petroleum oils by N$164 million, and inorganic chemical elements by N$61 million, accounting for the majority of the monthly decrease in exports of goods. The monthly decrease in imports of goods was then primarily represented by a decrease of N$1.5 billion in copper ores and concentrates, N$1.2 billion in petroleum oils, N$264 million in thermoelectric cathode valves and tubes, N$248 million in precious metal ores and concentrates, and N$178 million in precious stones (diamonds).
Manufacturing, which accounted for 64.4 percent of all exports in April 2023 and had the highest export value of N$4.9 billion, had a rise of N$220 million in the value of its products from March 2023. In April 2023, exports from the mining and quarrying sector ranked second with a value of N$2.2 billion. When compared to the amount reported in March 2023, the value of exported goods from this business declined by N$2.7 billion. in accordance with ISIC, the International Standard Industrial Classification of All Economic Activities.
South Africa held the top spot with a percentage share of 46.7 percent during the month under review, accounting for 72.3 percent of the country’s top five import markets. China came in second with a stake of 14.9 percent, while India came in third with a share of 4.1 percent. With percentage shares of 3.4 percent and 3.3 percent, respectively, the United States of America and Singapore came in fourth and fifth while In April 2023, Namibia’s top five exports, which included precious stones (diamonds), remained the main export product, accounting for 21.7% of all exports, with the majority going to Botswana, Hong Kong, and the United Arab Emirates. Second and third on the list, with 16.9% and 9.4% of all exports, respectively, were fish and non-monetary gold. While non-monetary gold was predominantly bound for South Africa and Zambia, fish was primarily going to Spain, the Democratic Republic of the Congo, and Zambia.
Uranium and copper blisters were fourth and fifth in terms of overall exports, contributing 8.3 percent and 7.3 percent, respectively. Uranium was only going to China, but copper blisters were largely going to Belgium. The top five export goods represented 63.5 percent of overall exports.
Transportation clearly demonstrated how important it is in ensuring that substantial natural resources are transported and accounted for. A total of N$2.9 billion, or 38.3 percent of all exports, left the nation by sea in the month of April 2023. Comparing this to the N$3.5 billion reported in March 2023, a drop of 17.9% results. In addition, a 1.8 percent increase over the figure recorded in April 2022 was seen. The basket of exports by Sea consists largely of Fish, Uranium, and Copper blisters.
Air exports made up 31.8 percent of all exports, with its export basket mostly consisting of printed material, non-monetary gold, and precious stones (diamonds). Last but not least, road transportation accounted for 29.9% of all transportation, with fish, petroleum, and live animals recording the greatest values through each method.
When compared to the months of March 2023 and April 2022, respectively, a total of 214 253 tons worth of goods left the country, which is a fall of 74.2 percent and 18.5 percent. Compared to the 146 346 tons documented in March 2023, 134 465 tons of commodities were recorded as having departed the nation by road in April 2023. This is a decrease of 8.1% month over month and a rise of 18.6% year over year.
In April 2023, 79 714 tons of products were exported from the nation by sea, a decrease of 88.3 percent from the 683 739 tons recorded in the month before and a decrease of 46.6 percent from the 149 359 tons reported in the same month the year before.
Finally, during the month under consideration, 73 tons of products were shipped via air. When compared to the 229 tons reported in March 2023 and the 127 tons recorded in April 2022, this represents a decline.