Q4-2018 TSB Bullentin draft 2.doc QA inputs 12 March 2019 ......q4-2018 q3-2018 q4-2017 Q-on-Q,...

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MissionStatement

“Leveraging on partnerships and innovative technologies, to produce and disseminate relevant, quality,

timely statistics and spatial data that are fit-for-purpose in accordance with international standards and

best practice”

VisionStatement

“Be a high performance institution in quality statistics delivery”

CoreValues

Integrity

Excellent Performance

Accuracy

Team Work

Accountability

Transparency

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Preface Foreign trade statistics plays an important role in many economies and Namibia is no

exception.Itisanaccountofalltransactionsofmerchandisebetweendomesticresidentsand

the rest of theworld. Theaccountmeasures the value andquantityof goodswhich addor

subtract from the stock ofmaterial resources of a country by entering (imports) or leaving

(exports) its economic territory. Therefore, trade statistics remains one of the major

contributingindicatorsoftheperformanceofNamibia’seconomyanditscompetitivenesson

theworldmarket.

Quarter-on-quarter (Q-on-q) merchandise trade statistics are used extensively in the

compilation of the country’s national accounts and the balance of payments. Furthermore,

these statistics are also used by various government institutions in preparation of trade

negotiations in: a) defining and implementing anti-dumping policies b)macroeconomic and

monetary policies and c) establishing newmarkets and evaluating the progress of existing

markets. Statistics on international trade of merchandise are used comprehensively by

decision makers at national, regional and international level, while investors use this

informationinmarketresearchandtodefinetheircommercialstrategy.

In thecontextofNamibia, thegovernment’s tradepolicy isaimedatdeveloping,promoting

anddiversifyingthecountry’sexportsaswellasreducingitsrelianceonforeigngoods.

The Directorate of Customs and Excise in the Ministry of Finance is responsible for the

collection of revenues. Computerization of procedures at Customs and Excise continues to

enhancethetimelydisseminationandanalysisoftradestatisticsthroughprompttransferof

capturedtradedataatpointsofentriesnationwidetotheNamibiaStatisticsAgency(NSA).

Therefore, this report outlines the q-on-q developments ofNamibia’s trade inmerchandise

withtherestoftheworldduringthefourthquarterof2018comparedtothesamequarterof

2017.

AlexShimuafeni

Statistician-General&CEO

iii

Table of Contents PREFACE..............................................................................................................................................................II

LISTOFCHARTS..................................................................................................................................................IV

LISTOFTABLES...................................................................................................................................................IV

INTRODUCTION...................................................................................................................................................1

KEYDEVELOPMENTS............................................................................................................................................2

REVISIONS.................................................................................................................................................2TRADEBALANCE..........................................................................................................................................3EXPORTSTOKEYMARKETS.............................................................................................................................4IMPORTSFROMKEYMARKETS........................................................................................................................6TRADEWITHEXPORTPROCESSINGZONE(EPZ).................................................................................................7TOPEXPORTPRODUCTS................................................................................................................................9FISHEXPORTS...........................................................................................................................................11TOPRE-EXPORTSPRODUCTS........................................................................................................................12TOPIMPORTPRODUCTS..............................................................................................................................14

TRADEBYECONOMICREGIONS.........................................................................................................................15

EXPORTS..................................................................................................................................................15IMPORTS.................................................................................................................................................17

TRADEBYMODEOFTRANSPORT.......................................................................................................................19

EXPORTS..................................................................................................................................................19IMPORTS.................................................................................................................................................20

CONCLUSION.....................................................................................................................................................22

LISTOFTERMSANDDEFINITIONS................................................................................................................24

ACRONYMS ......................................................................................................................................................25

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L ist of Charts CHART1:Tradebalance;q1-2014toq4-2018.............................................................................3

CHART2:Mainexportdestinations.............................................................................................4

CHART3:Mainsourceofimports................................................................................................6

CHART4:Topfiveexportproducts..............................................................................................9

CHART5:Fishexports................................................................................................................11

CHART6:Topfivere-exportproducts.......................................................................................12

CHART7:Topfiveimportproducts...........................................................................................14

CHART8:Exportsbymodeoftransport....................................................................................19

CHART9:Importbymodeoftransport.....................................................................................20

List of tables Table1:Revisions 2

Table2:TradeflowwiththeEPZ 7

Table3:Tradebyf.o.b.andc.i.f. 26

Table4:Mainexportdestinations 26

Table5:Mainre-exportdestinations 26

Table6:Mainsourceofimports 26

Table7:Toptenexportproducts 27

Table8:Toptenre-exportproducts 27

Table9:Toptenimportproducts 27

Table10:Fishexportsandimports 28

Table11:Exportproductstokeymarkets 29

Table12:Importproductsfromkeymarkets 30

Table13:Keyexportsbypartner 31

Table14:Keyre-exportsbypartner 32

Table15:KeyImportsbypartner 33

v

Table16:Exportsbyeconomicregion 34

Table17:Importsbyeconomicregion 34

Table18:Exportbymodeoftransport 34

Table19:Importbymodeoftransport 34

Table20:TradebyOffice 35

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Introduction ThemandateoftheNamibiaStatisticsAgencyistoproduceanddisseminaterelevant,quality

and timely statistics including statistics relating to importsandexportsofmerchandise.This

report presents a summary of the trade statistics in terms of imports and exports of

merchandiseduringthefourthquarterof2018.

Foreign trade statisticsderived from recordsof trade flowsacross internationalborders are

invaluable for the formulation of trade, commercial, fiscal and monetary policies of any

country.Thebasicinformationforthecompilationoftradestatisticsiscollectedandcaptured

based on import and export declarations made by traders to Customs at various Customs

officesacrossthecountry.

2

Key developments

RevisionsRevisedtradestatistics isduetoavailabilityofnewinformationfromdatasources.Revisions

on trade data aremade everymonthwhen newmonthly data files are uploaded onto the

database with additional information of previous months. In some instances, revisions are

negligiblewhileinotherstheyaresignificant.

Table1:Revisions

Revisedq3-2017 Asreportedinq4-2017 DifferenceTotalExport 18,424 18,263 161TotalImport 23,975 23,024 951TradeBalance -5,551 -4,761 -790

FlowFlow Value(N$m)

Table1showsrevisionsmadetoexportand importvaluesofq4-2017.Thevalueofexports

was revised upwards, fromN$18.263 billion to N$18.424 billion. Importswere also revised

upwards,fromN$23.024billiontoN$23.975billion.

Theupwardrevisiononexportswaslargelydrivenbyoilsandmineralfuelsaswellasvehicles

andparts;andfish.Ontheotherhand,revisionson importsweremostly ledbyvesselsand

boats,oilsandmineral fuelsaswellas industrialmachinery.Overall, therevisions ledtothe

wideningofthedeficitfromN$4.761billiontoN$5.551billion.

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TradebalanceThe overall export and import values for q4-2018 were estimated at N$24.759 billion and

N$27.085 billion respectively. Subsequently, overall trade (export plus imports) stood at

N$51.843 billion compared toN$42.399 billion recorded in q4-2017,whileN$54.903 billion

wasrecordedinq3-2018.

The trade balance (exports minus imports) for q4-2018 amounted to a deficit of N$2.326

billion compared todeficits ofN$5.551billion andN$4.622billion recorded inq4-2017and

q3-2018respectively,(Chart1).Y-on-Y,themerchandizetradebalanceshowedaremarkable

improvement of 58 percent. The improvement was mainly driven by exports which

strengthenedby34percentoverthecourseoftheyearoutweighingimportsthatgrewby13

percent. Similarly, q-on-q trade deficit improved, narrowing by 50 percent this time the

improveddeficitisowedtothecountry’sweakeningimportbill(Chart1).

CHART1:Tradebalance;q1-2014toq4-2018

0 ▼ 6 ▼ 23

▲53

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▲84

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0

q1 q2 q3 q4 q1 q2 q3 q4 q1 q2 q3 q4 q1 q2 q3 q4 q1 q2 q3 q4

2014 2015 2016 2017 2018

Percen

tage

Value(N$)

TradeBalance %Change

Chart 1 shows that Namibia experienced continuous trade deficits for the past twenty

quarters with an average of N$7.074 billion. The highest deficit of N$12.106 billion was

observed inq2-2015,whereas the lowestdeficit valuedatN$1.001billionwaswitnessed in

q1-2016. Furthermore, the chart shows an unsteady trend in the deficit, with the most

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significantgrowthof774percent recorded inq2-2016.Onaverage,overaperiodof twenty

quarters,thedeficitgrewby47percent.ThepersistentdeficitsaremostlydrivenbyNamibia’s

highdemandforhigh-valuedmanufacturedcommoditiesandmachineryfromtherestofthe

worldasopposedtoexportingmainlylowvalueprimarycommodities.

ExportstokeymarketsDuringq4-2018,Namibia’stopfive(5)exportdestinationswereChina,SouthAfrica,Belgium,

MarshallIslandsandBotswana.Y-on-Y,thehighestgrowthof8402percentwasregisteredin

export to Marshall Islands, followed by China (171 percent) and Belgium (104 percent).

ExportstoSouthAfrica,Namibia’slargesttradingpartner,fellby24percent,whereasexports

toBotswanaalsodroppedby14percent(Chart2).

Together,thesecountriesmadeup61percentofthevalueofallexportedgoods,withChina

lodgingon topof the listas the largestexportdestination,accounting for17percentof the

totalexports.SouthAfricarankedsecondwith15percent,followedbyBelgiumandMarshall

Islands each accounting for 10 percent. Moreover, Botswana absorbed 9 percent of the

country’stotalexports.

