Uranium slump widens deficit
Namibia’s trade deficit widened to N$4.4 billion in November 2025, largely driven by a sharp slowdown in uranium and copper exports, which together fell by N$3.3 billion and weighed heavily on export earnings.
This is according to the International Merchandise Trade Statistics released this week by the Namibia Statistics Agency (NSA).
“Namibia’s export revenue for November 2025 stood at N$10 billion, reflecting a decrease of
24.5% when compared to the export value recorded in October 2025. Whereas the
country’s expenditure on imports stood at N$14.4 billion, reflecting a decrease of 10.4%
from N$16.1 billion recorded in the preceding month. The export and import positions
translated into a trade deficit of N$4.4 billion, due to imports that outpaced exports,” the NSA said.
According to the agency, uranium exports declined by N$2.4 billion, while copper ores and concentrates fell by N$903 million. Fish exports were down by N$392 million, copper and articles of copper declined by N$128 million, and fuel wood exports dropped by N$63 million.
Export performance
On the export side, the NSA said the manufacturing sector remained the largest contributor to total exports in November 2025, recording export earnings of N$5 billion and accounting for a 50.2% share of total export revenue. However, exports from the sector declined by N$453 million compared to the previous month.
“The mining and quarrying sector occupied the second position, accounting for 42.3% of total exports in November 2025, with the exports value of goods from this sector decreasing by N$3.1 billion when compared to the previous month. Furthermore, the agriculture, forestry and fishing sector ranked third, with a share contribution of 7% to the country’s total export basket,” the NSA said.
Import trends
On the import side, the cumulative import value for the period under review amounted to N$139.6 billion, which was N$6.8 billion lower than the N$146.4 billion recorded over the same period in 2024, according to the NSA.
“The November 2025 data show the import value amounting to N$14.4 billion, reflecting a
decrease in both month-on-month and year-on-year comparisons of 10.4% and 16.7%, respectively,” the agency said.
Imports during the month were mainly driven by mining support service activities, which amounted to N$2.27 billion, while food product imports totalled N$1.25 billion.
“Between November 2024 and November 2025, the country mainly experienced persistent trade deficits,” the NSA said.
