Annual Trade Statistics Bulletin 2014

Transcription

1 Annual Trade Statistics Bulletin Namibia Statistics Agency 1

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3 Our Mission In a coordinated manner produce and disseminate relevant, quality and timely statistics that are fit-for-purpose in accordance with international standards and best practice. Our Vision To be a high performance institution in statistics delivery Our Shared Values Excellent Performance Integrity Service focus Transparency Accuracy Partnership 3

4 Preface Foreign trade statistics play an important role in Namibia s economy as it measures values and quantities of goods that, by moving into or out of a country, add or subtract from a nation s material stock of goods. Foreign trade statistics are essential for the formulation of monetary, fiscal, commercial and regional integration policies. More importantly, in the Southern African Customs Union (SACU), reliable import statistics are crucial when it comes to revenue sharing among member states. Since Namibia s independence, government policy has been to develop, promote and diversify the country s exports. It also helped to expand and consolidate market shares of existing markets and penetrate new markets. One of the goals was to reduce reliance on imports from one or two main trading partners. Prior to independence, trade flow between Namibia and the rest of the world was not independently recorded. Since 1990, positive developments have taken place, both in the particulars recorded and the methods of recording. Computerization of procedures at the Directorate of Customs and Excise in the Ministry of Finance continues to enhance the timely dissemination and analysis of trade statistics through prompt transfer of captured trade data at Customs to the NSA. This bulletin presents the annual trade statistics for Liina Kafidi Acting Statistician-General Table of contents 4

5 Contents 1. Introduction Key Developments Revisions Trade Balance Exports to Key Markets Imports from Key Markets Top Export Products Top Re-Exports Products Top Import Products Trade by Economic Regions Exports Imports Trade by Mode of Transport Exports Imports Conclusion List of Terms and Definitions Acronyms Appendix Trade by FOB Value Main Export Destination Main Re-Export Destination Main Source of Imports Top Ten Exports Top Ten Re-Exports Top Ten Imports Export Products to Key Markets Import Products from Key Markets Trade by Office

6 1. Introduction The mandate of the Namibia Statistics Agency is to produce and disseminate relevant, quality and timely statistics. This includes statistics relating to imports and exports. This report presents a summary of trade statistics in terms of imports and exports of merchandise during the year Foreign trade statistics derived from records of trade flows across international borders are invaluable for the formulation of commercial, fiscal and monetary policies of any country. The basic information for the compilation of trade statistics is collected and captured based on import/export declarations made by traders. 6

7 2. Key Developments 2.1. Revisions Revisions to trade data are made once final figures are received Table 1 shows the revisions made to the 2013 data after more complete data became available. Total exports for the year 2013 were revised upward to N$56.3 billion from the initial estimate of N$54.4 billion, while Total imports was revised upward to N$73.6 billion from N$72.4 billion. Consequently, the deficit declined from N$17.9 billion to N$17.2 billion. Table 1: 2013 Annual Revisions Value (N$ m) As per 2013 annual report Revised 2013 Difference Exports 54,420 56,362-1,942 Import 72,360 73,577-1,217 Trade balance 17,940-17, Trade Balance Namibia s trade deficit widened by 52.3 percent to N$26.2 billion in 2014 compared to the revised figure of last year in which the deficit was at N$17.2 billion. The sharp increase in the deficit is owed to high import expenditures valued at N$90.6 billion compared to export earnings worth N$64.4 billion. Expenditure on imports rose by 23.2 percent to N$90.6 billion, up from N$73.5 billion as spending on vehicles, ships and floating structures and machinery and mechanical appliances increased to N$33.2 billion from N$19.9 billion a year earlier. The overall value of exports rose only minimally by 14.3 percent to N$64.4 billion up from N$56.3 billion in the preceding year. The increase in re-exports of ships and floating structures contributed significantly towards the increase in exports. Chart 1 shows the trend of the trade balance from 2005 to

8 Chart 1 Trade Balance Value(N$m) Exports to Key Markets Namibia s Total exports for 2014 was valued at N$64.5 billion of which the bulk valued at N$37.5 billion was destined to Botswana, South Africa, Switzerland, Korea and Angola. These markets accounted for 58.2 percent of Namibia s Total exports compared to 58.8 percent a year earlier. Botswana topped Namibia s export destination with N$10.7 billion worth of goods exported that country. Namibia exports to South Africa dropped by 29.9 percent while that of Switzerland rose strongly by 44.3 percent. The commodities which contributed to the strong rise in exports to Switzerland were copper and ores. Exports to other countries increased by 3.0 percent to N$44.8 billion from N$41.8 billion recorded in the previous year. Chart 2 shows the value of exports to each of these markets. 8