CHART2:Mainexportdestinations

0

1,000

2,000

3,000

4,000

5,000

6,000

▲171% ▼24% ▲104% ▲8402% ▼14%

China SouthAfrica Belgium MarshallIslands Botswana

Value(N$m

)

q4-2018 q3-2018 q4-2017

Q-on-Q,exportstotheaforesaiddestinationsdeclined,registeringN$14.981billioninq4-2018

as compared to N$17.028 billion recorded in the previous quarter, which translates to 12

percent decrease. Subsequently, overall exports (Y-on-Y) advanced, rising by 34 percent to

registerN$24.759billionwhen compared toN$18.424billion in q4-2017. The improvement

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wasmainlyattributedtoaonceoffshipmentofavesselstoMarshallIslands1andanincrease

in exportofmineral products,mostly toBelgium,China, SouthAfrica andBotswana (Annex

Table13).

1Note:ThevesselthatwasexportedtotheMarshall IslandatthevalueofN$2.416billionwas importedinthecountryforoil

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ImportsfromkeymarketsThedomesticeconomymostlyreliedonSouthAfrica,Zambia,China,BahamasandBotswana

foritsimportrequirements(Chart3).Theaforementionedcountriesaccountedforthelargest

share of Namibia’s total imports, with 76 percent of the value of all imports of goods into

Namibia coming from these countries. Imports from these markets grew by 20 percent to

registerN$20.694billioncomparedtoN$17.272billionobservedinq4-2017.Whereas,overall

importsincreasedby13percentfromN$23.975billiontoN$27.085billion.

SouthAfricaaccountedforover51percentofthevalueofallimportsintoNamibiainq4-2018

and the largest importmarket for the domestic economy followedby Zambia (13 percent).

Chinacontributed5percent toNamibia’s total importsandrankedthirdasNamibia’smajor

sources of imports. Bahamas and Botswana occupied the fourth and fifth place as major

importmarketsforNamibia,accountingfor4and3percentrespectively.

Imports from South Africa, Namibia’s largest trading partner recorded an increase of 5

percent,risingbyN$644milliontoregisterN$13.812billionafterrecordingN$13.169billionin

the corresponding period last year. This increase was due to high imports of industrial

machineryby2percent;andoilsandmineralfuelsby88percent. ImportsfromZambiarose

byN$1.982billion(122percent)toregisterN$3.609billion,afterrecordingN$1.627millionin

q4-2017;anincreaseattributedtohighimportsofcopper.

CHART3:Mainsourceofimports

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16000

▲5% ▲122% ▼1% - ▼25%

SouthAfrica Zambia China Bahamas Botswana

Value(N$m

)

q4-2018 q3-2018 q4-2017

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Imports from Botswana decreased by N$268million (25 percent) to register N$820million

comparedtoN$1.089billionrecordedinq4-2017.Thiswasledbyadecreasepreciousstones

and metals, in particular diamonds. Similarly, imports from China fell by N$13 million (1

percent) toN$1.376billion compared toN$1.388billion recorded inq4-2017; thisdecrease

wasmainlyattributedtoadeclineinimportsofarticlesofironandsteelaswellaselectrical

machinery.

Q-on-QoverallimportsdecreasedbyN$2.678billion(9percent)comparedtoN$29.763billion

recorded inq3-2018. Thedecreasewasmainlypronounced in the valueof imports sourced

fromZambia,China,BahamasandBotswana.However,domestic imports fromSouthAfrica

increasedby13percentwhencomparedtotheprecedingquarter.

TradewithExportProcessingZone(EPZ)TradeflowbetweenNamibiaandtheExportProcessingZone(EPZ)wasmostlydominatedby

exports.Exports to theEPZ stoodatN$1.371billion, rising fromN$1.052billion inq4-2017;

translating intoa30percent increase. Incomparisonwiththepreviousquarter,exportsalso

rose from N$1200 billion, indicating a 14 percent increase. Total exports accounted for 93

percentof total tradetoEPZ. Thecategoryofpreciousstonesandmetalsaccountedfor95

percentshare,whileoresaccounted for theremaining5percentof thetotalexports toEPZ

(Table2).

Table2:TradeflowwiththeEPZ

Value(N$m) %share Value(N$m) %share Value(N$m) %sharePreciousStonesandMetals 1,303 95 1,133 94 949 90 37▲ 15▲Ores 68 5 66 6 103 10 34▼ 3▲IndustrialMachinery 0 0 0 0 0 0 100▼ -Total 1,371 100 1,200 100 1,052 100 30▲ 14▲

Value(N$m) %share Value(N$m) %share Value(N$m) %shareInorganicchemicals 101 97 59 90 215 100 53▼ 72▲IronandSteel 2 2 1 1 1 0 111▲ 124▲IndustrialMachinery 1 1 0 0 0 0 931▲ 247▲Stone,BrickandTiles 0 0 0 0 0 0 - -ArticlesofIronorSteel 0 0 0 0 0 0 - -Other 0 0 5 8 0 0 38▼ 98▼Total 104 100 65 100 216 100 52▼ 60▲

∆q/qq4-2017q3-2018q4-2018Commodities

Commodities

Exports

Importsq4-2018 q3-2018 q4-2017 ∆y/y ∆q/q

∆y/y

ImportsfromtheEPZ,ontheotherhand,amountedtoN$104millioninq4-2018,whichis7

percent of total trade. Imports from the EPZ dropped by 52 percent after recordingN$216

millioninq4-2017(Table2),thisiscontrarytoq-on-qwhereimportsincreasedby60percent

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from N$65 million recorded in the previous quarter. The increase experienced y-on-y was

largely attributed to the increase in imports of inorganic chemicals, iron and steel; and

industrialmachinery.

9

TopexportproductsPrecious Stones and Metals (N$5.279 billion), copper (N$4.788 billion), vessels and boats

(N$3.398 billion), ores (N$3.391 billion); and fish (N$1.919 billion) were the leading

commoditiesexportedbythe localeconomyinq4-2018.Together,thesecommoditiesmade

up76percentofthetotalexports.Y-on-Y,thecombinedexportvaluefromthesecommodities

improved,risingbyN$5.663billion(43percent)toN$18.775billionafterregisteringN$13.111

billioninq4-2017.

CHART4:Topfiveexportproducts

0

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3000

4000

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▼21% ▲136% ▲2912% ▲51% ▼5%

PreciousStones&Metals

Copper Vessels&Boats Ores Fish

Value(N$m

)

q4-2018 q3-2018 q4-2017

Theannual increase inNamibia’sexportswas largelydrivenby increases in threeoutof the

topfiveexportproducts,withthemostnoticeablegrowthreflectedinthevalueofvesselsand

boatsfollowedbycopper.Oresrecordedthethirdlargestgrowth,whereasfishandprecious

stonesandmetalsregisterednegativegrowthsof5and21percent,respectively(Chart4).The

value of exported copper grew by N$2.761 billion (136 percent) over the same period to

registerN$4.788billionafterrecordingN$2.026millioninq4-2017.Thesignificantgrowthin

copperexportwasduetoan increase in foreigndemandbyChinaandBelgium. Inaddition,

exports of vessels and boats rose by 2912 percent to register N$3.398 billion in q4-2018,

N$3.286billionmorethanN$113billionrecordedinq4-2017.Namibia’sexportsoforeshave

alsoincreasedinq4-2018.ThevalueoforesexportsrosebyN$1.143million(51percent)from

N$2.248billion inq4-2017toN$3.391billion inq4-2018.Thisrisewasduetoan increase in

oreexportstoChinaby125percent,Franceby59percentandCanadaby188858627percent.

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ThevalueofpreciousstonesandmetalsfellbyN$1.434billion(21percent)overtheyearafter

recordingN$6.714billion in q4-2017. This is due to a decline in exports toBotswanaby 12

percentandSouthAfricaby57percent.Fishcontinuedtobeanimportantexportearnerfor

thecountry.FishexportsregisteredN$1.919billioninq4-2018,representing5percentdecline

whencomparedtoN$2.010billionregisteredinq4-2017,mainlydestinedtoSpain.

The q-on-q export data have shown a decline of 2 percent in the total value of export

products.Thegrowthwasmainlyduetodecreasesinpreciousstonesandmetals,copperand

fish.

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FishexportsFishexportplaysavitalroleasamajorsourceofrevenueforthedomesticeconomy.During

the periodunder review, fish continued to prove its significance as oneofNamibia’smajor

export revenue earners, ranking fifth among the top fivemajor exported commodities, and

theonlyfooditemamongstmineralsandavessel(Chart4).

Despitebeingoneofthelargestforexearners,fishexportsdeteriorated,fallingby5percent

toregisterN$1.919billionduringthereportingperiodfromN$2.010billionregisteredayear

ago.This isduetoadecline infishexportstoSouthAfricaby3percent.Thecontributionof

fishtoNamibia’stotalexportearningsstoodat8percent.

CHART5:Fishexports

▲0

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2014 2015 2016 2017 2018

Percen

tage

Value(N$)

Exports(N$m) %Change

Overthepasttwenty(20)quarters,fishexportshavegrownatanaveragerateof2percent,

equivalent toN$2.083billion, reaching an all-timehighofN$2.622billion in q3-2018 and a

recordlowofN$1.304billioninq4-2014(Table10).

