During January 2024, Namibia imported ‘Bread and Biscuits’ valued at N$22.9 million which was mostly sourced from South Africa, India and United Arab Emirates.
Over the entire period (January 2023 to January 2024), the value of ‘Bread and Biscuits’ imported averaged N$29.6 million with the largest value of N$37.9 million recorded in October 2023 and the lowest value recorded in January 2023 at a value of N$21.5 million.
“On the supply side, Namibia exported ‘Bread and Biscuits’ valued at N$36 730 (which was mainly a re-export) and was mostly destined to Norway and Angola,” the Namibia Statistics Agency said in its latest trade bulletin.
In January 2024, Namibia’s exports stood at N$12.0 billion and imports at N$13.8 billion, resulting in the country’s trade deficit of N$1.8 billion. During January 2024, exports increased by 9.4 percent from N$10.9 billion recorded in December 2023. Additionally, an increase of 53.4 percent from N$7.8 billion registered in January 2023.
The import value increased by 16.3 percent when compared to the value recorded in December 2023 and 27.6 percent when compared to the value of N$10.8 billion recorded in January 2023. China emerged as the country’s largest export destination, with a share of 29.0 percent of all goods exported, followed by South Africa with a share of 16.4 percent. Furthermore, Botswana, Zambia and Canada formed part of Namibia’s top five export markets.
The demand side saw South Africa maintaining her position as the country’s largest source for imports, accounting for 25.4 percent of total imports into Namibia followed by Peru in second position with 10.8 percent of the market share. Bulgaria, the United States of America and the United Arab Emirates also formed part of Namibia’s top five import markets.
The analysis of exports by commodities revealed that Uranium had the largest share of 31.7 percent of Namibia’s total exports ahead of Precious stones (diamonds) with 13.0 percent and Non-monetary gold with a share of 10.8 percent. Lastly, Fish (10.6%) and Petroleum oils (5.0%) came in fourth and fifth positions. In terms of imports, ‘Copper ores and concentrates’ was the highest valued commodity with a share of 21.3 percent of total imports, followed by Petroleum oils with a share of 20.5 percent while Inorganic chemical elements came third with a share of 3.8 percent. Furthermore, ‘Civil engineering and contractors’ equipment’ (3.1 %) and Motor vehicles for the transportation of goods (2.7%) occupied the fourth and the fifth positions.
In terms of regional composition, SACU emerged as the largest export market during the month of January 2024, contributing 31.3 percent to total exports. BRIC ranked second with a market share of 29.2 percent while the OECD and the EU accounted for 22.5 percent and 15.0 percent, respectively. SADC excl.
SACU absorbed 12.4 percent of Namibia’s total exports. On the demand side, SACU maintained its position as the largest source of Namibia’s imports with a share of 26.1 percent of the total import bill followed by the OECD with a contribution of 18.9 percent while the EU came third in the list with a share of 18.1 percent. BRIC and COMESA markets had shares of 6.8 percent and 5.4 percent, respectively.
Namibia’s trade by mode of transport revealed that in January 2024, vast goods were exported via Sea transport, accounting for 55.5 percent of total exports, followed by Air transport with 25.7 percent and Road transport with 18.8 percent. From the demand side, Sea transport was the most frequent mode of transport accounting for 57.1 percent of total imports followed by Road transport with 38.9 percent and Air transport with 3.9 percent. On the African Continental Free Trade Area, the focus country was Comoros and for the month under review, no trade was recorded between the two countries.
Finally, an analysis on the importation and exportation of ‘Bread and Biscuits’ as the commodity of the month revealed that in January 2024, Namibia imported ‘Bread and Biscuits’ valued at N$22.9 million mainly from South Africa, India and the United Arab Emirates. Imports of the commodity averaged monthly at N$29.6 million over the period January 2023 – January 2024.
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