9 Chart 2 Main Export Destinations 14,000 12,000 10,000 Value (N$m) 8,000 6,000 4,000 2,000 - Botswana South Africa Switzerland Korea Angola 2.4. Imports from Key Markets South Africa, Korea, China, Bahamas and Germany were the main suppliers of goods to Namibia in The overall value of imports from these countries increased by 7.1 percent to N$37.5 billion when compared to N$31.1 billion a year ago. These markets accounted for 73.6 percent of Total imports in 2014 compared to 66.5 percent in the previous year. Imports from Korea increased strongly to N$5.9 billion compared to N$175 million in the previous year, due to temporal importation of ships, boats and floating structures. On the other hand, increases in the value of imports were noted from China at 61.3 percent and South Africa at 13.6 percent. In the case of China, the increase was mainly caused by electrical machinery and equipment; and boilers, machinery and mechanical appliance. Imports from other countries outside the top five listed countries decreased by 7.1 percent to N$23.9 billion compared to N$24.6 billion recorded a year earlier. Import values of the top five markets are shown in Chart 3 below. 9

10 Chart 3 Main Sources of Imports 60,000 50,000 40,000 Value (N$m) 30,000 20,000 10,000 - South Africa Korea China Bahamas Germany 2.5. Top Export Products Precious stones; ships and floating structure, ores, fish; ships and copper dominated the list of Namibia s exports. The overall export value for these commodities increased by 17.2 percent to N$44.0 billion compared to N$37.6 billion a year ago. These commodities accounted for 68.3 percent of export revenue in 2013 compared to 66.6 percent in the preceding year. Exports of ships, boats and floating structures rose sharply to N$8.9 billion from N$4.3 million in 2013 due to the temporary acquisition of floating and submersible drilling platforms in April (2014) from Korea and re-exported in June (2014). High external demand for copper by Switzerland and South Africa was the cause for a relatively sharp increase in copper exports by percent to N$3.5 billion compared to N$1.5 billion a year earlier. Diamond continues to dominate the export market with an increase of 11.6 percent mainly to Botswana, South Africa, Belgium and USA. However, the value of export of fish was constant and is mainly exported to Spain, South Africa, DRC and Mozambique. Chart 4 shows the top five exported commodities as percentage of Total exports. 10

11 Chart 4 Top Five Exports Percentage Precious stones (Diamonds) Ships and floating structures Ores Fish Copper Commodities 2.6. Top Re-Exports Products The overall value of re-exported commodities increased by a staggering percent to N$13.3 billion from N$6.1 billion a year earlier. Ships, boats and floating structures, precious stones (diamond), copper, vehicles and machinery & mechanical appliances were the most re-exported commodities in The overall reexport value for these commodities rose by percent to N$12.7 billion compared to N$5.5 billion in

12 Chart 5 Top Five Re-Exports Percentage Ships and floating structures Precious stones (Diamonds) Copper Vehicles Machinery and mechanical appliances Commodities 2.7. Top Import Products Vehicles; ships & floating structure; machinery & mechanical appliances; mineral fuels & oils and electrical machinery & equipment dominated the list of imports into Namibia. The overall import value rose by 23.3 percent as internal demand increased to N$90.7 billion from N$73.6 billion a year earlier. These commodities accounted for 48.4 percent of import expenditure in 2014 compared to 42.3 percent a year ago. There was a strong increase in imports of ships, boats and floating structures by percent to N$11.1 billion from N$4.7 billion in The top five most imported commodities are listed in Chart 6 below. 12

