The value of Namibian exports in June 2021 gained momentum, raising by 58.5% to N$8.6 billion from its May 2021 level of N$5.4 billion. Similarly, when compared to the value of N$7.6 billion in June 2020, exports rose by 14.1%.
According to the latest trade statistics from the Namibia Statistics Agency (NSA) June 2021 bulletin, imports stood at N$9.6 billion, strengthening by 11.4% on a monthly basis, while an annual increase of 25% was observed from its June 2020 level of N$7.2 billion.
“Subsequent to the developments in exports and imports, Namibia’s total merchandise trade (exports plus imports) with the rest of the world grew by 29.6% from its May 2021 level of N$14.1 billion to N$18.2 billion recorded in June 2021,” reads the statement that was released this week.
Similarly, total trade registered a further improvement of 24.3% when compared to the N$14.8 billion recorded in June 2020.
Furthermore, uranium was Namibia’s largest export commodity during the month under review, accounting for 33.3% of total exports, mainly destined to China with a small amount absorbed by Canada.
This was followed by copper, which accounted for 25.8% of total exports destined mostly to Netherlands, China and Belgium. Precious stones (mainly diamonds) and fish occupied the third position after absorbing 9.8% each of Namibia’s total exports.
The report further stated that total re-exports stood at N$3.3 billion after recording N$2.6 billion in the previous month and N$4.1 billion during the corresponding month of last year. This explains an increase of 26.9% month-on-month and a decline of 17.7% year-on-year, respectively.
Re-exports are commodities imported by residents who assume short-term ownership of the commodities. These commodities are subsequently exported without undergoing any significant industrial transformation.
“Even though no substantial transformation is done, re-exports have the potential to benefit the intermediate country by rendering services such as sorting, re-packaging, storage, transport and trade mediation services. This implies that the country’s services sector greatly benefits from activities of re-exports. Additionally, re-exports serve as an indication of favourable corporate tax in the intermediate country,” explained NSA.