Diamonds carry Namibia’s economy

 Diamonds carry Namibia’s economy

Diamonds carry Namibia’s economy,

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Windhoek-Diamonds continue to be the backbone of the Namibia economy while the Southern African Customs Union (SACU) remains a top export earner for the Southern African country, the Namibia Statistics Agency has said in their latest assessment of the Namibian economy.

 The Namibia bureau showed that China is now a top export market for the Southern African country primarily consuming minerals dominated by uranium.

According to the latest economic statistics released by the bureau of statistics IN Namibia, SACU is still by far Namibia’s largest export destination for goods (mostly diamond) accounting for 46.2 percent of total exports.

The Southern African country has also seen increased trade with Brazil, Russia, India and China (BRIC) and the European Union (EU) accounting for a market share of 27.9 percent and 18.3 percent, respectively

The Namibian Statistics Agency also showed a remarkable increase in reports in and out of Namibia steered by copper.

“The month of May 2021, Namibia’s total merchandise trade slowed to N$14.1 billion, a decline of 37.8 percent and 12.2 percent compared to N$22.6 billion and N$16 billion recorded in April 2021 and May 2020, respectively. However, the country’s trade balance remained in a deficit amounting to N$3.2 billion from deficits of N$143 million recorded in April 2021 and N$1.2 billion in May 2020. Namibia’s trade composition by partner illustrated that China emerged as Namibia’s largest export market, while South Africa was the main import market,” NSA said.

The NSA also added that the bulk composition of Namibia’s export basket mainly comprised minerals such as copper, uranium, precious stones (diamonds) and fish. As usual, fish remained the only non-mineral product among the top five exports.

“On the other hand, the import basket consisted mainly of copper; petroleum oils; copper ores; motor vehicles, and ships, boats and other floating structures. The May 2021 trade figures indicated that re-exports fell by 60.3 percent month-on-month and by 20.3 percent year-on-year,” NSA said in their latest report

 NSA said Copper had the largest share of all goods re-exported; accounting for 57.8 percent of total re-exports mainly destined to China, Netherlands, France, Hong Kong and Belgium. Most of the copper re-exported originated from Zambia and D.R.C.

“Important to note is that copper appears to dominate both trade flows, which is an indication of the important role the country plays as a major logistics hub for SADC,” NSA said.

Tiri Masawi

is a Business Journalist and Editor for 14 years. He is currently working in Namibia and has written for several Namibian, Zimbabwean, and South African newspapers. He also works as a fixer for BBC in Namibia. He has a firm interest in reading as well as mentoring young journalists in the craft.

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