Importing Hurts Namibia’s Economic Independence

Namibia continued to be a net importer of goods and services over the period 2008 to 2013, a matter that led to trade deficits.

“The increase in our country’s trade deficit is worrying, as such dependence on imports hurts Namibia’s economic independence,” Statistician General John Steytler said in the 2013 National Accounts Report.

He said the value of imported goods stood at N$63,7 billion in 2013, compared to N$53,4 billion in 2012.

The import value of services has increased to N$7,7 billion from N$5,7 billion in 2012, while the export value of goods for 2013 amounts to N$47,9 billion, compared to N$42,3 billion in 2012.

“The value of services exported declined marginally to N$5,5 billion in 2013 from N$5,6 billion one year earlier,” said Steytler.

The overall result is that the external balance of goods and services deteriorated from a deficit of N$11,2 billion in 2012 to a deficit of N$18,1 billion in 2013.

“Through more investment, entrepreneurship and national economic development our nation can and should release itself from the burden of importing the number of goods and services it does,” he said.

Steytler indicated that plenty of products which are presently imported can be manufactured or assembled right here by Namibians. He challenged Namibian companies and entrepreneurs to increase their output.

“Our economy is still robust, but it does need constant attention. We need to reduce our import dependency and do more to promote our exports, especially value added exports,” he said.

Source : The Namibian