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No. WIN/Com/201/1/2018

High Commission of India

Windhoek

MONTHLY COMMERCIAL REPORT FOR JUNE 2018

INTERNAL

1. Trade deficit at N$ 8 billion: As stated by Namibia Statistics Agency’s Statisticians General, Alex Shimuafeni, on June 19, 2018, the Namibian economy has experienced a trade deficit of N$ 8.35 billion during the first quarter of 2018 compared to N$ 4.9 billion in 2017. In the same period, the overall trade stood at N$ 46 billion compared to N$ 36.1 billion in 2017. High demand of foreign goods inflated the import bills by 33% that worsened the trade deficit.

2. Namibia outperforms peers on FDI: According to the PSG Namibia’s quarterly economic outlook report for June 2018, Namibia has outperformed its peers in the Foreign Direct Investment (FDI) and is expected to attract more foreign direct investment in the medium term. The net FDI inflows is expected to be equal to 4.2% of GDP during 2017-2019 periods, compared to its peers’ average of 1.6% of GDP. FDI is the only indicator that Namibia performed better than its peers, concentrated on financial intermediation (47.3%), mining and quarrying (32.7%), manufacturing (8%), fishing and fish processing (5%), and wholesale and retail trade (4.7%).

3. The economic storm is over: The Minister of Finance Calle Schlettwein, stated that, Economic growth is expected to strengthen to above 3% over the medium term. Schlettwein said this during the repositioning of Old Mutual’s primary listing on June 15, 2018. The economy is showing resurgent growth prospects and the Country looks to the future with optimism, projecting growth at 1.2% in 2018.

4. Fish exports declined by N$ 99 million: According to Namibia Statistics Agency trade data released in June 2018, the major source of revenue to the domestic economy, fish exports, declined by N$ 99 million in the first quarter of 2018. The decline represents a 4% drop from the volume of fish exports recorded in the 2017 first quarter, to N$ 2.3 billion. Fish is one of the top sources of revenue for Namibia with South Africa and Italy being the top export destinations for Namibian fish. In the first quarter of 2018, N$ 434 million worth of Namibian fish were exported to South Africa accounting for 12.9% of the total fish exports. In the first quarter of 2017, that figure stood at 10.9%. Italy was accounted for 9.3% of fishing exports in the first quarter of 2018 compared to 20.5% in 2017 first quarter.

5. Mining companies bleeding losses: According to the annual report of the Chamber of Mines, about 24 operating companies that are members of Chamber of Mines of Namibia, made huge losses although the mining industry performed quite well in 2017 and that reflects a tough economic environment. Chamber statistics show that members paid out N$ 3.6 billion in corporate taxes and royalties, and N$ 113 million in export levies in 2017.

6. BidFish in N$ 8.4 million loss: As reported by PSG Namibia, Bidvest Namibia’s fishing division, Bidfish made a loss of N$ 8.4 million in the first half of 2018. Bidvest Namibia made a N$ 87 million profit for the six months ended December 31, 2017 but it was weighed down by the poor performance of its fishing division. The losses were due to the currency appreciation, lower fish prices, regulatory levies increase and the moratorium that was places on pilchard fishing in the beginning of 2018 by the Ministry of Fisheries.

7. Food inflation increasing: According to the data released by Namibia Statistics Agency on June 14, 2018, Namibia’s annual overall inflation rate in May was 3.8%, the highest since end of 2017. The increase in annual bread and cereal inflation contributed to higher overall inflation in Namibia in May 2018. The overall inflation rate of 3.8% was, up from 3.6% in April 2018, but still way below the 6.3% recorded in May 2017.

8. International reserves stocks declined by N$ 2.6 billion: As reported by Bank of Namibia Governor, Iipumbu Shiimi, Stock of international reserves stood at N$ 28.1 billion in May 2018, translating to a N$ 2.6 billion decline on a monthly basis. The stock of international reserves was projected to cover 4.7 months of imports and goods and services. Inflation and the rate of growth in private sector credit extension (PSCE) declined, the average annual growth rate stood at 5.7%, lower than the 7.8% in 2017. The economy is projected to improve to 2.5 in 2018 compared to 2.3% in 2017. The Domestic economic activity remained slow during the first four months even though there was improvement in some key sectors.

