Namibia’s uranium exports increased to N$3.8 billion, claiming a 31.7% share of total exports in January, trade data by the Namibia Statistics Agency (NSA) shows.
Uranium export growth marked the highest monthly export value recorded in the past 10 years, according to the trade data.
The growth is in line with the Chamber of Mines’ anticipation that Namibia would undergo a significant economic boost and see an uptick in the contribution of the uranium sub-sector in 2024.
The projection was based on the highest price increase for uranium in over 12 years.
“Uranium exports were primarily destined for BRIC regions (Brazil, Russia, India and China), totalling N$3 billion, followed by the OECD (The Organisation for Economic Cooperation and Development) with N$828 million, and the EU with N$6.0 million in export value,” read a report released by research firm Simonis Storm.
NSA Statistician General Alex Shimuafeni said the country’s exports surged to N$12 billion, driving the country’s trade deficit to N$1.8 billion amidst a backdrop of growing international trade dynamics.
“During the month of January 2024, the country’s trade balance stood at a deficit of N$1.8 billion, worse off when compared to N$885 million and an improvement when compared to N$3 billion recorded in December 2023 and January 2023, respectively,” he said.
He further explained that the surge in exports represented a 9.4% increase from the previous month and a substantial 53.4% jump from January 2023.
The growth was juxtaposed against a 16.3% rise in imports compared to December 2023 and a 27.6% increase compared to January 2023, signalling both the resilience and expansion of Namibia’s trade activities.
Meanwhile, China emerged as Namibia’s primary export destination, commanding 29% of all exported goods, followed by South Africa at 16.4 percent.
South Africa remained the leading source of imports, constituting 25.4% of Namibia’s total imports, followed by Peru at 10.8%.
“The composition of the export basket for the month of January 2024 mainly consisted of minerals such as uranium, precious stones (diamonds), and non-monetary gold and petroleum oils. Fish remained the only non-mineral product within the top five products exported,” he said.
Regionally, the Southern African Customs Union (SACU) emerged as the largest export market, contributing 31.3%, while SACU also maintained its position as the leading source of imports with a 26.1% share.
“BRIC ranked second with a market share of 29.2% while the OECD and the EU accounted for 22.5% and 15%, respectively while OECD contributed 18.9% of the total import bill and the EU came third in the list with a share of 18.1%. BRIC and COMESA markets had shares of 6.8% and 5.4%, respectively,” read the Namibia International Merchandise Trade Statistics Bulletin.
The transportation sector played a pivotal role, with sea transport accounting for the majority of both exports (55.5%) and imports (57.1%), underscoring Namibia’s reliance on maritime trade routes.
However, despite efforts to foster intra-continental trade through initiatives like the African Continental Free Trade Area, no trade was recorded between Namibia and the focus country of the month, Comoros.
In a closer look at specific commodities, bread and biscuits emerged as the commodity of interest, with imports valued at N$22.9 million, primarily sourced from South Africa, India, and the United Arab Emirates.
Over the past year, monthly imports of this commodity averaged N$29.6 million, reflecting consistent demand within Namibia’s market.