Q-on-Q,thestrongestgrowthinfishexportswererecordedinq1-2016(57percent),q1-2015

(42percent)andq1-2017(40percent).Ontheotherhand,somequartersrecordedsignificant

declines, with themost noticeable declines observed in q4-2014 (33 percent), q4-2015 (29

percent)andmostrecentlyinq4-2018(27percent).

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Topre-exportsproductsCopper;vesselsandboats;precious stonesandmetals;motorvehiclesandparts;aswellas

industrialmachineryemergedasNamibia’s largest re-exportedcommoditiesbyvalue (Chart

6). Overall, re-exports of these commodities rose by N$6.289 billion (167 percent) to

N$10.065billioncomparedtoN$3.776billionregisteredinthecorrespondingquarterof last

year. Contrary, q-on-q re-exports of the same commodities declined by N$738 billion (7

percent)fromN$10.800billionrecorded inthepreviousquarter.Theaforesaidcommodities

combinedcontributed87percenttoNamibia’stotalre-export(N$11.522billion)comparedto

63percentand88percentrecordedinq4-2017andq3-2018,respectively.

CHART6:Topfivere-exportproducts

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▲164% ▲2924% ▲13% ▼3% ▲29%

Copper Vessels&Boats PreciousStones&Metals

MotorVehicles&parts

IndustrialMachinery

Value(N$m

)

q4-2018 q3-2018 q4-2017

They-on-yincreaseinre-exportswasmainlyreflectedinthevalueoffourofthesetopfivere-

export products (Chart 6). Re-export of copper rose by N$2.768 billion (164 percent) to

register N$4.451 billion after recording N$1.684 billion in q4-2017, following a noticeable

growthindemandofthisproductcategorybyBelgiumandtheNetherlands.There-exportof

vesselsalsoimproved,risingbyN$3.286billion(2.924percent),followingaonceoffshipment

to Singapore (Table 14). Additionally, the category of precious stones and metals rose by

N$178million (13 percent) to registerN$1.507 billion fromN$1.329 billion recorded in the

corresponding quarter a year earlier, mainly due to increased demand for this commodity

from United States of America, India and Switzerland. Re-export of industrial machinery

increasedbyN$71million(29percent)toregisterN$317millioncomparedtoN$246million

recorded in q4-2017. This growth was mainly led by a significant increase in re-export of

industrialmachinerytoUnitedKingdom.

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However, vehicles and parts dropped byN$13million (3 percent) to registerN$391million

whencomparedtoN$404millionwitnessedinq4-2017.Thedeclinewasprimarilydrivenby

suppressedforeigndemandfromSouthAfrica,BotswanaandAngola.

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TopimportproductsCopper, oils and mineral fuels; industrial machinery, vessels and boats as well as motor

vehiclesandpartsemergedastheleadingimportcommoditiesintoNamibia(Chart7).Y-on-Y,

overallimportsoftheaforementionedcommoditiesincreasedbyN$3.944million(49percent)

to register N$12.026 billion compared to N$8.081 billion recorded in q4-2017. A different

trend was observed when compared to the previous quarter, where imports of the

aforementionedcommoditiesdroppedby19percentafter registeringN$2.823billion inq3-

2018.Furthermore,thesecommoditiesaccountedforacombined44percentoftotalimports,

upfrom34percentinq4-2017anddownfrom50percentrecordedinq3-2018.

CHART7:Topfiveimportproducts

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▲134% ▲34% ▲8% ▲234% ▼14%

Copper Oils&Mineralfuels IndustrialMachinery Vessels&Boats MotorVehicles&parts

Value(N$m)

q4-2018 q3-2018 q4-2017

Therecentincreaseinimportswasmainlyattributedtohighdomesticdemandofcopper,oils

andmineralfuels,industrialmachinery;andvesselsandboats.Copperrosesignificantly,from

N$1.522billionregistered inq4-2017toN$3.564billion,representinga134percentgrowth,

asdomesticdemandofcoppercathodesfromZambiastrengthened.Theimportvalueforoils

andmineralfuelshadalsoincreasedby34percenttorecordN$3.077billion,whencompared

toN$2.304billionrecordedinq4-2017.Theincreaseprimarilyemanatedfromtheincreasein

import value of mineral fuels and oils from South Africa, United Arab Emirates and Oman

(Table15).Duringthequarterunderreview,theimportvalueofindustrialmachinerystoodat

N$1,998billion,representingagrowthof8percentfromN$1,856billionrecordedinq4-2017.

ThegrowthwasmainlyreflectedintheimportvalueofsuchmachineryfromSouthAfricaand

theUnited States of America. The import value of vessels and boats also increased by 234

percent,amountingto1.772billionfrom530millionrecordedinthesamequarter lastyear.

TheseweremainlysourcedfromBahamas.

15

Despite the increase observed in four of the top five import products, import of motor

vehicles and parts declined during the fourth quarter of 2018. Motor vehicles and parts

droppedbyN$255million(14percent)toregisterN$1.615billioncomparedtoN$1.870billion

recordedinq4-2017.Thisfollowsaweakdemandofvehiclesandpartsmostlyimportedfrom

South Africa, Japan and the United Kingdom. This was attributed to slowing economic

activitiesinthedomesticmarket.

Onaquarterlybasis,importsofcopper,oilsandmineralfuels,vesselsandboatsaswellas

motorvehiclesandpartsdecreased,whileindustrialmachineryreflectedanincreaseof1

percent.

Trade by economic regions

ExportsThe European Union (EU) became the largest destination for Namibia’s exports during the

period under review (Chart 8). Y-on-Y export revenue from that region increased by 35

percenttoregisterN$6.140billion,fromN$4.560billionrecordedinq4-2017.Q-on-Qexports

toEUalsoimprovedby7percentwhencomparedtoN$5.716billionrecordedinq3-2018.In

termsof contribution,EUabsorbed25percentofNamibia’s totalexportsequalinga similar

contribution recorded inq4-2017and2percentmore than23percentaccounted for inq3-

2018

TheSouthernAfricanCustomsUnion(SACU)rankedsecondasthe largestexportmarket for

thedomesticeconomy.Y-on-YdomesticexportsabsorbedbySACUdeclinedby21percentto

registerN$5.844billionfromN$7.355billionrecordedinq4-2017.Similarly,q-on-qexportsto

SACUweakenedfromanestimatedN$6.865billion inq3-2018,translating intoa15percent

decline.SACU’scontributiontowardsNamibia’stotalexportsstoodat24percent,downfrom

a share of 40 percent recorded in q4-2017 and 27 percent share recorded in the previous

quarter.

Brazil,Russia,IndiaandChina(BRIC)wasNamibia’sthirdlargestexportmarket.Y-on-Yexports

toBRIC registereda significant increaseof172percent, rising toN$4.401billion inq4-2018

after recording N$1.618 billion in q4-2017. On the contrary, q-on-q exports to that region

decreasedfromN$5.851billionregisteredinq3-2018,translatingintoa25percentdecline.In

terms of export share, BRIC accounted for 18 percent of total exports, up from 9 percent

recordedduringthecorrespondingquarterof2017anddownfrom23percentregistered in

q3-2018.

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CHART8:Exportsbyeconomicregions

0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000

▲17%

▲22%

▲172%

▼21%

▲35%CO

MESA

SADC

-NON

SACU

BRIC

SACU

EU

Value(N$m)

q4-2018 q3-2018 q4-2017

The SADC-Non-SACU regionwas ranked fourth as an important exportmarket for the local

economy after EU, SACU and BRIC. Y-on-Y exports to thatmarket increased by 22 percent,

registeringN$1.863billioncomparedtoN$1.521billionrecordedinq4-2017.Q-on-Qexports

tothismarketdeclinedby5percentafterrecordingN$1.955billioninq3-2018.Additionally,

SADC-Non-SACU’s contribution to Namibia’s total export revenue remained at 8 percent

similartoq4-2017andq3-2018.

Anotherimportantexportdestinationforthedomesticeconomywhichoccupiedthefifthslot

was the Common Market for Eastern and Southern Africa (COMESA), absorbing N$1.511

billionworth of domestic exports compared to N$1.286 billion recorded in q4-2017, which

translates into a 17 percent growth. Additionally, q-on-q exports to thatmarketweakened,

declining by 12 percent fromN$1.717 billion recorded in the previous quarter. In terms of

contribution,COMESAaccountedfor6percentofNamibia’stotalexportrevenueinq4-2018,

downfrom7percentrecordedinq4-2017andq3-2018.

17

ImportsThe Southern Africa Customs Union (SACU) emerged as Namibia’s first largest supplier of

imported goods after recording N$14.737 billion worth of imports in q4-2018 (Chart 9).

Overall imports from SACU recorded a growth of 3 percent when compared to N$14.338

billion recorded in q4-2017. However, imports from that region have also considerably

increasedby11percentafterregisteringN$13.316billioninq3-2018.Intermsofpercentage

contribution, 54 percent of Namibia’s total import requirements in q4-2018 were sourced

fromSACU,downfrom60percentinq4-2017andupfrom45percentinq3-2018.

COMESAwasthesecondlargestsourceofimportsforthedomesticeconomy.Theimportbill

from that market was estimated at N$3.787 billion in the quarter under review. This

represents 117 percent increase when compared to N$1.742 billion recorded in the same

quarter of last year. On the contrary, imports from COMESA declined by 30 percent when

compared to N$5.396 billion recorded in the previous quarter. Subsequently, COMESA

accounted for 14 percent of Namibia’s overall import bill in q4-2018, up from 7 percent

recordedinq4-2017anddownfrom18percentobtainedinq3-2018.