9. GIPF considers increasing local investment to stimulate economy: According to the report in the New Era newspaper, the Government Institution Pension Fund made 25 investments in the domestic economy, which in total worth about N$ 485 million. GIPF is also working on participating in infrastructure financing that can yield economic returns. Its overall assets grew to N$ 113.8 billion compared to N$ 106 billion in 2017. The assets are 43% in Namibia, 25% in South Africa, 26% in international markets and 6% in the rest of Africa.

10. Namcor revenue at N$ 575 million: The Namibian newspaper reported that, the National Petroleum Corporation of Namibia achieved an income of N$ 575 million for 2016/17 financial year despite the unstable economic environment. The company’s revenue decreased by N$ 73 million, compared to N$ 648 million revenue during the 2015/16 financial year. GIPF made a profit of N$ 50.3 million and a foreign exchange loss of N$ 17.3 million.

11. Agriculture’s contribution to GDP declining: According to the Minister of Finance, Calle Schlettwein’s remark he made at the opening of Agribank branch in Gobabis in June, the contribution to the gross domestic product of primary and seconday agriculture has been declining over the years. The decline is due to a rise in imported agricultural products, combined with an equally large number of exports of products where no value addition has taken place. United Nation statistics revealed that Namibia imports beef and beef products worth about N$ 500 million, animal feed worth N$ 700 million and N$ 550 million worth of dairy products. Schlettwein further said that, at Independence, Namibia produced less than 5% of the country’s fresh produce but today it produces about 50% of country’s fresh produce.

EXTERNAL

1. Namibia, Turkey to increase trade volumes: The Namibian newspaper reported that, Namibia and Turkey renewed their economic and trade relations in June during the first business council joint meeting held in Windhoek. The agreement was signed during the 2016 Invest in Namibia conference between the Namibia Investment center (NIC) and the foreign economic relations board of Turkey. The meeting was attended by Turkish investors and Namibian business individuals. Turkish Ambassador to Namibia, Berin Tulun said that, business council was aimed to improve Turkey’s commercial and investment relations with Namibia and the African continent and to increase the share of Turkish companies in the African areas.

BILATERAL

1. Visas and trade enquiries in the month of June 2018: Mission received trade enquiries reg. different types Healthcare supplies, Agricultural Products, Tiles, Filtration products, Coffee and Coffee products , electrical, etc.

2. In the month of June 2018, 1 business visas was issued.

Useful Links:

Bank of Namibia (BoN)



Namibia Statistics Agency (NSA)



Global Export Import Market Intelligence



Ministry of Industrialization, Trade & SME Development, Government of Namibia



Namibia Chamber of Commerce and Industry (NCCI)



India-Namibia Chamber of Commerce and Industry (INCCI)



Namibia Investment Centre (NIC)

.na/nic.html

Ministry of Finance, Government of Namibia

.na

High Commission of India, Windhoek

hciwindhoek.in

Namibia Trade Directory



July 2018

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REPUBLIC OF NAMIBIA

MINISTRY OF INDUSTRIALISATION, TRADE AND SME DEVELOPMENT

(NAMIBIAN) TRADE FAIRS FOR 2018

| |TRADE FAIR NAME & ORGANIZERS CONTACT DETAILS |TOWN |DATE |RESPONSIBLE OFFICIAL |

| |ONGWEDIVA ANNUAL TRADE FAIR |Ongwediva-Oshana |24 August- 01 Sept. 2018 |Ms. Elizabeth Kambala |

| |Contact persons: Ms. Ruth Uusiku/Ms Salome Shidute | | |Tel: +264 612837283/7331 |