13 Chart 6 Top Five Imports Percentage Vehicles Ships and floating structures Machinery and mechanical appliances Mineral fuels Electrical machinery and equipment Commodities 3. Trade by Economic Regions 3.1. Exports The number one export market for Namibia was the Southern African Customs Union (SACU). Although exports to SACU declined by 8.7 percent to N$19.4 billion compared to N$21.3 billion a year ago it still accounted for 38.9 percent of Total export of Total exports. Non-SACU-SADC was the second largest export market, accounting for a share of 17.1 percent of Total exports, up from 16.1 percent a year ago. The export value to Non-SACU-SADC increased by 6.0 percent to N$8.5 billion compared to N$8.1 billion a year earlier. The EU occupied the third position as Namibia s export destination. However, its contribution to Total exports declined to 15.9 percent from 20.4 percent a year ago and the export revenue from this market declined by 22.0 percent to N$7.9 billion compared to N$11.5 billion a year earlier. In addition, EFTA (Iceland, Liechtenstein, Norway and Switzer-land), COMESA, and BRIC (Brazil, Russia, India and China), also contributed significantly towards Namibia s export revenue, while the importance of the EAC declined significantly by 71.6 percent of Total exports as shown in Chart 7 below. 13

14 Chart 7 Export by Economic Regions Percentage SACU Non-SACU-SADC EU EFTA COMESA BRIC EAC 3.2. Imports During the year under review, Namibia mostly imported from the SACU region compared to other economic regions. Import expenditure from SACU increased by 13.1 percent to N$53.7 billion compared to N$47.5 billion registered in SACU accounted for a share of 70.3 percent, down from 71.1 percent of Total imports last year. The EU followed with imports valued at N$8.6 billion compared to N$6.3 billion a year earlier representing 35.2 per-cent growth. The region accounted for 11.3 percent of Total imports, slightly above the 9.5 percent recorded a year ago. The BRIC nations occupied the third position as Namibia s source of imports. The import expenditure to this region grew by 91.0 percent to N$7.1 billion compared to N$4.3 billion a year ago. EFTA accounted for 7.1 percent of Total imports, up from 4.3 percent in Non-SACU-SADC region accounted for 4.6 percent of Total imports compared to 4.0 percent a year earlier, where as imports from this region increased by 30.8 percent. 14

15 Chart 8 Import by Economic Blocs Percentage SACU EU BRIC Non-SACU-SADC COMESA EFTA EAC 4. Trade by Mode of Transport 4.1. Exports Exports via the sea transport grew by 23.9 percent amounting to N$30.7 billion compared to N$24.9 billion a year ago. It accounted for 47.7 percent of Namibia s Total exports, down from 44.1 percent in the preceding year. Exports by air transport increased by 10.1 percent to N$14.4 billion compared to N$13.1 billion in the past year. It contributed 22.3 percent to the Total exports, up from 23.2 percent. The export value by road grew by 4.6 percent to N$19.2 billion compared to N$18.0 billion in It accounted for 29.9 percent of the Total exports, up from 32.7 percent a year earlier. The contribution by Rail and other mode of transports was relatively insignificant. The value registered for rail transports in 2014 was N$3.2 million and N$3.4 million in

16 Chart 9 Exports by Mode of Transports Percentage Sea Rail Road Air Transport mode 4.2. Imports Imports by road transport rose by 23.3 percent to N$54.3 billion compared to N$44.1 billion a year earlier. It accounted for 59.9 percent which showed no change in Total imports when compared to a year ago. Sea transport grew by 29.1 percent to account for N$31.7 billion, from N$24.6 billion recorded in It accounted for 35.0 percent of Total imports in the period under review, up from 33.4 percent compared to the previous year. Imports via air transport decreased insignificantly by 2.1 percent to N$4.3 billion from N$4.4 billion a year ago, Air transport accounted for 4.7 percent of Total imports, up from 5.9 percent compared to the preceding year. Rail transport declined by 35.3 percent to N$304.4 million, from N$470.4 million a year earlier. 16

17 Chart 10 Imports by Mode of Transports Percentage Sea Rail Road Air Transport mode 17

18 5. Conclusion The trade balance recorded a deficit valued at N$26.2 billion in 2014, widening by 52.3 percent from N$17.2 billion in During the period under review, Namibia s key export markets were Botswana, South Africa, Switzerland, Korea and Angola. Namibia s imports were mainly sourced from South Africa, Korea, China, Bahamas and Germany. Major exported commodities were: precious stone (diamonds), ships and floating structures, ores, fish and copper. Major re-exports include: ships and floating structures, precious stones (diamonds), copper, vehicles and machinery and mechanical appliances; while major imports were: vehicles, ships and floating structures, machinery and mechanical appliances, mineral fuels and electrical machinery and equipment. In terms of economic regions, Namibia s export destinations in 2014 were SACU, Non-SACU-SADC, EU and EFTA. Imports were also mostly sourced from the same economic regions with SACU dominating followed by EU, BRIC and EFTA. Namibia exported most commodities by sea while most commodities were imported via road. Air transport also played a vital role in both exports and imports. 18