CHART9:Importsbyeconomicregions

0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000

▼29%

▼4%

▲117%

▲117%

▲3%

EUBR

ICSADC

-NON

SACU

COMESA

SACU

Value(N$m)

q4-2018 q3-2018 q4-2017

SADC-Non-SACUoccupied the thirdposition as a crucial sourceof imports for thedomestic

market.Importsfromthatmarketroseby117percent,registeringN$3.715billioninq4-2018

afterrecordingN$1.714billioninq4-2017.Whencomparedtothepreviousquarter, imports

fromthatmarketdroppedfromN$5.352billionrepresentinga31percentdecline.SADC-Non-

18

SACUaccountedfor14percentofNamibia’stotalimportbillinq4-2018,upfrom7percentin

thesamequarterlastyearanddownfrom18percentwitnessedintheprecedingquarter.

BRIC ranked fourth as amajor source of imports for Namibia. Imports from BRIC declined,

registeringN$1.983billioncomparedtoN$2.065billionrecordedinq4-2017,whichtranslates

toa4percentdecrease.Whencompared to thepreviousquarter, imports fromthat region

also fell from N$2.334 billion in q3-2018, representing a 15 percent decline. Finally, BRIC

accounted for 7 percent of the overall import bill in q4-2018, down from 9 percent and 8

percentregisteredinq4-2017andq3-2018respectively.

TheEUalsoplayedavitalroleinsupportingthedomesticeconomy’sdemandforimportsand

ranked fifth after the other markets mentioned earlier. Overall imports from that region

amountedtoN$1.372billioninq4-2018afterrecordingN$1.941billioninq4-2017,indicating

adeclineof29percent.Similarly,importfromtheEUweakenedby39percentfromN$2.259

billion recorded in q3-2018. The EU accounted for 5 percent of total imports, down from8

percentregisteredinq4-2017andinthepreviousquarter.

19

Trade by mode of transport

ExportsInq4-2018,N$14.631billionworthofgoodsleftNamibia’sbordersviasea,this isequivalent

to59percentofthevalueofallcommoditiesexportedbythedomesticeconomytotherestof

theworld,upfrom41percentrecordedinq4-2017andsimilartotheshare inq3-2018.The

N$14.631billionexportvaluerepresentsanincreaseofN$7.132billion(95percent)compared

toN$7.499billionrecordedinq4-2017(Chart10).Adifferenttrendwasobservedonq-on-qas

exports declined by N$218million (1 percent) after recording N$14.850 billion in q3-2018.

Copper,vesselsandboats;oresandfishaccountedforthelargestsharesofexportsbysea.

CHART8:Exportsbymodeoftransport

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

▲95% ▼ 21% ▲14%

Sea Air Road

Value(N$m

)

q4-2018 q3-2018 q4-2017

Air rankedsecond intermsofthemostusedmeansoftransportingdomesticexportstothe

restoftheworld(Chart10),thiswaslargelyattributedtopreciousstonesandmetals.Exports

viaAirdecreasedbyN$1.412billion (21percent) to registerN$5.399billionafter recording

N$6.811billioninq4-2017.Whencomparedtotheprecedingquarter,exportsviaAiralsofell

by N$494 billion (8 percent) from N$5.893 billion registered in q3-2018. Air transport’s

contributiontooverallexportsstoodat22percent,downfrom37percentregisteredayear

agoand23percentrecordedinthepreviousquarter.

20

Road was the third most used means of transporting exports, with the most exported

commoditiesby valuebeing fruits andnuts; fish, live animals aswell asmotor vehicles and

parts. The recent figureamounted toN$4.698billion, translating intoa14percent increase

afterregisteringN$4.112billioninq4-2017.Whencomparedtothepreviousquarter,exports

increasedbyN$346million(8percent)comparedtoN$4.352billionrecorded inq3-2018. In

termsofcontributions,roadaccountedfor19percentofthevalueofallgoodsexportedfrom

thedomesticeconomy,downfrom22percentregisteredinq4-2017,andupfrom17percent

recordedinq3-2018.

ImportsThe bulk of commodities imported intoNamibiawere transported bymeans of road (chart

11), with copper, motor vehicles and parts; industrial machinery and electrical machinery

accounting for the largest share of total imports via road. Imports by road advanced by

N$2.084billion (14percent) toN$17.326billion compared toN$15.242billion registered in

q4-2017.Whencomparedtothepreviousquarter,importsgrewbyN$201million(1percent)

after recordingN$17.125billion inq3-2018.Thevalueofgoods importedby road remained

high compared to other mode of transports in the period under review, contributing 64

percent,whichremainsimilartoitscontributioninq4-2017andupfromlessthan58percent

inq3-2018.

CHART9:Importbymodeoftransport

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

20,000

▲14% ▲14% ▲2%

Road Sea Air

Value(N$M)

q4-2018 q3-2018 q4-2017

Seatransportcontinuedtoplayavitalrole inshippingimports intoNamibia,rankingsecond

mostusedmeansof transportinggoods into thedomesticeconomy.Oils andmineral fuels;

21

vessels and boats; and ores were the most commodities imported by means of sea

transportation.ImportsincreasedbyN$1.014billion(14percent)toregisterN$8.473billionin

q4-2018 compared to N$7.459 billion registered in the corresponding quarter of 2017. In

comparisontotheprecedingquarter,importsviaseadeclinedbyN$2.914billion(26percent),

after recordingN$11.386 billion in q3-2018. Sea transport accounted for 31 percent of the

value of all goods imported into Namibia, similar to q4-2017 contribution but less than 38

percentrecordedinq3-2018.

Airtransportationwasthethirdmajorusedmodeoftransportforimportsintothedomestic

economy,preciousstonesandmetals;industrialmachineryandelectricalmachinerywerethe

mostimportedcommoditiesviaair.However,thevalueofgoodsimportedviaairisbyfarless

comparedtothevalueofimportsbyroadandsea.Nonetheless,importsviaAirincreasedby

N$23million(2percent)toregisterN$1.270billioncomparedtoN$1.248billionrecordedin

thecorrespondingquarterof2017.Incomparisontothepreviousquarter,importsviaAiralso

rose by 2 percent after recording N$1.240 billion in q3-2018. In terms of contributions, air

transportationaccountedfor5percentofthetotalimportbill,similartoitscontributioninthe

correspondingquarteroflastyear,andapercentmorethan4percentrecordedinq3-2018.

22

Conclusion Namibia’soverallexportsamountedtoN$24.759billionwhencomparedtoN$18.424billion

and N$25.140 billion recorded in q4-2017 and q3-2018 respectively. On the other hand,

importsstoodatN$27.085billionafterrecordingN$23.975billionandN$29.763billioninq4-

2017 and q3-2018 respectively. Subsequently, Namibia posted a negative trade balance

valuedatN$2.326billionwiththerestoftheworld,aremarkableimprovementof58percent

whencomparedtoanamountofN$5.551billionrecordedinq4-2017.

ChinaemergedasthelargestdestinationforNamibianexports,constitutingamarketshareof

17percent,SouthAfricarankedsecondwith15percentandBelgiumwith10percentshare.

Furthermore,MarshallIslandsandBotswanaoccupiedfourthandfifthpositions,respectively

absorbing 10 percent and 9 percent of total domestic exports respectively. Subsequently,

importsweremainlysourcedfromSouthAfrica,whichaccountedforthelargestshareof51

percent of total import to Namibia, followed by Zambia and China with 13 and 5 percent

respectively.OthersignificantmarketssuchasBahamasandBotswanaaccountedfor4and3

percentrespectively.

Intermsofcommodities,exportsweremostlyledbypreciousstonesandmetals(21percent),

copper (19percent), vesselsandboats (14percent),ores (14percent);and fish (8percent).

Similarly, the same commoditiesdominated the list for re-exports in exceptionofores; and

fish.Re-exportwasledbycopper(39percent),vesselsandboats(29percent),preciousstones

andmetals(13percent),followedbymotorvehiclesandparts;andindustrialmachineryeach

contributing3percenteach.Ontheotherhand,theimportproductswereledbycopper(13

percent), oils and mineral fuels (11 percent), industrial machinery; vessels and boats (7

percenteach);andmotorvehiclesandparts(6percent).

Namibia’sexportsweremostlyabsorbedbyEUwiththelargestshareof25percent,followed

bySACUandBRICwith24and18percentrespectively.SADC-Non-SACUcontributed8percent

followed by COMESA with 6 percent and EFTA with 1 percent. Equally, imports were also

sourcedfromthesameeconomicregionswithSACUtakingtheleadwith54percentoftotal

imports, followed COMESA and SADC-Non-SACU with 14 percent each. BRIC contributed 7

percent,followedbyEUwith5percentandEFTAwith1percent.

Namibiaexportedmostcommoditiesbysea,airandroad,withseaemergingasthemostused

meansoftransportbytraders,accountingfor59percentshareofthetotalexport, followed

23

byairwith22percent;whileroadwasthethirdmodeoftransportused;withashareof19

percentoftotalexports.Ontheotherhand,mostcommodities importedintoNamibiawere

transportedby roadandseacontributing64percentand31percent to the total importbill

respectively.

24

ListofTermsandDefinitionsCost Insurance and freight (CIF): The transaction value of the goods, the value of servicesperformed to deliver goods to the border of the exporting country and the value of theservices performed to deliver the goods from the border of the exporting country to theborderoftheimportingcountry.

