Mining drive surplus, concentration risk remains
Warning bells
Namibia achieved a trade surplus in May 2025, but the export basket remains concentrated in mining, amid concern from the NSA.
The Namibia Statistics Agency (NSA) has issued a warning regarding the country's export profile, highlighting a concerning over-reliance on the extractive industries.According to the recently released Namibia International Merchandise Trade Statistics (MIMTS) report for May, Namibia's export basket is overwhelmingly concentrated in mining commodities, underscoring a vulnerability in the nation's economic structure.
In May alone, exports from the extractive industry collectively generated N$7.7 billion, forming a substantial portion of Namibia's total export revenue.
"The top 10 traded commodities highlight the country’s dependence on mineral exports, with uranium, non-monetary gold, and precious stones (diamonds) emerging as top export revenue sources, thereby underscoring the country's wealth and opportunities in the extractive industry mining," the NSA stated in its analysis of Namibia’s exported products.
The report shows that seven of the top 10 exported commodities come from the extractive sector, with uranium leading at N$3.4 billion (29.3% of total exports), followed by non-monetary gold at N$1.68 billion (14.3%), and diamonds at N$1.2 billion (10.2%). Other key exports include copper and copper products (N$545 million, 4.6%), nickel ores and concentrates (N$469 million, 4%), and base metal ores and concentrates (N$402 million, 3.4%).
On the flip side
On the import side, the top five commodities imported into Namibia jointly accounted for 24.2% of total imports. Petroleum oils emerged at the top of the list for imported goods during the month under review, accounting for 9% of total imports. In the second and third positions were ‘nickel ores and concentrates’ and ‘ores and concentrates of base metals’, gaining shares of 4.6% and 3.9% of total imports, respectively.
“This composition suggests a need for export diversification and increased domestic production capacity and industrialisation to reduce import dependency whilst enhancing economic resilience,” the NSA said.
‘Other machinery and equipment specialised for particular industries’ ranked fourth on the list, accounting for 3.5%. Lastly, in fifth position was ‘Civil engineering and contractors' equipment’ with a share of 3.2%.
“In May 2025, the country’s trade balance stood at a surplus of N$121 million, a significant improvement when compared to a revised deficit of N$1.8 billion recorded in the previous month and N$3.4 billion recorded in the same month of last year,” the NSA said.
Increased beneficiation
Meanwhile, President Netumbo Nandi-Ndaitwah, during an April visit to the Rössing Uranium Mine, underscored the need for value addition activities to be done in Namibia.
“It shall not be business as usual and in the Swapo Party manifesto. We identified natural resource beneficiation as a key catalyst for economic transformation and job creation for our young people. I am here to ensure that the mining sector transforms the livelihoods of our people by becoming the bedrock on which we build an industrial and manufacturing base,” Nandi-Ndaitwah was quoted as saying.
"I am here to ensure that the mining sector transforms the livelihoods of our people by becoming the bedrock on which we build an industrial and manufacturing base,” she said.
The Ministry of Industrialisation, Mines, and Energy in 2021 noted that the absence of a national mineral beneficiation strategy (MBS) has been a major handicap for the government in the implementation of policies that promote value addition, particularly in the mining industry.