That dollar amount results from a -14.8% decrease from 5 years earlier in 2019 when Namibian exports totaled $6.44 billion.
Year over year, the value of Namibia’s exported goods fell by -8.6% compared to $6 billion starting from 2022.
Based on the average exchange rate for 2023, the Namibia dollar depreciated by -27.7% against the US dollar since 2019 and diluted by -12.8% from 2022 to 2023. Namibia’s weaker local currency makes its exports paid for in stronger US dollars relatively less expensive for international buyers.
Namibia’s Major Trading Partners
The latest available country-specific data shows that 83.3% of products exported from Namibia was bought by importers in: Botswana (19.3% of the Namibian total), South Africa (18.6%), mainland China (12.5%), Zambia (5.6%), Belgium (5.3%), Spain (5%), United Arab Emirates (4.3%), Netherlands (3.3%), Democratic Republic Congo (2.8%), France (2.7%), Canada (2.3%) and Hong Kong (1.4%).
From a continental perspective, 52.1% of Namibia’s exports by value was delivered to fellow African countries while 22.1% was sold to importers in Europe. Namibia shipped another 21.8% worth of goods to Asia.
Smaller percentages went to buyers in North America (3.6%), Oceania (0.2%) led by Australia, Vanuatu and Marshall Islands then Latin America (0.1%) excluding Mexico but including the Caribbean.
Given Namibia’s population of 2.93 million people, its total $5.5 billion in 2023 exports translates to $1,900 for every resident in the southwest African country. That dollar metric lags the average $2,300 per capita calculated for one year earlier during 2022.
Namibia’s Top 10 Exports
The following export product groups represent the highest dollar value in Namibian global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from Namibia.
- Gems, precious metals: US$2.2 billion (40.9% of total exports)
- Ores, slag, ash: $928.9 million (16.9%)
- Fish: $728.2 million (13.3%)
- Mineral fuels including oil: $298.9 million (5.4%)
- Copper: $258.4 million (4.7%)
- Salt, sulphur, stone, cement: $106.4 million (1.9%)
- Machinery including computers: $93 million (1.7%)
- Live animals: $81.2 million (1.5%)
- Meat: $78.5 million (1.4%)
- Books, newspapers, pictures: $75.1 million (1.4%)
Namibia’s top 10 exports accounted for 89.1% of the overall value of its global shipments.
Copper was the fastest grower among the top 10 export categories, up by 27.9% from 2022 to 2023.
In second place for improving export sales was gems and precious metals via a 25.7% advanced led by unwrought gold.
Namibia’s shipments of books, newspapers and pictures posted the remaining gain in value, up by 21.4%.
The leading decliner among Namibia’s top 10 export categories was mineral fuels including oil, recording a -33% year-over-year drop.
At the more granular four-digit Harmonized Tariff System code level, unmounted and unset diamonds represent Namibia’s most valuable exported product at 29.4% of the country’s total. In second place were uranium or thorium ores and concentrates (14.3%), unwrought gold (11.4%), fish fillets plus other pieces (6.6%), frozen whole fish (5.3%), processed petroleum oils (5.2%), refined copper (4.5%), unused stamps (1.4%), wood charcoal (1%) then zinc ores and concentrates (0.9%).
Products Generating Namibia’s Best Trade Surpluses
The following types of Namibian product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Gems, precious metals: US$1.9 billion (Up by 26.3% since 2022)
- Fish: $697 million (Up by 5.8%)
- Ores, slag, ash: $581.2 million (Down by -6.1%)
- Copper: $248.4 million (Up by 28.2%)
- Live animals: $79 million (Down by -27.1%)
- Salt, sulphur, stone, cement: $52.9 million (Up by 16.9%)
- Books, newspapers, pictures: $51.4 million (Up by 26.5%)
- Meat: $38.4 million (Up by 42.8%)
- Fruits, nuts: $28.3 million (Down by -56%)
- Wood: $20.8 million (Down by -47.2%)
Namibia has highly positive net exports in the international trade of diamonds and gold. In turn, these cashflows indicate Namibia’s strong competitive advantages under the gems and precious metals category.
Products Causing Namibia’s Worst Trade Deficits
Overall Namibia incurred a -US$1.75 billion trade deficit for 2023, decreasing by -10.3% from -$1.95 billion one year earlier in 2022.
Below are exports from Namibia that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country Namibia’s goods trail Namibian importer spending on foreign products.
- Mineral fuels including oil: -US$1.3 billion (Up by 24.8% since 2022)
- Machinery including computers: -$655.9 million (Up by 15.2%)
- Electrical machinery, equipment: -$404.6 million (Up by 17.6%)
- Vehicles: -$358.4 million (Down by -32.3%)
- Articles of iron or steel: -$183.4 million (Up by 0.3%)
- Beverages, spirits, vinegar: -$160.3 million (Up by 148.8%)
- Plastics, plastic articles: -$154.1 million (Down by -9.9%)
- Pharmaceuticals: -$139.3 million (Down by -17.2%)
- Inorganic chemicals: -$129.2 million (Up by 105%)
- Cereals: -$120 million (Down by -4.2%)
Namibia has highly negative net exports and therefore deep international trade deficits under the energy-related product category titled mineral fuels including oil.
Namibian Export Companies
Not one Namibian corporation ranks among Forbes Global 2000.
Wikipedia lists companies from Namibia that participate in international trade transactions. Selected examples are shown below.
- Air Namibia (airliner)
- BidFish (fishery, fish processor)
- FIDES Bank Namibia (commercial bank)
- MTC Namibia (mobile telecommunications)
- Namib Mills (grain processor)
- Ohorongo Cement (cement)
- TN Mobile (mobile telecommunications)
In macroeconomic terms, Namibia’s total exported goods represent 16.5% of its overall Gross Domestic Product for 2023 ($33.2 billion valued in Purchasing Power Parity US dollars). That 16.5% for exports to overall GDP in PPP for 2023 compares to 21.2% for 2022. Those percentages suggest a relatively decreasing reliance on products sold on international markets for Namibia’s total economic performance, albeit based on a short timeframe.
Another key indicator of a country’s economic health is its unemployment rate. Namibia’s jobless rate averaged 19.42% for 2023, down from an average 19.75% for 2022 based on Statista metrics.
Namibia’s capital city is Windhoek, a term that translates to “windy corner” in the Afrikaans language.
See also Botswana’s Top 10 Exports, Uganda’s Top 10 Exports, Somalia’s Top 10 Exports and Top African Export Countries
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on November 7, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on November 7, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity)
International Trade Centre, Trade Map. Accessed on November 7, 2024
Investopedia, Net Exports Definition. Accessed on November 7, 2024
Wikipedia, Flag of Namibia. Accessed on November 7, 2024
Wikipedia, Gross domestic product. Accessed on November 7, 2024
Wikipedia, List of Companies of Namibia. Accessed on November 7, 2024
Wikipedia, Namibia. Accessed on November 7, 2024
Wikipedia, Purchasing power parity. Accessed on November 7, 2024