Namibia’s trade deficit improves in December 2024

Namibia’s trade balance showed a notable improvement in December 2024, standing at a deficit of N$119 million. This marks a significant reduction from the previous month’s deficit of N$5.5 billion and December 2023’s deficit of N$969 million.

According to the Namibia Statistics Agency’s latest Trade International merchandise trade bulletin, South Africa continued to be Namibia’s largest import market, while China remained the top destination for Namibia’s exports. The country’s exports in December 2024 were largely driven by the mining sector, with precious stones (diamonds), uranium, and non-monetary gold topping the list. Fish and ‘fruits and nuts’ were the only non-mineral products among the top five exported goods.

Re-exports saw a 4.9% month-on-month decline, although there was a notable 50.1% increase year-on-year. The re-exported items included precious stones (diamonds), copper and copper articles, nickel ores, petroleum oils, and fertilizers. Imports, on the other hand, were primarily composed of petroleum oils, fertilizers, precious stones (diamonds), inorganic chemical elements, and base metal ores and concentrates.

As part of efforts to track the impact of food insecurity, the Namibia Statistics Agency (NSA) introduced a new section in its trade report. In December 2024, Namibia was a net exporter of food items, with a trade surplus of N$669 million. However, a trade deficit of N$302 million was recorded for beverages.

The report also highlighted grapes as the commodity of the month. Namibia exported grapes valued at N$815.4 million, with the Netherlands and the United Kingdom being the primary destinations. Meanwhile, the country imported grapes worth N$2.3 million, mainly from South Africa.