The Namibia Statistics Agency (NSA) reports that onions were the top export commodity in November, with sales amounting to N$20.2 million (€10.1 mln). As per the latest Merchandise Trade Statistics Bulletin, total exports for the month were significantly elevated, rising by 73% compared to October.
Despite this, the country's continued dependence on imports led to a N$4 billion trade deficit. "The deficit is an improvement from N$4.5 billion, but worse than the N$2.8 billion recorded in October 2023 and November 2022," stated statistician general Alex Shimuafeni.
The export surge was driven by increased demand for natural resources, notably uranium, precious stones, and non-monetary gold. China and Botswana were the top export destinations. Imports also rose, with South Africa remaining the primary source.
The Southern African Customs Union was Namibia’s leading trade partner in November, while the Bric nations also accounted for a significant share. Sea transport was the preferred export method, with road transport leading for imports.
Under the African Continental Free Trade Area, Namibia enjoyed a trade surplus with Liberia, exporting onions worth N$20.2 million. Despite the export surge, Shimuafeni emphasizes the need for import source diversification and increased value-added exports to address the trade deficit.
[ N$1 = €0.05 ]
Source: namibian.com.na