Namíbia: Visió econòmica i política
Namibia is very open to foreign trade, which represents 80% of the country’s GDP (World Bank). Customs duties are low, but some trade barriers remain, including a number of import and export restrictions, mostly on agricultural products. The country's economy is closely linked to that of South Africa, with the Namibian dollar pegged to the South African rand. The country is a member of the SACU (Southern African Customs Union) and SADC (Southern African Development Community), whose free-trade zone (FTZ) was inaugurated in 2008. Namibia also ratified the African Continental Free Trade Agreement. In 2016, the EU signed an EPA with the SADC EPA Group comprising Botswana, Lesotho, Mozambique, Namibia, South Africa and Swaziland. Diamonds, copper, uranium, gold, fish, cobalt and live animals continue to lead the market for export commodities. Namibia mainly imports refined petroleum, vehicles, machinery and food products.
Namibia's exports are mainly directed to China (34.1% of exports), South Africa (14.5%), Botswana, Belgium, Spain, Zambia and the Democratic Republic of Congo. South Africa (36.2% of imports), Zambia, the Democratic Republic of Congo, China, Bulgaria, India and the United States are the main suppliers (Comtrade, latest data available).
Namibia’s trade balance is structurally in deficit because of the country’s high demand for high-valued manufactured commodities and machinery, and exports of mainly primary commodities that are of low value, with the exception of diamonds. In 2021, merchandise exports amounted to USD 6.7 billion (+19.5% year-on-year), while imports increased at a faster pace and reached USD 9.1 billion (+33.7%). In the same year, exports of services reached USD 413 million, while imports amounted to USD 589 million (WTO). Overall, the World Bank estimated the country’s trade deficit at 16.3% of its GDP (from 8.3% one year earlier). According to preliminary figures by Namibia’s Statistics Agency, in 2022 the value of exports reached 96.4 billion, marking a 46.3% increase via-à-vis one year earlier; whereas imports stood at NAD 128.3 billion, up by 34.8%.
Foreign Trade Values | 2018 | 2019 | 2020 | 2021 | 2022 |
Imports of Goods (million USD) | 8,289 | 8,086 | 6,823 | 10,992 | 7,905 |
Exports of Goods (million USD) | 7,488 | 6,256 | 5,600 | 7,264 | 6,339 |
Imports of Services (million USD) | 604 | 627 | 747 | 854 | 854 |
Exports of Services (million USD) | 762 | 702 | 684 | 674 | 925 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2018 | 2019 | 2020 | 2021 | 2022 |
Foreign Trade (in % of GDP) | 81.7 | 82.9 | 76.9 | 82.0 | 94.0 |
Trade Balance (million USD) | -1,555 | -1,302 | -985 | -1,957 | -2,275 |
Trade Balance (Including Service) (million USD) | -1,397 | -1,227 | -1,048 | -2,137 | -2,204 |
Imports of Goods and Services (Annual % Change) | 1.2 | -4.0 | -15.0 | 20.3 | 23.6 |
Exports of Goods and Services (Annual % Change) | 16.1 | -8.7 | -16.6 | 1.4 | 20.0 |
Imports of Goods and Services (in % of GDP) | 45.8 | 46.5 | 43.2 | 50.1 | 56.4 |
Exports of Goods and Services (in % of GDP) | 35.9 | 36.4 | 33.7 | 31.9 | 37.6 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2023 (e) | 2024 (e) | 2025 (e) | 2026 (e) | 2027 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | 3.7 | 7.6 | 7.9 | 4.5 | 4.2 |
Volume of imports of goods and services (Annual % change) | -1.7 | 4.6 | 3.8 | 4.1 | 4.0 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Member of Southern African Development Community (SADC)
Member of South African Customs Union (SACU)
Member of the World Trade Organization (WTO)
Member of the African, Carribean and Pacific Agreement
Member of the Cotonou Agreement
African Growth Opportunity Act (AGOA) beneficiary country
Preferential market access to 34 countries for Namibian products, under the Generalised System of Preferences
Preferential trade agreement with Zimbabwe
Economic partnership agreement signed with the EU in June 2016
Main Customers (% of Exports) |
2022 |
South Africa | 16.3% |
Botswana | 16.1% |
China | 11.5% |
Zambia | 7.2% |
Democratic Republic of Congo | 5.2% |
See More Countries | 43.8% |
Main Suppliers (% of Imports) |
2022 |
South Africa | 38.9% |
China | 7.6% |
India | 4.7% |
United Arab Emirates | 3.8% |
United States | 3.3% |
See More Countries | 41.7% |
Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
To go further, check out our service Import Export Flows.
0.5 bn USD of services imported in 2020 | |
30.83% | |
Miscellaneous business,...Miscellaneous business, professional, and technical services | 30.82% |
Research and developmentResearch and development | 0.01% |
22.46% | |
Air transportAir transport | 0.27% |
OtherOther | 0.16% |
PassengerPassenger | 0.10% |
15.48% | |
Personal travelPersonal travel | 12.67% |
Education-related expenditureEducation-related expenditure | 4.93% |
Health-related expenditureHealth-related expenditure | 4.74% |
OtherOther | 3.00% |
Business travelBusiness travel | 2.82% |
OtherOther | 2.82% |
11.41% | |
6.66% | |
6.66% | |
Telecommunications servicesTelecommunications services | 6.65% |
2.50% | |
1.54% | |
Audiovisual and related servicesAudiovisual and related services | 1.53% |
Other personal, cultural, and...Other personal, cultural, and recreational services | 0.02% |
1.42% | |
Construction in the compiling...Construction in the compiling economy | 1.42% |
0.84% | |
0.20% |
Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
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Actualitzacions: November 2023