| |Tel: +264 65 – 230 191/233714 | | |E-mail: kambala@.na |

| |Fax: +264 230610 | | | |

| |E-mail: ongwetradefair@iway.na | | | |

| |GROOTFONTEIN AGRICULTURAL AND INDUSTRIAL SHOW |Grootfontein |19-21 September 2018 |Mr. John Upindi |

| |Contact persons: Mr. Johanna Van Heerden/Mrs Ilse | | |Tel: +264 612837327/7331 |

| |Steyn/Mrs Alta Scott | | |E-mail: upindi@.na |

| |Tel: +264 67 243100 | | | |

| |Mobile: +264 811247617/0812686513/0815744004 | | | |

| |JVHeerden@ | | | |

| | | | | |

| |TRANS-KALAHARI TRANSPORT,INVESTOR EXPO |Trans-Kalahari Border Post |25-27 September 2018 |Ms. Lingy Haipinge |

| |Contact person: Mr. Operu Murangi | | |Tel: +264 612837365/7331 |

| |Tel: +264 62 54602 | | |E-mail: haipinge@.na |

| |Mobile: +264 812175196 | | | |

| |E-mail: otc_omaheke@ | | | |

| |OTJIWARONGO AGRICULTURAL SHOW |Otjiwarongo |27-29 September 2018 |Ms. Ndinelao Heitha-Ndingoya |

| |Contact person: Mr. Adelheid Shilongo | | |Tel: +264 612837252/7331 |

| |Tel: +264 67-302231 | | |E-mail: heithah@.na |

| |Fax: +264 67 302098 | | | |

| |Mobile: +264 817133993 | | | |

| |E-mail: enquiries@.na | | | |

| |WINDHOEK INDUSTRIAL & AGRICULTURAL SHOW |Windhoek Show Grounds-Khomas |28 Sept-06 October 2018 |Ms. Elizabeth Kambala |

| |Contact persons: Ms. Loide Armas/ Ms. Mari Tirtirau | | |Tel: +264 612837283/7331 |

| |Tel: +264 61 - 224 748 | | |E-mail: kambala@.na |

| |Mobile: +264 812426606/+264 812426664 | | | |

| |Email: info@ | | | |

| |windhoek- | | | |

| |SWAKOPMUND INTERNATIONAL BUSINESS EXPO (SWAITEX) |Swakopmund |10-13 October 2018 |Ms. Ndinelao Heitha-Ndingoya |

| |Contact person: NCCI Swakopmund Office Administrator | | |Tel: +264 612837252/7331 |

| |Tel: +264 64 406687 | | |E-mail: heithah@.na |

| |Fax: +264 406687 | | | |

| |Email: swakopmund@.na | | | |

| |WALVISBAY NAMPORT ERONGO BUSINESS & TOURISM EXPO |Walvis Bay-Erongo |28 October- 03 Nov. 2018 |Ms. Ndinelao Heitha-Ndingoya |

| |Contact persons: Mr. Eddie Stevens/Ms. Desire Stevens | | |Tel: +264 612837252/7331 |

| |Tel: +264 61 – 257 416 | | |E-mail: heithah@.na |

| |Mobile; ; +264 811287038/0812852980 | | | |

| |Email: erongoexpo@.na | | | |

| |TSUMEB COPPER FESTIVAL |Tsumeb-Oshikoto | 30 October -03 Nov. 2018 |Mr. John Upindi |

| |Contact person: | | |Tel: +264 612837327/7331 |

| |Mr. Julius Gaeseb | | |E-mail: upindi@.na |

| |Tel: +264 67 221464 | | | |

| |Mobile: +264 811460166 | | | |

| |Email: jgaeseb@.na | | | |

| | | | | |

| |ORANJEMUND DIAMOND FESTIVAL |Oranjemund |27 November-2 December 2018 |Mr. Muzire Murangi |

| |Contact person: Ms. Hertha Tawii | | |Tel: +264 612837394/7331 |

| |Tel: +264 63 233500 | | |E-mail: murangi@.na |

| |Mobile:+264 814285106 | | | |

| |reception@.na | | | |

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