Trade declines by 13.8% in November
The month of November 2021, saw Namibia’s total merchandise trade amounting to N$20.9 billion, a decline of 13.8% from the N$24.2 billion recorded in October 2021.
China emerged as Namibia’s largest market for exports whereas South Africa maintained its position as the largest source market for the country.
During the month under review, exports mainly comprised of minerals such as Copper, Uranium, Precious stones (diamonds) as well as Non-monetary gold. Fish continued to be the only non-mineral commodity within the top five products exported. On the other hand, the import basket was mainly comprised of Copper, Petroleum oils, Precious stones (diamonds), Motor vehicles for the transport of goods as well as Copper ores and concentrates.
The country’s import commodity of the month was sanitary towels (pads) and related articles. Namibia imported sanitary towels and related articles valued at N$33.5 million in November 2021 mostly supplied by South Africa (93.4%).
For the month of November 2021, re-exports declined by 15.6% month-on-month and 12.7% year-on-year. The re-exports basket mainly consisted of Copper, which accounted for 51.8% mainly sourced from Zambia and DRC.
Looking at year-on-year total merchandise trade, the November 2021 figure is an increase of 5.5% when compared to the levels of N$19.8 billion recorded in November 2020.
However, the country’s trade balance remained in a deficit, standing at N$3.3 billion from the revised deficit of N$6.9 billion recorded in October 2021, which is more compared to N$2.9 billion witnessed in November 2020.
