Namibia’s mining and quarrying sector took the lead as the nation’s largest export contributor, delivering goods worth N$4.3 billion, or 48.2% of total exports in September 2024, official data shows.
Recent data from the Namibia Statistics Agency (NSA) shows that this marked an increase of N$994 million compared to August 2024.
The manufacturing sector followed closely, accounting for 47.4% of the nation’s exports.
“In September 2024, the mining and quarrying sector took the first position with the largest export of goods valued at N$4.3 billion, absorbing 48.2 percent of the country’s total exports. Products from this industry increased by N$994 million when compared to the previous month,” the NSA’s International Merchandise and Trade Statistics Bulletin.
It was further reported that precious stones, particularly diamonds, took the top spot, making up 20% of total exports, largely to Botswana.
Uranium ranked second, comprising 18.7% of exports primarily destined for China, followed by non-monetary gold, which represented 12.8% of exports to South Africa.
Petroleum oils, though primarily re-exported to Botswana, contributed 5.6% to Namibia’s export revenue.
Together, the top five exports made up 68.1% of the country’s total exports.
On the import side, Namibia’s dependency on foreign manufactured goods was evident, as imports from the manufacturing industry surged to N$10.9 billion, a notable 11.6% rise from August.
The mining and quarrying sector came in second in imports, totalling N$3.6 billion, a 66.6% increase from the previous month.
These trends contributed to a growing trade deficit, which reached N$5.8 billion in September, up from N$3.6 billion in August.
“Petroleum oils contributed the most to the trade deficit, having recorded a deficit of N$1.1 billion. In second place was ores and concentrates of precious metals, with a deficit of N$836 million, followed by fertilisers with a deficit of N$694 million in third position.
“On the other hand, Namibia’s trade surplus on uranium stood at N$1.7 billion. The second and third places were occupied by precious stones (diamond) and non-monetary gold with a trade surplus of N$1.5 billion and N$1.2 billion, respectively,” the report read.
Petroleum oils led re-export commodities, accounting for 18.5% of re-exported goods, mainly sent to Botswana.
Diamonds and inorganic chemicals followed, mainly destined for the UAE, Hong Kong, and Belgium, while nickel ores and fertilisers were shipped to Canada, Finland, and Zambia, respectively.
The month saw a decrease in re-exports, totalling N$2.1 billion, a decline of 29.1% month-on-month and 2.6% year-on-year.
