The Brexit implications for Namibia will most likely hit the export sector – most notably the beef and grape exports marketed through the United Kingdom – says Namene Kalili, economist at First National Bank’s (FNB) Namibian research division.
He was cited by the Namibia daily, the New Era, as saying that beef exports accounted for 2.1% of the country’s total exports. “The lower global growth – spurred by Britain’s decision to exit the European Union (EU) – will reduce European demand for our beef and deliver softer prices," Kalili said.
The same applies for grapes, which account for an estimated 1.8% of Namibia’s exports to the EU. . “Although the shock to global GDP is limited to the next two years, the implications for Namibia could be protracted, eroding 0.6 percent growth off the country's export bill over the next seven years,” he pointed out.