ExportProcessingZone(EPZ):AnExportProcessingZone(EPZ)isaCustomsareawhereoneis

allowed to importmachinery,equipmentandmaterial for themanufactureofexportgoods

undersecurity,withoutpaymentofduty.Theimportedgoodsaresubjecttocustomscontrol

at importation, through the manufacturing process, to the time of sale/export, or duty

paymentforhomeconsumption.

Freeonboard(FOB):Thetransactionvalueofthegoodsandthevalueofservicesperformedtodelivergoodstotheborderoftheexportingcountry

Re-export:TheexportofforeigngoodspreviouslyimportedfromtheROW

TradeBalance:Thecommercialbalanceornetexports(sometimessymbolizedasNX), isthe

differencebetweenthemonetaryvalueofexportsandimportsofoutputinaneconomyover

acertainperiod.

Trade Deficit: Is an economic measure of a negative trade balance in which a country's

importsexceedsitsexports.

Trade Surplus: Is an economic measure of a positive trade balance in which a country's

exportsexceedsitsimports.

25

Acronyms BRIC Brazil,Russia,IndiaandChina

CIF Cost,InsuranceandFreight

COMESA CommonMarketforEasternandSouthernAfrica

DRC DemocraticRepublicofCongo

EAC EastAfricanCommunity

EFTA EuropeanFreeTradeAssociation

EPZ ExportProcessingZone

EU EuropeanUnion

FOB FreeonBoard

ROW RestofWorld

SACU SouthernAfricanCustomsUnion

SADC SouthernAfricanDevelopmentCommunity

26

AppendixTable3:Tradebyf.o.b.andc.i.f.

Export(f.o.b) Import(c.i.f) Import(f.o.b)q4-2018 24,759 27,085 20,486q3-2018 25,140 29,763 28,648q4-2017 18,424 23,975 22,844

Period Value(N$)

Table4:Mainexportdestinations

Value(N$m) %Share Value(N$m) %Share Value(N$m) %ShareCHINA 4,191 17 5,599 22 1,545 8 ▲171 ▼25SouthAfrica 3,724 15 4,161 17 4,897 27 ▼24 ▼10BELGIUM 2,530 10 2,306 9 1,242 7 ▲104 ▲10MARSHALLISLANDS 2,417 10 2,260 9 28 0 ▲8402 ▲7BOTSWANA 2,119 9 2,703 11 2,453 13 ▼14 ▼22FRANCE 1,049 4 891 4 673 4 ▲56 ▲18SINGAPORE 993 4 485 2 198 1 ▲402 ▲105ZAMBIA 903 4 1,050 4 807 4 ▲12 ▼14SPAIN 827 3 1,112 4 627 3 ▲32 ▼26UNITEDARABEMIRATES 789 3 509 2 496 3 ▲59 ▲55Other 5,216 21 4,066 16 5,458 30 ▼4 ▲28Total 24,759 100 25,140 100 18,424 100 ▲34 ▼2

Partners q4-2018 q3-2018 q4-2017 %∆y/y %∆q/q

Table5:Mainre-exportdestinations

Value(N$m) %share Value(N$m) %share Value(N$m) %shareMARSHALLISLANDS 2,417 21 2,258 18 23 0 ▲10222 ▲7BELGIUM 2,391 21 2,156 18 1,035 17 ▲131 ▲11CHINA 2,121 18 3,371 28 337 6 ▲530 ▼37SINGAPORE 979 8 473 4 188 3 ▲421 ▲107ZAMBIA 615 5 795 6 538 9 ▲14 ▼23SouthAfrica 611 5 771 6 540 9 ▲13 ▼21UnitedStatesofAmerica 426 4 387 3 304 5 ▲40 ▲10NETHERLANDS 296 3 195 2 229 4 ▲29 ▲52DEMOCRATICREPUBLICOFCONGO 270 2 330 3 175 3 ▲54 ▼18INDIA 205 2 249 2 59 1 ▲248 ▼18Other 1,191 10 1,264 10 2,535 43 ▼53 ▼6Total 11,522 100 12,248 100 5,964 100 ▲93 ▼6


Table6:Mainsourceofimports

Value(N$m) %share Value(N$m) %share Value(N$m) %shareSouthAfrica 13,812 51 12,272 41 13,169 55 ▲5 ▲13ZAMBIA 3,609 13 4,314 14 1,627 7 ▲122 ▼16CHINA 1,376 5 1,757 6 1,388 6 ▼1 ▼22BAHAMAS 1,077 4 1,090 4 0 0 - ▼1BOTSWANA 820 3 970 3 1,089 5 ▼25 ▼15UnitedStatesofAmerica 637 2 425 1 606 3 ▲5 ▲50UNITEDARABEMIRATES 586 2 421 1 302 1 ▲94 ▲39PERU 432 2 1,151 4 1,110 5 ▼61 ▼62SPAIN 376 1 474 2 233 1 ▲61 ▼21INDIA 371 1 488 2 543 2 ▼32 ▼24Other 3,987 15 6,399 22 3,908 16 ▲2 ▼38Total 27,085 100 29,763 100 23,975 100 ▲13 ▼9

Partnersq4-2018 q3-2018 q4-2017 %∆y/y %∆q/q

27

Table7:Toptenexportproducts

Value(N$m) %share Value(N$m) %share Value(N$m) %sharePreciousStones&Metals 5,279 21 5,734 23 6,714 36 ▼21 ▼8Copper 4,788 19 6,111 24 2,026 11 ▲136 ▼22Vessels&Boats 3,398 14 2,796 11 113 1 ▲2912 ▲22Ores 3,391 14 2,818 11 2,248 12 ▲51 ▲20Fish 1,919 8 2,622 10 2,010 11 ▼5 ▼27Fruits&nuts 622 3 12 0 500 3 ▲24 ▲5013Usedpersonaleffects 620 3 45 0 32 0 ▲1812 ▲1287Liveanimals 561 2 796 3 585 3 ▼4 ▼29MotorVehicles&parts 416 2 401 2 413 2 ▲1 ▲4Zinc 412 2 598 2 1,003 5 ▼59 ▼31Other 3,353 14 3,209 13 2,780 15 ▲21 ▲4Total 24,759 100 25,140 100 18,424 100 ▲34 ▼2

Commoditiesq4-2018 q3-2018 q4-2017 %∆y/y %∆q/q

Table8:Toptenre-exportproducts

Value(N$m)%share Value(N$m)%share Value(N$m) %shareCopper 4,451 39 5,829 48 1,684 28 ▲164 ▼24Vessels&Boats 3,398 29 2,795 23 112 2 ▲2924 ▲22PreciousStones&Metals 1,507 13 1,629 13 1,329 22 ▲13 ▼7MotorVehicles&parts 391 3 380 3 404 7 ▼3 ▲3IndustrialMachinery 317 3 168 1 246 4 ▲29 ▲89ArticlesofIronorSteel 182 2 171 1 247 4 ▼26 ▲7Tobacco 147 1 122 1 90 2 ▲63 ▲20ChemicalProducts 145 1 149 1 116 2 ▲25 ▼3Plastics 144 1 161 1 46 1 ▲212 ▼10ElectricalMachinery 115 1 106 1 72 1 ▲59 ▲8Other 724 6 739 6 1,617 27 ▼55 ▼2Total 11,522 100 12,248 100 5,964 100 ▲93 ▼6

Commodities q4-2018 q3-2018 q4-2017 %∆y/y %∆q/q

Table9:Toptenimportproducts

Value(N$m) %share Value(N$m) %share Value(N$m) %shareCopper 3,564 13 4,098 14 1,522 6 ▲134 ▼13Oils&Mineralfuels 3,077 11 3,456 12 2,304 10 ▲34 ▼11IndustrialMachinery 1,998 7 1,971 7 1,856 8 ▲8 ▲1Vessels&Boats 1,772 7 3,118 10 530 2 ▲234 ▼43MotorVehicles&parts 1,615 6 2,206 7 1,870 8 ▼14 ▼27ElectricalMachinery 1,157 4 1,564 5 1,315 5 ▼12 ▼26Ores 949 4 1,806 6 1,703 7 ▼44 ▼47ArticlesofIronorSteel 832 3 758 3 857 4 ▼3 ▲10PreciousStones&Metals 793 3 907 3 1,047 4 ▼24 ▼13Plastics 723 3 664 2 622 3 ▲16 ▲9Others 10,605 39 9,216 31 10,350 43 ▲2 ▲15Total 27,085 100 29,763 100 23,975 100 ▲13 ▼9


28

Table10:Fishexportsandimports

Year Period Exports(N$m) %Change Imports(N$m) %Changeq1 1,987 - 79 -q2 1,876 ▼6 119 ▲51q3 1,953 ▲4 108 ▼9q4 1,304 ▼33 131 ▲22q1 1,858 ▲42 84 ▼36q2 1,874 ▲1 98 ▲17q3 1,970 ▲5 97 ▼1q4 1,397 ▼29 166 ▲70q1 2,199 ▲57 157 ▼5q2 2,567 ▲17 243 ▲54q3 2,292 ▼11 77 ▼68q4 1,783 ▼22 257 ▲233q1 2,488 ▲40 130 ▼50q2 2,227 ▼10 170 ▲31q3 2,256 ▲1 95 ▼44q4 2,010 ▼11 139 ▲47q1 2,488 ▲24 158 ▲14q2 2,585 ▲4 225 ▲42q3 2,622 ▲1 100 ▼55q4 1,919 ▼27 199 ▲98

