Namibia’s exports continue to be on an upward trajectory surpassing a N$100 billion mark by recording N$105.0 billion during 2023, compared to N$97.4 billion registered during 2022.
According to the Namibia Statistics Agency (NSA), during the month of December 2023, the country’s trade balance stood at a deficit of N$299 million a notable improvement when compared to N$4.0 billion and N$1.4 billion recorded in November 2023 and December 2022, respectively.
“Namibia’s trade composition by partner showed that Botswana emerged as Namibia’s largest market for exports, while South Africa maintained her position as the country’s main supplier,” NSA said.
The composition of the export basket for the month of December 2023 mainly comprised of minerals such as precious stones (diamonds), Non-monetary gold and Uranium. Fish and ‘Fruits and nuts’ were the only non-mineral products within the top five products exported. On the other hand, the import basket mainly comprised of Petroleum oils, Fertilizers, Motor vehicles for the transportation of goods, ‘Civil engineering and contractors’ equipment’, and ‘Other machinery and equipment specialized for particular industries’.
For the month under review, re-exports increased by 0.6 percent month-on-month and 13.7 percent year-on-year. The re-exports basket mainly comprised of ‘Copper and articles of copper’, Petroleum oils and precious stones (diamonds).
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