19 6. List of Terms and Definitions Export Processing Zone (EPZ): An Export Processing Zone (EPZ) is a Customs area where one is allowed to import machinery, equipment and material for the manufacture of export goods under security, without payment of duty. The imported goods are subject to customs control at importation, through the manufacturing process, to the time of sale/export, or duty payment for home consumption. Trade Balance: The commercial balance or net exports (sometimes symbolized as NX), is the difference between the monetary value of exports and imports of output in an economy over a certain period. Trade Deficit: Is an economic measure of a negative trade balance in which a country s imports exceeds its exports. Trade Surplus: Is an economic measure of a positive trade balance in which a country s exports exceeds its imports. 19

20 7. Acronyms BRIC COMESA DRC EAC EFTA EPZ EU SACU SADC Brazil, Russia, India and China Common Market for Eastern and Southern Africa Democratic Republic of Congo East African Community European Free Trade Association Export Processing Zone European Union Southern African Customs Union Southern African Development Community 20

21 8. Appendix 8.1. Trade by FOB Value Year Exports (FOB) Share Imports (FOB) Share ,455, ,553, ,361, ,964, Total 12,816, ,518, Main Export Destination Partner Value (N$ m) Share Value (N$ m) Share Annual % change Botswana 10, , South Africa 8, , ( 29.9) Switzerland 7, , Korea 5, ,691.9 Angola 4, , Export Processing Zone 2, , Spain 2, , Bahamas 2, ,188.6 United States of America 2, , China 1, , Other Countries 15, , (12.9) Total 64, , Main Re-Export Destination Partner Value (N$ m) Share Value (N$ m) Share Annual % change Korea 5, ,748.9 Bahamas 2, ,810,774.8 South Africa 1, , Switzerland 1, ,209,993.6 Brazil ,928.9 Belgium ,132.2 United States of America ,889.2 Gibraltar ,847,788.2 Angola Israel ,098.7 Other Countries , Total 13, ,

22 8.4. Main Source of Imports Partner Value (N$ Annual % change Value (N$ m) Share Share m) South Africa 51, , Korea 5, ,291.8 China 3, , Bahamas 3, Germany 2, , Democratic Republic of Congo 2, ,056.9 United States of America 2, , Export Processing Zone 2, , Botwana 1, , India 1, Other Countries 13, , Total 90, , Top Ten Exports HS and Commodity description Annual % Value (NS m) Share Value (N$ m) Share change Precious stones (diamonds) 16, , Ships, boats and floating structures 8, , Ores 8, , Fish 7, , Copper and articles thereof 3, , Zinc and articles thereof 3, , Vehicles 2, , Boilers, machinery and mechanical 1, , appliances Beverages, spirits and vinegar 1, , Meat 1, , Other Products 9, , Total 64, ,

23 8.6. Top Ten Re-Exports HS and Commodity description Annual % Value (N$ m) Share Value (N$ m) Share change Ships, boats and floating structures 8, , Precious stones (diamonds) 1, ,609.4 Copper and articles thereof ,396,062.7 Vehicles Boilers, machinery and mechanical appliances Optical, medical or surgical instruments Electrical machinery and equipment Meat Paper and articles thereof ,608.2 Aircraft, spacecraft and parts thereof Other Products Total 13, , Top Ten Imports HS and Commodity description Value (N$ m) Share Value (N$ m) share Annual % change Vehicles 11, , Ships, boats and floating structures 11, , Boilers, machinery and mechanical 10, , appliances Mineral fuels and oils 5, , Electrical machinery and equipment 4, , Precious stones (diamonds) 3, , Articles of iron or steel 3, , Copper and Articles thereof 2, , Ores, Slag and Ash 2, , Beverages, spirits and vinegar 2, , Other Products 31, , Total 90, ,

