Financial Indicators

Financial Indicators

In August 2024, Namibia recorded exports of goods and services amounting to N$8.7 billion, while imports reached N$12.3 billion, resulting in a trade deficit of N$3.6 billion. This represents a significant improvement compared to the N$4.9 billion deficit recorded in August 2023 (Figure 1).

Figure 1: Trade balance (N$ million) – March 2019 – August 2024

The ratio of imports to GDP stood at 62.7% in Q2 2024, whereas exports accounted for 42.1%, an increase from the 36.1% recorded in Q1 2024. Namibia’s export performance in August 2024 totalled N$8.7 billion, marking the second consecutive month of decline since the peak of June 2024. Despite this decline, exports showed a year-on-year (y/y) growth of 18.2% and a month-on-month (m/m) increase of 12.7%.

This growth was largely driven by the export of precious stones, particularly diamonds, which accounted for 19.5% of total exports. Non-monetary gold and fish also played significant roles, contributing 16.0% and 13.7%, respectively.

On the import side, Namibia’s import bill for August 2024 amounted to N$12.3 billion, reflecting an increase of N$229 million compared to July 2024, although there was a slight y/y decline of 0.1%. The monthly increase was primarily driven by higher imports of petroleum oils, which made up 14.1% of total imports. Fertilizers (3.8%) and motor vehicles (3.6%) were also notable contributors.

In terms of specific export products, the export of salt was valued at N$59.0 million in August 2024. Over the period from August 2023 to August 2024, the average monthly value of salt exports was N$59.9 million, with the highest recorded in March 2024 at N$86.2 million, and the lowest in September 2023 at N$28.0 million.

Key Export and Import Destinations for August 2024

During the reporting period, Namibia's leading export destinations included South Africa, primarily for non-monetary gold, Botswana for diamonds, Zambia for fish products, China for nickel ores and concentrates, and Spain for fish exports. On the import front, Namibia's principal trading partners were South Africa, supplying motor vehicles, China for civil engineering equipment, and Qatar, the United Arab Emirates, and Oman for petroleum oils (Figure 2). These trade flows highlight Namibia's strong commercial ties within the Southern African region and its strategic relationships with key global markets in Asia and Europe.

Figure 2: Imports by partner (N$ million) – August 2023 – August 2024

In August 2024, the Southern African Customs Union (SACU) remained Namibia's largest export market, driven by key commodities such as precious stones (primarily diamonds) and nonmonetary gold. SACU also continued as Namibia's leading source of imports, providing essential goods including motor vehicles for goods transportation, sugar, molasses, honey, and alcoholic beverages. SACU receipts have remained a crucial component of Namibia's fiscal framework, significantly supporting government revenue and enabling sustained public expenditure. The robustness of trade within SACU underscores its vital role in ensuring Namibia's economic stability and growth.

Namibia’s export performance in August 2024 totalled N$8.7 billion, marking the second consecutive month of decline since the peak reached in June 2024, despite showing a year-on-year growth of 18.2%.

Infrastructure and Logistics Developments

Walvis Bay continues to serve as Namibia's primary gateway for both imports and exports, with N$4 billion worth of imported goods and N$2.6 billion in exports processed through the port (see Figure 3). Namibia's reliable electricity supply facilitates the consistent operation of ports and border posts at full capacity, supporting a seamless flow of goods. This strong infrastructure positions Namibia favourably to capture market share from other regional ports.

Figure 3: Imports trade by post/office (selected) (N$ millions) – August 2024

In a notable development, Namport has transferred container handling operations at the New Container Terminal in Walvis Bay to Terminal Investment Limited (TIL), effective from 1st October 2024. This concession is anticipated to enhance port efficiency, reducing turnaround times for both imports and exports, which should further improve Namibia's trade competitiveness.

Additionally, Namport has initiated the first phase of a N$4billion investment to expand Robert Harbour at the Port of Lüderitz. This project aims to establish a key oil and gas supply base for the country’s offshore fields, which is expected to alleviate shipping traffic at Walvis Bay. Such strategic investments reinforce Namibia's commitment to strengthening its logistics infrastructure and expanding its role as a regional trade hub.