By:Staff writer
The value of Namibia’s fish exports increased by 14.9% y/y in January 2023, compared to 21.5% y/y in December 2022.
In November last year, the Minister of Fisheries and Marine Resources Derek Klazen said the fishing sector contributed over 14% of Namibia’s overall export earnings.
On a monthly basis, the analysts at Simonis Storm Securities say fish exports increased by 13.3% m/m in January 2023, compared to 74.4% m/m in December 2022.
“Increased onshore processing activity together with a weak Rand exchange rate is currently benefiting fish export earnings. This could prevent a sharp drop in fish export earnings, should local fish landings decrease.”
“In our previous report, we indicated that alleged illegal fishing by Angolan vessels has significantly worsened the local stock of certain fish species and this could negatively impact on landings in 2023. We continue to see more investment in onshore activities by local fishing companies, with Do Mar Fishing being the latest to invest in logistics according to media sources,” Simonis Storm said.
Do Mar Fishing started with the construction of its brand-new logistical hub on erven 5201 and 5202, at extension 14 in Walvis Bay earlier this week.
According to the company’s owner, Antonio Rodriques, there are plans to build a mixed-use development, and first-of-its-kind fish logistics hub.
He further said this will add significant value to the industry as a whole.
“We understand that part of the logistics hub will allow for container storage, handling and packing for their vessel fleet. This is consistent with previous reports where we highlighted that onshore facility investments are likely to be pursued by local fishing companies and so benefiting the manufacturing sector,” the analysts said.
Meanwhile, for livestock, the analysts at Simonis Storm have observed that marketing activity, including both slaughtering and export activity, remains on a downward trend for most segments in the livestock sector.
“Live exports decreased by 16.9% y/y in February 2023 due to lower demand for weaners from South Africa according to the Meat Board. Restocking investments by local farmers are filtering through to monthly production data, given that sheep marketing increased by 44.0% y/y in February 2023,” the analysts said.
They further expect the improved national herd is expected to maintain momentum in the sheep sector going forward. Goat marketing recorded the largest annual decline of 49.7% y/y in February 2023, followed by cattle marketing activity that declined by 24.5% y/y