N$8.2 billion spent on foreign goods in Feb

PHILLEPUS UUSIKUFor the month of February this year, the value of imports into the country amounted to N$8.2 billion down from its level of N$9.5 billion in January 2021 and N$8.8 billion in February 2020.On an annual basis, this implies a decrease of N$6 million or 6.9% and a N$1.3 billion or 13.4% decrease on a monthly basis, according to Namibia Statistic Agency (NSA) trade statistics.The value of exports reduced by 24.6% to N$5.7 billion from its level of N$7.6 billion recorded in January 2021.Namibia’s total merchandise trade with the rest of the world 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 billion in February 2020.Namibia sourced majority of imports from the usual countries namely, South Africa, Zambia, Democratic Republic of Congo (DRC), China and India. The top five import markets supplied Namibia with 83.2% of all import requirements needed by the country, up from its January 2021 level of 60.2% and from 71.9% in February 2020, NSA said.South Africa remained Namibia’s largest import market with a share of 40.8% of the value of all goods received into the country.Following in the second place was Zambia with a contribution of 23.5% of total imports. Furthermore, DRC in third place accounted for 7.2% of Namibia’s total imports followed by China and India contributing 6% and 5.9% respectively, NSA pointed out.ProductsThe top five commodities imported into Namibia jointly accounted for 42.5% of total imports with copper leading with the largest share of 28.5%. Following in the second position is petroleum oils with a share of 7.5% of all commodities imported. The category of motor vehicles was ranked third after contributing 2.5% to total imports while inorganic chemicals, and telecommunications equipment followed in the fourth and fifth position with contributions of 2.0% and 1.9%, respectively, NSA said.The Southern African Customs Union (SACU) region remained the largest source of imports for Namibia, accounting for 41.3% of all goods imported mainly motor vehicles and sugar. Copper was responsible for the high value of imports from the Common Market for Eastern and Southern Africa (COMESA) which had a share of 31.2% of total imports and hence making it the second largest source of imports into the country. Southern African Development Community (SADC) excluding SACU accounted for 31.1% of Namibia’s total import bill, followed by Brazil, Russia, India and China (BRIC) and the European Union (EU) in the fourth and fifth positions with 13.1% and 4.6%, respectively.Imports from SADC excluding SACU comprised mainly of copper; while petroleum oils and telecommunications equipment were responsible for the high import value from BRIC, NSA added.TransportRoad was the most frequent mode of transport used for imports during the period of review. Imports by road amounted to N$6.4 billion, representing 78.3% of all goods imported into the country. This was followed by sea transport which accounted for 18.1% of all the goods that reached the country while the remaining 3.7% arrived by air.In terms of tonnage, about 156 247 tons of goods reached the country by road. This is less than its level of 180 545 tons observed in January 2021 and 170 825 tons recorded in February 2020.Whereas 109 009 tons of goods reached the country by sea compared to its level of 193 830 in January 2021 and 88 831 tons in February 2020, NSA said.

N$8.2 billion spent on foreign goods in Feb

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N$8.2 billion spent on foreign goods in Feb

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