10 January 2025 Morning Biz News Update: Growth in Milk Production, Trade Relations, and Economic Challenges

1. Milk Production Surges
   Namibia’s milk production saw a notable increase in the third quarter, reaching 4.2 million litres, which marks a 7.5% year-on-year growth and an 11% rise compared to the previous quarter. According to the Bank of Namibia, the growth is attributed to the rise in the number of milk-producing cows and technological advancements that have improved production efficiency, reinforcing the positive outlook for the local dairy industry.
2. South African Customs System Under Scrutiny
   The South African Revenue Service (SARS) has yet to provide clarification on key changes to its customs system, which could impact international e-commerce imports. Concerns have been raised over potential tax manipulation practices by companies like Shein and Temu, with local retailers alleging that shipment splitting is being used to avoid higher taxes, sparking debates on fairness and compliance in the e-commerce space.
3. China Strengthens Ties with Africa
   Chinese Foreign Minister Wang Yi wrapped up his diplomatic tour of Africa in Nigeria, reaffirming China’s commitment to offering robust support to its African partners. His visit included stops in Namibia, the Republic of Congo, and Chad, with a focus on enhancing trade relations. In Nigeria, where trade relations continue to thrive, Chinese investments are expected to contribute to future growth, with the country exporting oil and gas while importing manufactured goods.
4. German Industrial Orders Decline
   Germany’s industrial orders dropped by 5.4% in November, marking a significant setback for the country’s industrial sector, which is a critical pillar of its economy. The decline, reported by Reuters, is attributed to sluggish global demand and increased competition from China, underscoring the challenges faced by Europe’s largest economy. Germany’s industrial sector accounts for around 20% of its economic output and remains a vital area to watch.

Latest Financial Indicators:

• Namibia Dollar: 18.94 to the US$, 19.51 to the Euro, 23.32 to the Pound.
• Gold: 2,670 USD per fine ounce.
• Brent Crude Oil: 76.16 USD per barrel.
• Bitcoin: 1,769,304.72 USD.