09 April 2021 | Wirtschaft

Namibia ‘losses’ billions in export earnings

PHILLEPUS UUSIKU

Namibia lost about N$1.9 billion in export earnings in February 2021 as exports reduced by 24.6% to N$5.7 billion from its level of N$7.6 billion recorded in January 2021.

On an annual basis however, exports improved by N$4 million or 8.7%, when compared to its level of N$5.3 billion recorded in February 2020, according to Namibia Statistic Agency (NSA) trade statistics.

In addition, Namibia saved about N$1.3 billion on a monthly basis and N$6 million on an annual basis, as imports reduced to N$8.2 billion compared to N$9.5 billion recorded in January 2021 and N$8.8 billion recorded in February 2020.

Following the developments in exports and imports, Namibia’s total merchandize trade with the rest of the world (ROW) weakened by 18.4% from N$17.1 billion obtained in January 2021 to the current value of N$13.9 billion.

A further decline of 1.1% was observed in the country’s total trade when compared to its level of N$14.1 in February 2020, NSA pointed out.

During the month under review, Namibia recorded a trade deficit to the tune of N$2.4 billion compared to a deficit level of N$1.8 billion and N$3.5 billion recorded in January 2021 and February 2020, respectively.

This implies a deterioration on a monthly as the deficit increased by N$6 million and an improvement on an annual basis as the deficit reduced by N$1.1 billion.

Markets

China emerged as the main export market for the country, absorbing 28.4% of all goods exported, ahead of South Africa in the second place whose market share of Namibia’s exports stood at 14.7% of total exports.

Botswana claimed the third position to account for 10.4% while Spain and Zambia occupied the fourth and fifth positions with respective shares of 7.6% and 6.5%.

These top five markets accounted for 67.6% of Namibia’s total exports, up from the 57.1% recorded in the previous month, NSA pointed out.

Copper, mainly destined to China, Netherlands and Australia was Namibia’s largest export commodity during the month under review, accounting for 36% of total exports ahead of fish which accounted for 15.2% of total exports mainly due to the demand of this product by Spain, Zambia and South Africa.

Precious stones, primarily destined for Botswana, United Arab Emirates and Belgium, claimed the third position with a contribution of 14.1% of the total exports followed by non- monetary gold in the fourth place with 4.9%, as South Africa remain the solitary importer of Namibia’s gold.

Finally, Inorganic chemicals occupied the fifth position with a contribution of 4.6% as a result of exports to China, Finland and United Arab Emirates, NSA said.

Gleiche Nachricht

 

Vehicles sales unresponsive to low rates

vor 11 stunden | Wirtschaft

PHILLEPUS UUSIKUDespite interest rates being low to make borrowing attractive, new vehicle sales remained weak for the month of May.Last week, the Bank of Namibia...

Betreibung von Green Schemes bald in privater Hand

vor 11 stunden | Landwirtschaft

Das Kabinett hat die Auslagerung des Betriebs der sogenannten Green Schemes bewilligt. Die Übernahme der Projekte soll privaten Partnern angeboten werden, sobald das Staatsunternehmen...

ILO, EU supporting Namibia’s fisheries sector

vor 11 stunden | Wirtschaft

The International Labour Organization (ILO), with support from the European Union (EU), has launched the Sustainable Supply Chains to Build Back Better (SSCBBB) project which...

Namdock and MANWU signed an agreement

vor 11 stunden | Wirtschaft

On 3 June 2021, established ship repair and wholly Namibian-owned company Namdock (Namibia Drydock and Ship Repair), signed a Recognition and Procedural Agreement with trade...

Nigeria urged to make forex system clear

vor 11 stunden | Wirtschaft

CHIJIOKE OHUOCHA AND ESTELLE SHIRBONThe World Bank urged Nigeria to provide a clearer and more predictable foreign exchange management system, suggesting that its response to...

Green Schemes unter neuer Verwaltung

vor 11 stunden | Landwirtschaft

Von NMH und Steffi BalzarWindhoek Die amtierende AgriBusDev-Geschäftsführerin, Berfine Antindi, informierte die Angestellten vergangene Woche schriftlich über die bevorstehende Schließung des Unternehmens, nachdem das Kabinett...

Verbesserte Bedingungen gefördert

vor 11 stunden | Wirtschaft

Windhoek (sb) - Die Internationale Arbeitsorganisation (International Labour Organization (ILO) hat mit Unterstützung der Europäischen Union (EU) das Projekt „Sustainable Supply Chains to Build Back...

DRC central bank cuts interest rate

vor 11 stunden | Wirtschaft

Democratic Republic of Congo's central bank on Thursday cut its main interest rate for the third time since the start of the year, to 8.5%...

World's third largest diamond discovered

vor 3 tagen - 18 Juni 2021 | Wirtschaft

A 1 098-carat diamond believed to be the third largest gem-quality stone ever to be mined, has been discovered in Botswana, according to a joint...

!Gawaxab: Economy needs vaccines

vor 4 tagen - 17 Juni 2021 | Wirtschaft

PHILLEPUS UUSIKU - The successful procurement and expeditious rollout of Covid-19 vaccines in Namibia remain key to the extent and speed of the economic recovery,...