By:Staff writer
Diamonds were Namibia’s largest exported commodity at N$2.0 billion in February.
This accounted for 24.7% of all exports for the month, and mostly destined to Botswana, Belgium and the United Arab Emirates.
Overall exports increased by 3.8% from the N$7.8 billion recorded in January 2023.
Additionally, exports increased by 1.6% from N$8.0 billion registered in February 2022.
The import value decreased by 21.1% when compared to the value recorded in January 2023 and 20.5% when compared to its value of N$10.7 billion recorded in February 2022.
The manufacturing industry, meanwhile, remained as the industry with the largest exported goods with a value of N$4.4 billion, absorbing 54.4 percent of total exports, seeing a 7.3% increase from the month prior.
Products from the industry decreased by a mere N$26 million from the value recorded in January 2023.
The mining and quarrying industry came in second position, with the overall export value at N$3.3 billion in February 2023.
Exported products from this industry increased by N$500 million when compared to the value recorded in January 2023.
Fish and uranium were Namibia’s second and third most exported goods for the month, accounting for 14.7% and 12.7% of total exports, respectively.
The fish was destined to Spain, Zambia and Mozambique, while uranium was wholly destined to China, the statistics show.
The country suffered a trade deficit of N$412 million after exports stood at N$8.1 billion and imports at N$8.5 billion, yet improved by 86.2% month on month, compared to the previously reported 129.9% trade deficit suffered in January this year.
Petroleum oils contributed the most to the trade deficit for the month, with a haul of 18.1% of the country’s imports.
Import of motor cars for the transportation of persons contributed 4.9%, while motor vehicles for the transport of goods and civil engineering and contractors’ equipment were ranked third and fourth in the list, accounting for 3.7% and 3.2% percent of all commodities imported, respectively.
Alcoholic beverages occupied the fifth position after contributing 2.6% to the total imports.
Most of these goods were sourced within the Southern African Customs Union (SACU) at 46.9%. The Customs Union mainly supplied motor vehicles for the transportation of goods, alcoholic beverages and ‘sugar, molasses and honey’ to Namibia.
BRIC was in second position with a share of 21.8% of all goods imported, providing the country mostly with petroleum oils, motor cars for the transportation of persons and ‘arms and ammunition.
The Organisation for Economic Co-operation and Development (OECD) and European Union (EU) regions accounted for 20.0% and 10.8%, respectively. The OECD supplied Namibia mostly with petroleum oils and rubber tyres while the EU with petroleum oils and wheat.