Namibia’s trade balance with Asian countries decreased from a surplus of 1.7 billion Namibia dollars recorded in December 2021 to 1.3 billion Namibia dollars obtained in January 2022, according to the country’s statistics agency (NSA) on Thursday.
Exports declined by 318 million to 3.2 billion Namibia dollars whereas imports increased by 156 million to 1.9 billion Namibia dollars, NSA statistician general Alex Shimuafeni said in the latest NSA trade statistics.
Despite the trade balance decrease, Shimuafeni said China emerged as the main export market for Namibia, absorbing 32.3 percent of all goods exported, ahead of South Africa in the second position with a market share of 18.3 percent of total exports.
“Zambia ranked third with a relative share of 6.1 percent while Spain and France occupied the fourth and fifth positions with respective shares of 4.8 percent and 4.4 percent,” he added.
Shimuafeni said copper blisters was Namibia’s largest export commodity during the month under review accounting for 26.6 percent of total exports mainly destined to China, France and the Netherlands.
“This was followed by uranium which accounted for 12.8 percent of total exports destined mostly to China,” he added.
Meanwhile, in terms of imports, South Africa, Zambia, DRC, UAE and Bulgaria were the major source of imports for Namibia.
“These top five import markets supplied Namibia with 69.7 percent of all imports required by the country, up from its December 2021 level of 67.9 percent and 58.4 percent recorded in January 2021,” he concluded.