2014

2015

2016

2017

2018

29

Table11:Exportproductstokeymarkets

Value(N$m) %share Value(N$m) %share Value(N$m) %shareCopper 2,094 50 3,359 60 0 - ▼38Ores 1,905 45 1,958 35 847 55 ▲125 ▼3Zinc 111 3 178 3 492 32 ▼77 ▼38NaturalMinerals&Stone 35 1 37 1 49 3 ▼28 ▼4Ropes 14 0 0 0 0 0 - -InorganicChemicals 12 0 7 0 0 0 ▲8436 ▲58Stone,Brick&Tiles 10 0 26 0 25 2 ▼58 ▼60AnimalFeeds 3 0 20 0 23 1 ▼85 ▼83Wood 2 0 2 0 1 0 ▲47 ▼8Fish 1 0 1 0 3 0 ▼60 ▲91Other 2 0 10 0 104 7 ▼98 ▼74Total 4,191 100 5,599 100 1,545 100 ▲171 ▼25

Value(N$m) %share Value(N$m) %share Value(N$m) %sharePreciousStones&Metals 1,121 30 1,311 32 2,632 54 ▼57 ▼15Liveanimals 539 14 766 18 563 11 ▼4 ▼30Fish 364 10 343 8 374 8 ▼3 ▲6Beverages 331 9 255 6 208 4 ▲59 ▲30MotorVehicles&parts 272 7 256 6 278 6 ▼2 ▲6IndustrialMachinery 209 6 223 5 167 3 ▲25 ▼6Zinc 195 5 193 5 97 2 ▲102 ▲1PreparedMeats 128 3 158 4 68 1 ▲87 ▼19Meat 74 2 68 2 79 2 ▼6 ▲9Wood 62 2 61 1 47 1 ▲32 ▲2Others 429 12 528 13 385 8 ▲12 ▼19Total 3,724 100 4,161 100 4,897 100 ▼24 ▼10

Value(N$m) %share Value(N$m) %share Value(N$m) %shareCopper 2,004 79 1,743 76 620 50 ▲223 ▲15PreciousStones&Metals 337 13 359 16 399 32 ▼15 ▼6Tobacco 130 5 119 5 80 6 ▲62 ▲9Fruits&nuts 46 2 0 0 56 5 ▼19 -Wood 7 0 7 0 4 0 ▲102 ▼3Fish 3 0 1 0 0 0 - ▲316Fertilizers 2 0 0 0 2 0 ▲33 -WorksofArt&Antiques 0 0 0 0 0 0 ▲551 ▲2746PrecisionInstruments 0 0 0 0 0 0 ▲722 -Oils&Mineralfuels 0 0 0 0 0 0 ▼39 ▲55106Others 0 0 77 3 81 7 ▼100 ▼100Total 2,530 100 2,306 100 1,242 100 ▲104 ▲10

Value(N$m) %share Value(N$m) %share Value(N$m) %shareVessels&Boats 2,416 100 2,258 100 0 0 - ▲7ArticlesofIronorSteel 1 0 0 0 0 0 ▲4187 ▲1858Rubber 0 0 0 0 0 0 ▲28 ▼98Wood 0 0 0 0 0 0 - -TextileArticles 0 0 0 0 0 0 ▼88 -Plastics 0 0 0 0 0 0 - -Liveanimals 0 0 0 0 0 0 - -Meat 0 0 0 0 0 0 ▼100 -Fish 0 0 0 0 0 0 ▼100 -DairyProducts 0 0 0 0 0 0 ▼100 -Other 29 1 1 0 28 100 ▲4 ▲2572Total 2,417 100 2,260 100 28 100 ▲8402 ▲7

Value(N$m) %share Value(N$m) %share Value(N$m) %sharePreciousStones&Metals 1,983 94 2,527 45 2,245 145 ▼12 ▼22Oils&Mineralfuels 53 3 44 1 103 7 ▼48 ▲21MotorVehicles&parts 18 1 39 1 48 3 ▼62 ▼53PreparedMeats 12 1 12 0 12 1 ▼2 ▼6Beverages 12 1 0 0 8 1 ▲43 ▲8997Iron&Steel 8 0 9 0 0 0 ▲5455 ▼8Meat 8 0 7 0 1 0 ▲738 ▲7NaturalMinerals&Stone 6 0 7 0 4 0 ▲43 ▼10ElectricalMachinery 4 0 3 0 7 0 ▼37 ▲69ToolsandCutlery 3 0 0 0 1 0 ▲141 ▲5928Others 11 1 54 1 23 1 ▼52 ▼80Total 2,119 100 2,703 48 2,453 159 ▼14 ▼22

Botswana


MarshallIslands


Belgium


SouthAfrica


China


30

Table12:Importproductsfromkeymarkets

Value(N$m) %share Value(N$m) %share Value(N$m) %shareMotorVehicles&parts 1,419 10 1,743 14 1,614 12 ▼12 ▼19IndustrialMachinery 1,281 9 1,235 10 1,259 10 ▲2 ▲4Oils&Mineralfuels 1,167 8 765 6 620 5 ▲88 ▲52ElectricalMachinery 753 5 796 6 868 7 ▼13 ▼5Beverages 584 4 451 4 629 5 ▼7 ▲30ArticlesofIronorSteel 531 4 516 4 527 4 ▲1 ▲3Plastics 503 4 404 3 487 4 ▲3 ▲25Pharmaceuticals 503 4 395 3 375 3 ▲34 ▲27Paper 389 3 291 2 313 2 ▲24 ▲34Cosmetics 341 2 318 3 329 2 ▲4 ▲7Other 6,342 46 5,356 44 6,147 47 ▲3 ▲18Total 13,812 100 12,272 100 13,169 100 ▲5 ▲13

Value(N$m) %share Value(N$m) %share Value(N$m) %shareCopper 3,508 97 4,006 33 1,504 92 ▲133 ▼12AnimalFeeds 28 1 38 0 32 2 ▼13 ▼26InorganicChemicals 27 1 7 0 0 0 - ▲267Tobacco 26 1 225 2 79 5 ▼67 ▼88Iron&Steel 6 0 10 0 0 0 ▲119581 ▼42Liveanimals 3 0 3 0 0 0 ▲4635 ▼5Explosives 3 0 0 0 1 0 ▲340 -Sugar&sugarConfectionery 2 0 2 0 1 0 ▲46 ▼1NaturalMinerals&Stone 1 0 1 0 1 0 ▲66 ▲85DairyProducts 1 0 5 0 0 0 - ▼83Other 5 0 18 0 9 1 ▼48 ▼74Total 3,609 100 4,314 35 1,627 100 ▲122 ▼16

Value(N$m) %share Value(N$m) %share Value(N$m) %shareArticlesofIronorSteel 210 15 121 7 268 19 ▼22 ▲74Iron&Steel 198 14 58 3 47 3 ▲317 ▲242ElectricalMachinery 166 12 374 21 211 15 ▼21 ▼56InorganicChemicals 166 12 85 5 94 7 ▲77 ▲96IndustrialMachinery 146 11 211 12 170 12 ▼14 ▼31Oils&Mineralfuels 58 4 238 14 0 0 ▲228596 ▼76Apparel:knitorcrocheted 54 4 64 4 15 1 ▲260 ▼16Footwear 47 3 55 3 21 2 ▲126 ▼13Apperal:notknitorcrocheted 45 3 51 3 22 2 ▲107 ▼12MotorVehicles&parts 33 2 127 7 9 1 ▲256 ▼74Other 255 19 375 21 532 38 ▼52 ▼32Total 1,376 100 1,757 100 1,388 100 ▼1 ▼22

Value(N$m) %share Value(N$m) %share Value(N$m) %shareVessels&Boats 1,077 100 1,077 99 0 0 - -Other 0 0 13 1 0 0 - ▼1Total 1,077 100 1,090 100 0 0 - ▼0

Value(N$m) %share Value(N$m) %share Value(N$m) %sharePreciousStones&Metals 746 91 817 84 990 91 ▼25 ▼9ElectricalMachinery 27 3 33 3 29 3 ▼7 ▼19MotorVehicles&parts 9 1 75 8 13 1 ▼31 ▼88Beverages 6 1 0 0 0 0 ▲2250 ▲4917IndustrialMachinery 5 1 3 0 8 1 ▼37 ▲67Oils&Mineralfuels 4 0 19 2 4 0 ▲6 ▼80Plastics 3 0 3 0 2 0 ▲44 ▲12Rubber 3 0 1 0 2 0 ▲2 ▲234TanningorDyeingExtracts 2 0 2 0 7 1 ▼67 ▲44ArticlesofIronorSteel 2 0 3 0 2 0 ▼12 ▼37Other 13 2 14 1 31 3 ▼59 ▼8Total 820 100 970 100 1,089 100 ▼25 ▼15

SouthAfrica


Zambia


CHINA


Bahamas


Botswana


31

Table13:Keyexportsbypartner

Value(N$m) %share Value(N$m) %share Value(N$m) %shareBOTSWANA 1,983 38 2,527 44 2,245 33 ▼12 ▼22SouthAfrica 1,121 21 1,311 23 2,632 39 ▼57 ▼15UNITEDARABEMIRATES 738 14 469 8 459 7 ▲61 ▲58UnitedStatesofAmerica 420 8 338 6 295 4 ▲42 ▲24BELGIUM 337 6 359 6 399 6 ▼15 ▼6INDIA 204 4 247 4 57 1 ▲259 ▼18SWITZERLAND 203 4 79 1 128 2 ▲59 ▲157ISRAEL 154 3 120 2 187 3 ▼18 ▲28HONGKONG 117 2 282 5 311 5 ▼62 ▼59IMPORTEDFROMVARIOUSCOUNTRIES 1 0 0 0 0 0 - ▲2373Other 1 0 1 0 1 0 ▼13 ▼42Total 5,279 100 5,734 100 6,714 100 ▼21 ▼8

