Windhoek – Sino-Namibia trade relations are at an all-time high following increased exports from the Southern African country to the Asian giant.
Figures from the Namibian Statistics Agency (NSA) for the last quarter of 2020 also show that the country’s trade with fellow SADC members is on an upward trend.
China is Namibia’s largest export market, while South Africa is the number one source of Namibia’s imports.
The NSA said China, South Africa, Botswana and Zambia continued to be Namibia’s major trading partners, though Spain had replaced Belgium in the top five in the period under review.
“These top five markets absorbed 71 percent of Namibia’s total exports, down from 73,4 percent and 74,4 percent absorbed in October 2019 and September 2020, respectively,” the NSA said this week.
The agency said the composition of goods exported to China mainly consisted of non-ferrous metals, metalliferous ores and metal scrap; as well as non-metallic mineral products and non-monetary gold.
“Fish remained the only non-mineral products among the top five list of exports. On the other hand, the import basket consisted mainly of non-ferrous metals, petroleum and petroleum products; metalliferous ores and metal scrap, vehicles and inorganic chemicals,” the NSA said.
The statistics show that total trade items to date this year reached N$19,2 billion (US$1,28 billion), 0,7 percent less than in September 2020 but 6,7 percent higher than in October 2019.
The report also shows that Namibia’s trade balance remained in a deficit (N$3,9 billion, US$262 million), widening from N$2,7 billion (US$181 million) recorded in October 2019 and N$1,5 billion (US$100 million) in September 2020.
“The October 2020 trade figures indicate that total re-exports improved, rising by 0,6 percent month- on-month and by 27,6 percent year-on-year. Non-ferrous metals took the largest share of re-exports, constituting a share of 59,5 percent of total re-exports mainly to China and Hong Kong. The non-ferrous metals which were re-exported were mostly sourced from Zambia and DRC,” the NSA said.
The agency added that the value of exports in October 2020 was constant at N$7,6 billion (US$510 million) compared to the corresponding period in 2019.
“… when compared to its level of N$8,9 billion (US$598 million) in September 2020, exports deteriorated by 14,3 percent. Imports on the other hand rose by 11,6 percent and 11 percent when compared to October 2019 and September 2020 respectively.”