Namibia’s trade sector showed a notable improvement in November 2024, driven by an almost 40% annual increase in exports. As a result, the trade deficit, which is the amount by which a country’s imports exceed the value of its exports, narrowed to N$5.5 billion from N$7.7 billion in October. 

While this progress is notable, stock brokerage Simonis Storm (SS) pointed out the country continues to grapple with persistent trade deficits, averaging N$3.6 billion over the past 12 months, from November 2023 to November 2024.

Namibia International Merchandise Trade Statistics for November 2024, released by the Namibia Statistics Agency (NSA), indicate the reduced deficit in November 2024 was primarily driven by a significant surge in exports, which climbed to N$12.2 billion. This is a remarkable 39% year-on-year (y/y) increase from N$8.8 billion in November 2023. Monthly exports also improved, rising by 7.2%, likely reflecting robust performance in key sectors such as mining and agriculture.

Notably, imports rose to N$17.7 billion in November 2024, the highest monthly figure recorded last year, reflecting a 12.6% y/y increase. According to SS, this sharp rise underscores Namibia’s continued reliance on external markets for domestic consumption, particularly for capital goods, fuel and essential commodities.

“The divergence in export and import growth highlights Namibia’s structural trade vulnerabilities, including susceptibility to external shocks, and a limited domestic manufacturing base. 

Addressing these challenges requires targeted policies to diversify exports, and prioritise value-addition in key sectors. A sustainable shift towards reducing dependence on primary commodities would significantly improve trade imbalances and bolster economic resilience,” reads an SS trade report. 

Commenting on the release of the trade figures, NSA chief executive Alex Shimuafeni noted that the import bill for November 2024 stood at N$17.7 billion, up 7.2% from N$16.5 billion during the previous month.

The NSA further pointed out that Namibia imported N$1.4 million worth of chicks from The Netherlands, South Africa and Zambia, and that soccer balls were a popular commodity, with the country importing N$600 000 worth, mainly from South Africa and China.

According to the NSA bulletin, Namibia’s cumulative exports over 11 months stood at N$106.4 billion, compared to N$92.3 billion over the same period of the previous year.

The cumulative import value for the 11 months ending in November 2024 was N$148.8 billion, which is a N$24.3 billion increase from N$124.5 billion during the time in 2023.

Meanwhile, mining and quarrying produced close to 41% of total exports in November, which was N$1.4 billion more than the previous month. Agriculture, forestry and fishing contributed 6.1% to total exports.

Moreover, Namibia recorded trade surpluses, where exports exceed imports,  with Botswana (N$1.7 billion), Belgium (N$1.4 billion) and Zambia (N$512.0 million). Trade deficits were recorded with South Africa (N$4 billion), China (N$1.1 billion) and India (N$731.8 million) during the period under review.

South Africa remained Namibia’s main source of imports, making up 34.9%, followed by China with 24.6% and India with 4.3%. Zambia and the DRC ranked number four and five, respectively, with 3.6% and 3.2%.

Namibia also recorded a N$2.4 billion trade surplus on uranium. China was Namibia’s main export destination, taking 26.8% of exports in November, South Africa second, receiving 17.4%, and Botswana third with 14.3%. Belgium and Zambia were fourth and fifth, respectively, with 12.1% and 9.4%.