Namibia posted a sharply wider trade deficit in February, official data showed Thursday, as imports surged and the country’s external balance deteriorated from a surplus recorded the previous month.
The Namibia Statistics Agency (NSA) said the southern African country registered a trade deficit of 5.2 billion Namibian dollars (about US$316 million) in February.
The figure marked a significant reversal from January, when Namibia recorded a trade surplus, and was also much wider than the 2.1 billion Namibian dollar deficit posted in February 2025.
The latest figures underscore the volatility of Namibia’s trade performance, which remains heavily influenced by mineral exports, fuel imports and shifts in regional demand.
According to the NSA, South Africa remained Namibia’s largest export destination in February, accounting for 37.8 percent of total exports. It was followed by Zambia with 15.2 percent, while China, Spain and the United Arab Emirates also ranked among the country’s top export markets.
Namibia’s exports during the month were once again dominated by the mining sector, reflecting the central role of extractive industries in the economy.
The top export items included non-monetary gold, diamonds, petroleum oils, and ores and concentrates of base metals. Fish was the only non-mineral product to feature among the country’s five leading exports.
On the import side, South Africa also remained Namibia’s largest source market, supplying 36.7 percent of total imports. China followed with 10.9 percent, while Zambia, Bahrain and Oman were also among the top import origins.
The import bill was led by petroleum oils, which accounted for 17.6 percent of total imports, underlining the country’s dependence on imported fuel.
Other major import items included nickel ores and concentrates, which made up 6.2 percent of imports, followed by commercial motor vehicles at 4.1 percent.
Passenger motor vehicles and civil engineering and contractors’ equipment ranked fourth and fifth, accounting for 2.9 percent and 2.5 percent respectively.
The composition of imports suggests continued demand linked to transport, construction and industrial activity, even as it contributes to pressure on the trade balance.
Despite the wider overall deficit, the NSA highlighted the performance of the fisheries sector, naming fish as its “commodity of the month” in recognition of its contribution to export earnings.
According to the agency, Namibia exported fish worth 1.3 billion Namibian dollars during February, with the main destinations being Zambia, Spain and Italy.
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Fish imports, by contrast, stood at just 36 million Namibian dollars, largely sourced from South Africa, Argentina and Chile.
The fisheries industry remains one of Namibia’s most important non-mineral export sectors and a key source of employment and foreign exchange, helping to diversify an economy otherwise heavily reliant on mining.
Economists say Namibia’s trade outlook will continue to depend on global commodity prices, regional demand and the cost of imported energy, particularly as international markets remain volatile.
The February figures reflect the broader challenge facing resource-dependent economies: while strong mineral exports can support earnings, large import needs — especially for fuel, machinery and transport equipment — can quickly widen trade gaps.
For policymakers, the latest data may reinforce the need to deepen export diversification and reduce vulnerability to external shocks.