Value(N$m) %share Value(N$m) %share Value(N$m) %shareCHINA 2,094 44 3,359 55 0 0 - ▼38BELGIUM 2,004 42 1,743 29 620 31 ▲6450 ▲15ITALY 311 6 265 4 283 14 ▲2124 ▲17NETHERLANDS 295 6 182 3 226 11 ▲2544 ▲62Korea 53 1 122 2 0 0 - ▼57FRANCE 16 0 0 0 0 0 ▲207329842 -SouthAfrica 16 0 19 0 13 1 ▲2411 ▼18ANGOLA 0 0 0 0 0 0 ▲576 ▼54HighSea 0 0 0 0 0 0 - -CYPRUS 0 0 0 0 0 0 - ▼34Other 0 0 421 7 884 44 ▼100 ▼100Total 4,788 100 6,111 100 2,026 100 ▲4688 ▼22

Value(N$m) %share Value(N$m) %share Value(N$m) %shareMARSHALLISLANDS 2,416 71 2,258 81 0 0 - ▲7SINGAPORE 977 29 471 17 0 0 ▲25187632 ▲107ANGOLA 3 0 0 0 0 0 - ▲7629SouthAfrica 1 0 1 0 12 10 ▼94 ▲25LUXEMBOURG 0 0 0 0 0 0 - -CYPRUS 0 0 0 0 0 0 - ▲38PHILIPPINES 0 0 0 0 0 0 - -GHANA 0 0 0 0 0 0 - -BOTSWANA 0 0 0 0 0 0 ▼81 ▼83FRANCE 0 0 0 0 0 0 - -Other 0 0 65 2 101 89 ▼100 ▼100Total 3,398 100 2,796 100 113 100 ▲2912 ▲22

Value(N$m) %share Value(N$m) %share Value(N$m) %shareCHINA 1,905 56 1,958 69 847 38 ▲125 ▼3FRANCE 970 29 773 27 609 27 ▲59 ▲26CANADA 283 8 0 0 0 0 ▲188858627 ▲6500315SPAIN 117 3 0 0 0 0 - -AUSTRALIA 108 3 0 0 0 0 ▲63296 ▲2108127SINGAPORE 6 0 9 0 5 0 ▲15 ▼33ANGOLA 1 0 0 0 0 0 - -SouthAfrica 0 0 0 0 0 0 ▲2176 ▲24UNITEDKINGDOM 0 0 0 0 0 0 ▲194 ▼83GERMANY 0 0 0 0 3 0 ▼100 ▲5900Other 0 0 77 3 783 35 ▼100 ▼100Total 3,391 100 2,818 100 2,248 100 ▲51 ▲20

Value(N$m) %share Value(N$m) %share Value(N$m) %shareSPAIN 646 34 1,091 42 604 30 ▲7 ▼41SouthAfrica 364 19 343 13 374 19 ▼3 ▲6ZAMBIA 266 14 228 9 254 13 ▲5 ▲17DEMOCRATICREPUBLICOFCONGO 192 10 195 7 178 9 ▲8 ▼2MOZAMBIQUE 113 6 58 2 33 2 ▲242 ▲95ITALY 82 4 138 5 176 9 ▼53 ▼40PORTUGAL 58 3 66 3 75 4 ▼23 ▼12GERMANY 39 2 214 8 23 1 ▲67 ▼82FRANCE 38 2 104 4 50 2 ▼23 ▼63URUGUAY 19 1 16 1 12 1 ▲60 ▲20Other 101 5 167 6 232 12 ▼56 ▼39Total 1,919 100 2,622 100 2,010 100 ▼5 ▼27

PreciousStonesandMetals


Copper


Vessels


Ores


Fish


32

Table14:Keyre-exportsbypartner

Value(N$m) %share Value(N$m) %share Value(N$m) %shareCHINA 2,094 47 3,359 58 0 0 - ▼38BELGIUM 2,004 45 1,743 30 620 37 ▲223 ▲15NETHERLANDS 295 7 182 3 226 13 ▲30 ▲62Korea 40 1 122 2 0 0 - ▼67FRANCE 16 0 0 0 0 0 - -SouthAfrica 3 0 2 0 3 0 ▼17 ▲57ANGOLA 0 0 0 0 0 0 ▼72 ▼63ZAMBIA 0 0 273 5 0 0 ▲10 ▼100DEMOCRATICREPUBLICOFCONGO 0 0 0 0 0 0 ▼100 -SWITZERLAND 0 0 101 2 588 35 ▼100 ▼100Other 0 0 47 1 246 15 ▼100 ▼100Total 4,451 100 5,829 100 1,684 100 ▲164 ▼24

Value(N$m) %share Value(N$m) %share Value(N$m) %shareMARSHALLISLANDS 2,416 71 2,258 81 0 0 - ▲7SINGAPORE 977 29 471 17 0 0 ▲25187632 ▲107ANGOLA 3 0 0 0 0 0 - ▲7629SouthAfrica 0 0 0 0 11 10 ▼96 ▲1LUXEMBOURG 0 0 0 0 0 0 - -CYPRUS 0 0 0 0 0 0 - ▲38PHILIPPINES 0 0 0 0 0 0 - -GHANA 0 0 0 0 0 0 - -FRANCE 0 0 0 0 0 0 - -ZIMBABWE 0 0 0 0 0 0 - -Other 0 0 65 2 101 90 ▼100 ▼100Total 3,398 100 2,795 100 112 100 ▲2924 ▲22

Value(N$m) %share Value(N$m) %share Value(N$m) %shareUnitedStatesofAmerica 420 28 338 21 294 22 ▲43 ▲24BELGIUM 257 17 295 18 258 19 ▼0 ▼13INDIA 204 14 247 15 57 4 ▲259 ▼18SWITZERLAND 203 13 79 5 128 10 ▲59 ▲157ISRAEL 154 10 104 6 187 14 ▼18 ▲48HONGKONG 117 8 282 17 311 23 ▼62 ▼59SouthAfrica 75 5 248 15 33 2 ▲128 ▼70UNITEDARABEMIRATES 62 4 26 2 15 1 ▲324 ▲137BOTSWANA 15 1 9 1 46 3 ▼68 ▲57IMPORTEDFROMVARIOUSCOUNTRIES 1 0 0 0 0 0 - ▲2373Other 0 0 0 0 0 0 ▲4013 ▲2329Total 1,507 100 1,629 100 1,329 100 ▲13 ▼7

Value(N$m) %share Value(N$m) %share Value(N$m) %shareSouthAfrica 247 63 235 62 270 67 ▼8 ▲5ZAMBIA 68 17 41 11 22 5 ▲206 ▲64ZIMBABWE 27 7 30 8 14 3 ▲98 ▼12BOTSWANA 18 5 39 10 48 12 ▼62 ▼53ANGOLA 13 3 15 4 34 9 ▼63 ▼15DEMOCRATICREPUBLICOFCONGO 10 2 7 2 5 1 ▲109 ▲49MALAWI 4 1 1 0 1 0 ▲213 ▲204GERMANY 2 1 5 1 3 1 ▼21 ▼51TANZANIA 1 0 6 2 0 0 ▲300 ▼90MOZAMBIQUE 0 0 0 0 0 0 - ▲2567Other 1 0 1 0 7 2 ▼83 ▲75Total 391 100 380 100 404 100 ▼3 ▲3

Value(N$m) %share Value(N$m) %share Value(N$m) %shareSouthAfrica 142 45 112 67 132 54 ▲7 ▲26UNITEDKINGDOM 39 12 9 5 0 0 ▲55504 ▲343ANGOLA 30 10 9 5 23 9 ▲31 ▲234GERMANY 24 8 2 1 2 1 ▲1092 ▲1160Equatorialguinea 20 6 0 0 0 0 - -MALAWI 9 3 0 0 0 0 - ▲5527505GHANA 7 2 0 0 0 0 ▲18662 ▲6491SAUDIARABIA 6 2 0 0 0 0 - -ZAMBIA 6 2 10 6 24 10 ▼76 ▼41DEMOCRATICREPUBLICOFCONGO 6 2 4 2 2 1 ▲136 ▲50Other 30 9 22 13 63 26 ▼53 ▲32Total 317 100 168 100 246 100 ▲29 ▲89

Copper


Vessels&Boats


PreciousStones&Metals


MotorVehicles&parts

Partner q4-2018 q3-2018 q4-2017 %∆y/y %∆q/q

IndustrialMachinery


33

Table15:KeyImportsbypartner

Value(N$m) %share Value(N$m) %share Value(N$m) %shareZAMBIA 3,508 98 4,006 98 1,504 99 ▲133 ▼12DEMOCRATICREPUBLICOFCONGO 26 1 73 2 0 0 - ▼64SouthAfrica 16 0 18 0 16 1 ▲3 ▼8GREECE 12 0 0 0 0 0 - -CHINA 0 0 0 0 0 0 ▲28 ▲125GERMANY 0 0 1 0 0 0 ▼32 ▼61UnitedStatesofAmerica 0 0 0 0 0 0 ▼66 ▼28UNITEDKINGDOM 0 0 0 0 0 0 ▲33 ▲935NORWAY 0 0 0 0 0 0 - -SWEDEN 0 0 0 0 0 0 - -Other 0 0 0 0 1 0 ▼85 ▼35Total 3,564 100 4,098 100 1,522 100 ▲134 ▼13

