Economy loses millions in agriculture earnings

PHILLEPUS UUSIKUOver the years, the agriculture sector has been making a significant contribution to the economy in creating source of income, food security, foreign earnings and provision of raw material to the manufacturing industry.According to the Namibia Statistics Agency (NSA), the agriculture, forestry and fishing sector contributed an average of 7.6% to Gross Domestic Product (GDP) over the last eight years.The recent statistics released by the NSA indicated that the sector’s export earnings amounted to N$531.2 million in the first quarter of 2021 when compared to N$575.9 million in the first quarter of 2020, a decline of N$44.7 million or 7.8%.On the import side, the import bill amounted to N$762.7 million for the first quarter of 2021 compared to N$773.1 million in the first quarter of 2020, registering a decline of 1.3%. Given these developments, the sector recorded a trade deficit to a tune of N$231.6 million compared to a deficit of N$197.2 million registered in quarter one of 2020. The deterioration in the trade balance is owed to the drop in the value of export of forestry products that declined by 68.7% during the review period, NSA said.The agriculture commodities contributed the highest export share of 2.2% and imports share of 2.6% when compared to forestry and fishery products. In terms of exports, the highest growth rate of 11.9% was recorded in the fishery products while a notable decline of 68.7% was witnessed in the forestry commodities. In terms of imports, the highest growth of 617.9% was registered in fishing products while forestry products recorded a negative growth rate of 41.5% in value, NSA pointed out.CommoditiesThe value for agriculture commodities exported in the first quarter of 2021 amounted to N$450.0 million, a growth of 0.2% compared to a decline of 24.0% recorded in the corresponding quarter of 2020.Live animals were the top exported agricultural commodity, recording N$266.1 million, a contraction of 27.7% year-on-year when compared to a decline of 23.9% recorded in the same period of 2020, NSA added.Live animals’ exports where mainly destined to South Africa accounting for 97.0% of live animals exported during the quarter under review.The export of fruits and nuts stood in second place with N$166.7 million, translating into a triple digit growth of 201.4% year-on-year from a decline of 23.0% recorded in quarter one of 2020. The hugegrowth was largely attributable to an increase in grapes exported. South Africa dominated the fruits and nuts export market with a share of 20.4%, followed by the Netherlands, United Kingdoms and Germany recording 19.5%, 18.7% and 14.7%, accordingly, NSA said.

Economy loses millions in agriculture earnings

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Economy loses millions in agriculture earnings

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