Namibia's Trade Balance Worsens in March 2025, Recording a Deficit of N$2.7 Billion

Strategic Insights -

The Namibia Statistics Agency (NSA) released the Merchandise Trade Statistics Bulletin for March 2025, revealing a trade deficit of N$2.7 billion, a deterioration from the N$2.0 billion deficit recorded in February. The country's top export destination was Botswana, while South Africa remained the leading source of imports. Statistician-general Alex Shimuafeni highlighted the widening gap between exports and imports, attributing the increase in the trade deficit to the slight decline in exports and the rise in imports.

Key Takeaways:

  • The trade deficit worsened in March 2025, reaching N$2.7 billion, as opposed to the N$2.0 billion deficit in February.
  • Botswana was Namibia's top export destination for the month under review, while South Africa remained the leading source of imports.
  • Mining products dominated Namibia's export basket, with diamonds, non-monetary gold, uranium, and copper leading the way.
  • Fish was the only non-mineral commodity to make the top five exports' list, while re-exports fell by 3.8% month-on-month and showed a modest annual increase of 4.1%.
  • Namibia's major purchases included petroleum oils, motor-vehicles for commercial use, inorganic chemical elements, nickel ores, and civil engineering equipment.
  • The country recorded a trade surplus of N$361 million in the food and beverage sector, with a trade deficit of N$183 million recorded for beverages.
  • Cigarettes were highlighted as the commodity of the month, with imports totaling N$42.1 million, primarily sourced from South Africa and Switzerland.
  • Namibia's cumulative exports for March 2025 reached N$30.9 billion, up from N$25.9 billion during the same period in 2024, indicating a year-on-year improvement in export performance.
  • Export revenue declined by 0.4% to N$10.1 billion, compared to exports recorded in February 2025, while imports rose by 5.2% to N$12.8 billion.
  • Namibia's top five export products in March 2025 were precious stones (diamonds), accounting for 20.1% of total exports, mainly destined for Botswana and the United States of America markets.
  • Fish came second, accounting for 13.6% of total exports, destined mainly for the Spanish, Zambian, and Democratic Republic of Congo (DRC) markets.

Statistics:

  • Trade deficit: N$2.7 billion
  • Total exports: N$10.1 billion (slight monthly decline of 0.4%)
  • Total imports: N$12.8 billion (up from N$12.1 billion in February, a 5.2% increase)
  • Re-exports: N$1.2 billion (3.8% month-on-month decline, 4.1% annual increase)
  • Top five commodities imported: Petroleum oils (20%), motor-vehicles (4.3%), inorganic chemical elements (3.8%), nickel ores (3.1%), and civil engineering equipment (2.4%)
  • Southern Africa Customs Union (Sacu) emerged as the largest export market, contributing 38.5% to total exports.
  • Organisation for Economic Co-operation and Development (OECD) market accounted for 24.8% of total exports, followed by the European Union with 19.2%.
  • Sacu maintained its position as the largest source for Namibia's imports, with a share of 40.2% of the total import bill.

Sources:

  • Namibia Statistics Agency (NSA)
  • Merchandise Trade Statistics Bulletin (March 2025)