For the month of January 2022, Namibia’s export earnings stood at N$7.6 billion, representing a decrease of 24% monthly, while the imports bill amounted to N$11.7 billion, down by 6% on a monthly basis.
According to the Namibia Trade Statistics bulletin for January 2022 recently released by Namibia Statistics Agency, these trade figures resulted in a trade deficit of N$4.1 billion, compared to N$2.5 billion recorded in December 2021.
The value of exports in January 2022 decreased by 24% to N$7.6 billion from its December 2021 level of N$10 billion. On the other hand, when compared to its level of N$6.2 billion recorded in January 2021, exports increased by 22%. Imports stood at N$11.7 billion, reflecting a decrease of 6% month-on-month and an increase of 24.9% on a yearly basis.
Following these developments in both directions, NSA stated that Namibia’s total merchandise trade (exports plus imports) with the rest of the world decreased by 14% from its December 2021 level of N$22.5 billion to N$19.3 billion recorded in January 2022. On the contrary, total trade value increased by 23.8% when compared to N$16.8 billion recorded in January 2021.
“Namibia’s trade activities picked up for the month of January 2022, when compared to the same month of 2021. Cumulative total trade (import + export) for the month of January 2022 stood at N$19.3 billion which is an increase of 23.8% from 15.6 billion witnessed in January 2021,” reads the bulletin.
During the month under review, manufactured products emerged as the largest exported goods with a value of N$5.2 billion, representing 67.8% of total exports.
Export of products from the manufacturing industry decreased by N$1.4 billion from N$6.6 billion recorded in December 2021. The mining and quarrying industry came in second place with exports valued at N$2.1 billion in January 2022. Export of products from this industry decreased by N$525 million from N$2.6 billion recorded in December 2021.
On the demand side, the NSA added that it was mainly dominated by products from the manufacturing industry, with an import bill of N$8.5 billion in January 2022. This is a decline of N$1.3 billion from N$9.8 billion recorded in December 2021. Furthermore, the country imported goods from the mining and quarrying industry amounting to N$2.8 billion, representing an increase of N$414 million from N$2.4 billion recorded in December 2021.
Furthermore, maize grain was chosen as the commodity of the month under review. During the month of January 2022, the country imported maize worth N$100 million. Over the entire period, NSA stated Namibia was a net importer of maize grain, with the import value of maize averaging about N$55.6 million a month.
“The largest import value of N$100 million was reflected in the current period while the lowest value of N$19 million was recorded in June 2021. For the month under review, Namibia sourced 96% of the total maize imported from South Africa, while Zambia supplied the remaining 4%,” it said.