Value(N$m) %share Value(N$m) %share Value(N$m) %shareSouthAfrica 1,167 38 765 22 620 27 ▲88 ▲52UNITEDARABEMIRATES 566 18 346 10 208 9 ▲172 ▲64Oman 324 11 362 10 96 4 ▲238 ▼11TUNISIA 282 9 226 7 0 0 - ▲25INDIA 177 6 298 9 363 16 ▼51 ▼40SINGAPORE 154 5 220 6 44 2 ▲250 ▼30MALAYSIA 145 5 0 0 0 0 - -SWITZERLAND 75 2 58 2 0 0 - ▲29CHINA 58 2 238 7 0 0 ▲228596 ▼76PANAMA 45 1 8 0 0 0 - ▲489Other 84 3 935 27 973 42 ▼91 ▼91Total 3,077 100 3,456 100 2,304 100 ▲34 ▼11

Value(N$m) %share Value(N$m) %share Value(N$m) %shareSouthAfrica 1,281 64 1,235 63 1,259 68 ▲2 ▲4UnitedStatesofAmerica 216 11 97 5 89 5 ▲143 ▲123CHINA 146 7 211 11 170 9 ▼14 ▼31GERMANY 41 2 89 5 70 4 ▼42 ▼54CANADA 36 2 36 2 11 1 ▲226 ▼1SPAIN 34 2 65 3 15 1 ▲124 ▼48ITALY 29 1 6 0 22 1 ▲31 ▲396JAPAN 22 1 12 1 18 1 ▲19 ▲79IMPORTEDFROMVARIOUSCOUNTRIES 18 1 19 1 11 1 ▲70 ▼3UNITEDKINGDOM 17 1 43 2 15 1 ▲11 ▼62Other 158 8 156 8 176 10 ▼10 ▲1Total 1,998 100 1,971 100 1,856 100 ▲8 ▲1

Value(N$m) %share Value(N$m) %share Value(N$m) %shareBAHAMAS 1,077 61 1,077 35 0 0 - ▲0SouthAfrica 255 14 4 0 31 6 ▲721 ▲6030SPAIN 240 14 48 2 94 18 ▲155 ▲402NORWAY 121 7 0 0 0 0 - -FalklandIslands(Malvinas) 78 4 0 0 0 0 - -BOTSWANA 0 0 1 0 0 0 ▲141 ▼42THAILAND 0 0 0 0 0 0 - -FRANCE 0 0 0 0 0 0 - -GHANA 0 0 0 0 0 0 - ▲0HighSea 0 0 0 0 0 0 - -Other 0 0 1,988 64 405 76 ▼100 ▼100Total 1,772 100 3,118 100 530 100 ▲234 ▼43

Value(N$m) %share Value(N$m) %share Value(N$m) %shareSouthAfrica 1,419 88 1,743 79 1,614 86 ▼12 ▼19JAPAN 63 4 77 3 76 4 ▼17 ▼18UNITEDKINGDOM 49 3 70 3 58 3 ▼14 ▼29CHINA 33 2 127 6 9 0 ▲256 ▼74UnitedStatesofAmerica 12 1 11 1 11 1 ▲9 ▲11BOTSWANA 9 1 75 3 13 1 ▼31 ▼88THAILAND 7 0 8 0 5 0 ▲51 ▼3SINGAPORE 4 0 7 0 2 0 ▲154 ▼41GERMANY 4 0 7 0 4 0 ▲4 ▼47INDIA 2 0 34 2 16 1 ▼87 ▼94Other 13 1 48 2 63 3 ▼80 ▼73Total 1,615 100 2,206 100 1,870 100 ▼14 ▼27

Copper


Oils&MineralFuels


IndustrialMachinery


VesselsandBoats


MotorVehiclesandParts


34

Table16:Exportsbyeconomicregion

EconomicRegion q4-2018 q3-2018 q4-2017 %∆y/y %∆q/qValues(N$m) %share Values(N$m) %share Values(N$m) %share

EU 6,140 25 5,716 23 4,560 25 ▲35 ▲7SACU 5,844 24 6,865 27 7,355 40 ▼21 ▼15BRIC 4,401 18 5,851 23 1,618 9 ▲172 ▼25SADC-NONSACU 1,863 8 1,955 8 1,521 8 ▲22 ▼5COMESA 1,511 6 1,717 7 1,286 7 ▲17 ▼12EFTA 210 1 191 1 1,099 6 ▼81 ▲10Total 24,759 100 25,140 100 18,424 100 ▲34 ▼2 Table17:Importsbyeconomicregion

q4-2018 q3-2018 q4-2017Values(N$m) %share Values(N$m) %share Values(N$m)

SACU 14,737 54 13,316 45 14,338 60 ▲3 ▲11COMESA 3,787 14 5,396 18 1,742 7 ▲117 ▼30SADC-NONSACU 3,715 14 5,352 18 1,714 7 ▲117 ▼31BRIC 1,983 7 2,334 8 2,065 9 ▼4 ▼15EU 1,372 5 2,259 8 1,941 8 ▼29 ▼39EFTA 237 1 127 0 36 0 ▲557 ▲87Total 27,085 100 29,763 100 23,975 100 ▲13 ▼9

EconomicRegion %share %∆y/y

Table18:Exportbymodeoftransport

%∆y/yValue(N$m) %share Value(N$m) %share Value(N$m) %share

Sea 14,631 59 14,850 59 7,499 41 ▲95 ▼1Air 5,399 22 5,893 23 6,811 37 ▼21 ▼8Road 4,698 19 4,352 17 4,112 22 ▲14 ▲8Total 24,759 100 25,140 100 18,424 100 ▲34 ▼2

%∆q/qModeofTransport q4-2018 q3-2018 q4-2017

Table19:Importbymodeoftransport

q4-2018 q3-2018 q4-2017 %∆y/yValue(N$m) %share Value(N$m)%share Value(N$m)%share

Road 17,326 64 17,125 58 15,242 64 ▲14 ▲1Sea 8,473 31 11,386 38 7,459 31 ▲14 ▼26Air 1,270 5 1,240 4 1,248 5 ▲2 ▲2Total 27,085 100 29,763 100 23,975 100 ▲13 ▼9

ModeofTransport %∆q/q

35

Table20:TradebyOffice

Values % Values % Values % Values % Values % Values %(N$m) Share (N$m) Share (N$m) Share (N$m) Share (N$m) Share (N$m) Share

ARIAMSVLEI 849 3 3,995 15 965 4 4,265 14 900 5 4,440 19ErosAirport 2,002 8 471 2 2,537 10 534 2 2,267 12 667 3F.P.duToit 0 0 850 3 0 0 798 3 0 0 913 4GOBABIS 0 0 0 0 0 0 0 0 0 0 0 0GROOTFONTEIN 0 0 0 0 0 0 0 0 0 0 0 0ChiefHoseaKutakoIntlAirport 3,385 14 753 3 3,360 13 698 2 4,542 25 568 2IMPALILAISLAND 0 0 3 0 0 0 3 0 0 0 7 0KATIMAMULILO 0 0 0 0 0 0 0 0 0 0 0 0Katwitwi 9 0 1 0 6 0 0 0 6 0 0 0KEETMANSHOOP 0 0 0 0 0 0 0 0 0 0 0 0LUDERITZ 877 4 467 2 735 3 469 2 1,169 6 429 2KleinManase 0 0 1 0 0 0 1 0 0 0 0 0MOHEMBO 13 0 24 0 9 0 24 0 7 0 40 0NGOMA 47 0 98 0 51 0 91 0 54 0 129 1NOORDOEWER 1,162 5 2,559 9 620 2 2,297 8 911 5 2,839 12OMAHENENE 3 0 0 0 13 0 0 0 20 0 1 0ONDANGWA 0 0 0 0 0 0 0 0 0 0 0 0ORANJEMUND 41 0 302 1 56 0 277 1 15 0 297 1Oshakati 0 0 1 0 0 0 0 0 0 0 0 0OSHIKANGO 148 1 5 0 142 1 19 0 187 1 13 0Otjiwarongo 0 0 0 0 0 0 0 0 0 0 0 0RUACANA 0 0 0 0 0 0 0 0 0 0 0 0Rundu 1 0 1 0 1 0 1 0 1 0 1 0TransKalahari 1,228 5 5,353 20 1,369 5 4,398 15 999 5 4,457 19TSUMEB 0 0 1 0 0 0 0 0 0 0 0 0INTERNATIONALAIRPORT-WINDHOEK 0 0 4 0 0 0 3 0 0 0 7 0WALVISBAY 13,730 55 8,113 30 14,057 56 11,059 37 6,340 34 7,042 29WENELA 1,235 5 3,633 13 1,174 5 4,385 15 1,005 5 1,628 7WINDHOEKREGIONALWAREHOUSEOFFICE 0 0 415 2 0 0 419 1 0 0 455 2WindhoekRegionalOffice 29 0 17 0 45 0 12 0 0 0 27 0WINDHOEKREGIONALEXCISEOFFICE 0 0 17 0 0 0 9 0 0 0 15 0Total 24,759 100 27,085 100 25,140 100 29,763 100 18,424 100 23,975 100

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