24 8.8. Export Products to Key Markets Botswana HS and commodity description Value (N$ m) Share Value (N$ m) Share Precious stones (diamonds) 9, , Mineral fuels and oils Vehicles Electrical machinery and equipment Preparations of meats, of fish or of crustaceans Beverages, spirits and vinegar Clothing accessories Other made up textile articles Headgear and parts thereof Articles of leather and similar articles of animal gut Other Products Total 10, , South Africa HS and commodity description Value (N$ m) Share Value (N$ m) Share Precious stones (diamonds) Fish Beverages, spirits and vinegar , Boilers, machinery and mechanical appliances Meat Vehicles Live animals , Preparations of meats, of fish or of crustaceans Electrical machinery and equipment Zinc and articles thereof Other Products 1, , Total 8, , Switzerland HS and commodity description Value (N$ m) Share Value (N$ m) Share Copper and articles thereof 3, , Ores 3, , Precious stones (diamonds) Zinc and articles thereof Inorganic or organic chemicals Raw hides and skins Miscellaeuse edible preparations Fish Electrical machinery and equipment Wood and articles of wood; wood charcoal Other products

25 Total 7, , Korea HS and commodity description Value (N $ m) Share Value (N$ m) Share Ships, boats and floating structures 5, Preparations of meats, of fish or of crustaceans Copper and articles thereof Iron and steel Boilers, machinery and mechanical appliances Fish Rubber and articles thereof Raw hides and skins used personal effects Electrical machinery and equipment Othe products Total 5, Angola HS and commodity description Value (N$ m) Share Value (N$ m) Share Vehicles 1, , Boilers, machinery and mechanical appliances Electrical machinery and equipment Furniture and bedding Fish Live animals :Articles of iron or steel Plastics and articles thereof Beverages, spirits and vinegar Rubber and articles thereof Other Products 1, , Total 4, ,

26 8.9. Import Products from Key Markets South Africa HS and commodity description Value (N$ m) Share Value (N$ m) Share Vehicles 9, Boilers, machinery and mechanical appliances 5, Electrical machinery and equipment 3, Articles of iron or steel 2, Mineral fuels and oils 2, Beverages, spirits and vinegar 2, Plastics and articles thereof 1, Pharmaceutical products 1, Clothing accessories 1, Furniture and bedding 1, Othe products 20, , Total 51, , Korea HS and commodity description Value (N$ m) Share Value (N$ m) Share Ships, boats and floating structures 5, Inorganic or organic chemicals Miscellaneous articles of base metal Mineral fuels and oils Plastics and articles thereof Vehicles Iron and steel Boilers, machinery and mechanical appliances Electrical machinery and equipment Fish Other Products Total 5, China HS and commodity description Value (N$ m) Share Value (N$ m) Share Ships, boats and floating structures Boilers, machinery and mechanical appliances Inorganic or organic chemicals Electrical machinery and equipment Articles of iron or steel Furniture and bedding Iron and steel Vehicles Plastics and articles thereof Other made up textile articles Other products Total 3, ,

27 Bahamas HS and commodity description Value (N$ m) share Value (N$ m) share Ships, boats and floating structures 3, Mineral fuels and oils Boilers, machinery and mechanical appliances Meat Preparations of meats, of fish or of crustaceans Fish Edible vegetables Beverages, spirits and vinegar Edible fruits Dairy products Other products Total 3, Germany HS and commodity description Value (N$ m) Share Value (N$ m) Share Boilers, machinery and mechanical appliances 1, Electrical machinery and equipment Cereals Vehicles Products of the milling industry Optical, medical or surgical instruments Articles of iron or steel Inorganic or organic chemicals Mineral fuels and oils Plastics and articles thereof Other products Total 2, ,

28 8.10. Trade by Office Export Import Export Import Office Value Value Value Value Share Share Share (N$ m) (N$ m) (N$ m) (N$ m) Share Ariamsvlei 3, , , , Eros Airport 9, , , , F. P. du Toit , , Gobabis Grootfontein Chief Hosea Kutako 1, , , , Intl Airport Impalila Island Katima mulilo Katwitwi Keetmanshoop Luderitz 4, , , , Klein Manase Mohembo Ngoma Noordoewer 2, , , , Omahenene Ondangwa Orandjemundo Oshakati Oshikango 4, , Otjiwarongo Rosh Pinah Ruacana Rundu Swakopmund Trans Kalahari 3, , , , Tsumeb , , International Airport Windhoek Walvis Bay 26, , , , Wenela 1, , Windhoek Regional 5, , , , Warehouse Office Windhoek Regional Office Windhoek Regional Excise Office Total 64, , , ,

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30 Namibia Statistics Agency P. O. Box 2133, Windhoek, FGI House, Post Street Mall Tel: Fax: