Own Correspondent
NAMIBIA’S total exports increased by 27.9% year-on-year (y/y) in March 2022 to N$6.0 billion, while imports increased by 18.3% y/y in March 2022 to N$8.9 billion, leading to a trade deficit of N$2.9 billion.
Exports were mainly from the manufacturing category (70.3%), mining (24.0%) and agriculture (4.8%) and were mainly destined for the rest of Africa (62.0%), Europe (21.7%), Asia (12.7%) and America (3.5%).
According to analysts Simonis Storm Securities, on average, exports have increased by 24.4% in 1Q2022 compared to 1Q2021, where February 2022 recorded the highest annual growth in exports in the last two years.
The year 2022 is off to a positive start in terms of trade data as data points from the last two months have been the first two positive consecutive months since January 2021.
The year 2021 recorded trade deficits for nine out of 12 months.
“We remain positive on seeing additional trade balance surpluses in upcoming months owing to improved mining and fishing production in 2022,” said the analysts.
The biggest contributors to exports in March 2022 were diamonds which rose 40.3% y/y, fish which dropped 13.6% y/y, inorganic chemicals, gold which went up 35.2% y/y and copper blisters which rose 1,178.2% y/y.
“However, 99% and 20% of copper blister and diamond exports respectively in March 2022 were re-exports,” the analysts noted.
Main contributors to import figures were petroleum oils which rose by 47.5% y/y, civil engineering and contractors’ equipment (up 202.9% y/y), diamonds (which rose by 179.6% y/y), motor vehicles (down 13.8% y/y) and sugars/molasses/honey (up 207.5% y/y).
