China remains Namibia largest export market – January trade statistics
China emerged as Namibia’s largest export market with 34.5% of all goods exported followed by South Africa with a share of 13.2%, the trade statistics for January 2021 released by the Namibia’s Statistics agency (NSA) show.
The composition of goods exported comprised mainly of minerals such as copper, uranium ores, non-monetary gold and pearls and precious stones (diamonds), NSA Statistician-General, Alex Shimuafeni said.
On the other hand, Shimuafeni said the import basket comprised mainly of copper, petroleum and petroleum products, medicinal and pharmaceutical products, pearls and precious stones (diamonds) as well as motor vehicles.
“The demand side saw South Africa maintaining the first spot as the country’s largest source of imports, accounting for 38.2% of total imports into Namibia. Zambia held firm on its second position with 21% of the market share. China, UK and DRC also formed part of Namibia’s top five sources of imports,” he added.
Shimuafeni said in terms of regional composition, BRIC remains the largest export market during the month of January 2021, with a market share of 34.5% of total exports, while on the imports side, SACU remained the largest source of Namibia’s imports with a share of 42.2% of total import bill.
Meanwhile the NSA said the month of January 2021 saw Namibia’s total merchandise trade declining to the level of N$15 billion, which is 13.5% less than its level of N$17 billion in December 2020 and 5.1% more than N$14 billion recorded in January 2020.
However, the country’s trade balance remained in a deficit amounting to N$225 million, narrowing from N$621 million recorded in December 2020 and N$1.2 billion registered in January 2020.