Windhoek – South Africa and China continue to dominate Namibia’s imports and exports respectively, with the latest national accounts showing a significant increase in the country’s trade with SADC member states.
The Namibia Statistics Agency this week said the country experienced a 4.4 percent increase in total merchandise traded in March to N$15.7 billion, from N$15.1 billion recorded in February 2021; and lower by five percent from its March 2020 level of N$16.5 billion.
Statistician-General Alex Shimuafeni said Namibia’s trade balance remained in a deficit (N$2.6 billion), although the gap narrowed from the February 2021 figure of N$2.7 billion, after a N$1.7 billion surplus in March 2020.
“Important to note is that copper appears to dominate both trade flows which is an indication of the important role the country plays as a major logistics hub for SADC,” Shimuafeni said.
“Namibia’s trade composition by partner illustrated that China continued as Namibia’s largest export market while South Africa maintained its first position as Namibia’s largest source of imports. The composition of the export basket mainly comprised of minerals such as copper, precious stones (diamonds), fish, and uranium and non-monetary.”
Fish remained the only non-mineral product among the top five exports.
The Mach 2021 trade figures, Shimuafeni said indicated, that re-exports improved, rising by 5.3 percent month-on-month while a more significant increase of 13.9 percent was noted year-on-year.
“Copper had the largest share of all goods re-exported, accounting for 56.5 percent of total re-exports mainly destined to China, France, the Netherlands, India and Germany. Most of the copper re-exported originated from Zambia and DRC,” he said.