Keeping trade in the neighbourhood

Namibia’s key trading partners remain its neighbours: South Africa, Botswana and Zambia. Together, the three account for about 43% of exports and 35% of imports. South Africa is historically the biggest trade partner. Trade statistics show that over the past five years (2021 to 2025), South Africa has accounted for an estimated 36% to 43% of imports and 14% to 22% of exports annually, driven by commodities such as diamonds, gold, petroleum oils, copper and vehicles. Joint membership of the Southern African Customs Union (SACU) and a shared border smooth the flow between Namibia and its neighbours. In second place is China, which accounted for 17% of exports in 2024 (mainly uranium and copper). Third was Botswana on 15% (diamonds and petroleum), followed by Zambia (fish and copper). In 2025, some 42% of Namibia’s export deals were with countries inside the African Continental Free Trade Agreement (AfCFTA), and 47% percent of imports were from AfCFTA countries, according to the Namibia Statistics Agency (NSA). Namibia’s total exports grew from about R103 billion in 2023 to R119 bn in 2024 and R126 bn in 2025, while imports rose to R162 bn in 2024 before declining slightly. In 2025, the country exported goods to about 106 markets, and imported goods from 160 countries around the world, according to the NSA. Mining contributes roughly 12.5% to the country’s gross domestic product (GDP) and more than 50% of foreign exchange earnings. In 2024, Namibia’s leading exports were diamonds (R19 bn), uranium and thorium ore (R18.4 bn), radioactive chemicals (R14 bn), gold (R13.5 bn), and non-fillet frozen fish (R6.5 bn). The top destinations were China (R31 bn), South Africa (R22 bn), Botswana (R16.5 bn), Belgium (R12 bn) and Zambia (R8.6 bn), according to the Observatory of Economic Complexity. In 2024, Namibia was the world’s largest exporter of uranium and thorium ore. The World Bank estimates that foreign trade represented 110% of the country’s GDP in 2023. According to a Lloyds Bank report, foreign trade (exports and imports) exceeds 100% of Namibia’s GDP because GDP measures value added within borders, while trade measures total value passing through, often driven by high-volume mining exports and a reliance on imports. Despite the growth in exports, the country faces a structural trade deficit. The trade balance averaged -23.52% of GDP in 2023, largely due to high imports of manufactured goods and machinery compared to primary commodity exports, states the Lloyds report. While the economy is largely open, it adds, and “customs duties are low, [but] some trade barriers remain, including a number of import and export restrictions, mostly on agricultural products”. ER