Petroleum oils most imported product in March – economist Namibia imported petroleum oils valued at N$2.55 billion in March, making it the most imported commodity with a 20% share of total imports. This is according to trade statistics compiled by Simonis Storm. This represents a significant month-on-month increase of nearly N$1 billion from February. “Petroleum remains central to the country’s energy supply, supporting key sectors, including transportation, power generation, and mining,” Simonis Storm economist Almandro Jansen says. In the meantime, imports of commercial vehicles totalled N$543 million, accounting for 4.3% of total imports. “These are essential for Namibia’s logistics, construction, and infrastructure development, indicating continued capital investment across industries,” he says. Namibia has also imported N$486 million worth of inorganic chemical elements in March, representing 3.8% of the total import basket. Jansen says these materials are critical inputs for the chemical, industrial, and processing sectors, sourced mainly from the Democratic Republic of Congo and South Korea The post Petroleum oils most imported product in March – economist appeared first on The Namibian.

#Namibia #PetroleumOils #Imports #Economy #TradeStatistics

Petroleum oils top February imports Namibia imported goods worth N$12.2 billion in February, with petroleum oils at the top, accounting for 12.7% of total imported goods. The Namibia Statistics Agency (NSA) trade bulletin for February issued last week reflected a 9.3% decline in imports from the N$13.4 billion recorded in the preceding month. The NSA indicated that the top five commodities imported into Namibia jointly accounted for 26.9%, with motor vehicles for commercial purposes accounting for 4.0% in second position, while inorganic chemicals were third with 3.7% of imports. Nickel ores and concentrates amounting to 3.4% were in fourth position, while ores and concentrates of base metals came out at 3.2% in fifth position. The report indicated that India, Norway and The Netherlands were the largest import markets for petroleum oils, while motor vehicles for the transportation of goods were mainly sourced from South Africa and China. Inorganic chemical elements and ores and concentrates of base metals were mostly sourced from the Democratic Republic of Congo, while nickel ores and concentrates were sourced from Zambia. The bulletin further indicated that the Southern African Customs Union was Namibia’s largest market for imports, accounting for 40.1% of total imports, which were primarily made up of motor vehicles for commercial purposes, sugars, molasses, honey and maize. The Brics nations – Brazil, Russia, India, China and South Africa – emerged second with a share of 21.4%, supplying the country mostly with petroleum oils, motor vehicles for commercial purposes and wheat, while the Organisation for Economic Co-operation and Development came in third position with a share of 18.7% of all goods imported. Meanwhile, the Common Market for Eastern and Southern Africa and the Southern African Development Community occupied the fourth and fifth positions accounting for 10.6% and 10.2%, respectively. “Road transportation was the most used mode of transport for imports during the month under review, valued at N$7.5 billion, representing 61.6% share of all goods. Sea transportation came second accounting for 35.0% of mostly petroleum oils, while 3.3% of total goods reached Namibia via air,” the bulletin notes. – Nampa The post Petroleum oils top February imports appeared first on The Namibian.

#Namibia #Imports #PetroleumOils #TradeStatistics #Economy