{"id":31180,"date":"2022-10-11T16:35:51","date_gmt":"2022-10-11T16:35:51","guid":{"rendered":"https:\/\/www.africa-press.net\/namibia\/all-news\/scrap-metal-a-million-dollar-business"},"modified":"2022-10-11T16:51:51","modified_gmt":"2022-10-11T16:51:51","slug":"scrap-metal-a-million-dollar-business","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/namibia\/all-news\/scrap-metal-a-million-dollar-business","title":{"rendered":"Scrap metal, a million-dollar business"},"content":{"rendered":"

Africa-Press – Namibia. <\/strong><\/span>CONSIDERED a source of living for many informal settlement residents and the homeless, scrap metal has pushed up a N$35 million export bill in August, and over N$1 billion over the last three years.<\/p>\n

The industry which typically is made up of ferrous and non-ferrous metals, and Namibia has participated in it largely on the export side.<\/p>\n

Core exported metals are those that contain some residue of steel, iron, aluminium, copper, lead, nickel, tin, titanium and zinc.<\/p>\n

Copper alloys like brass and bronze are also part of the package and are mainly salvaged from tin cans, old electric appliances, old vehicles and construction industry tools.<\/p>\n

These are mainly exported to South Africa, because Namibia’s recycling industry is still relatively at its infancy.<\/p>\n

Uptake by local entrepreneurs has improved of late, however, Scrap Salvage, a privately owned company, controls a big portion of the scrap metal industry.<\/p>\n

The homeless and scrap metal dealers line up and drop off scrap metals at their designated industrial warehouses countrywide on a daily basis.<\/p>\n

Upcoming businesses, such as John Henry Waste Management CC, which employs around 14 people, has also earned its place in the industry.<\/p>\n

Owner Alejandro van den Heever says despite abundant waste, recycling machines are not available in the country.<\/p>\n

Data from the Namibia Statistics Agency (NSA) shows that most scrap metals are exported by sea, and sometimes by road.<\/p>\n

TRADE BALANCE<\/p>\n

Namibia was still on the negative end of the trade balance in August, incurring a trade deficit of N$2,9 billion.<\/p>\n

Exports for the month were recorded at N$7,2 billion, while imports sat at N$10,1 billion.<\/p>\n

Trade deficits are not new to the local economy, however, there have been improvements in certain months in certain goods.<\/p>\n

Data from the NSA shows that, despite the overall trade deficit, minerals especially have recorded export figures way above imports.<\/p>\n

Other strong export figures, when compared to imports, have been recorded for art, which saw the month of August hitting exports worth N$15 million, while imports stood at N$6 million.<\/p>\n

Live animals ran up an export bill of N$109 million, compared to an import bill of just N$4 million.<\/p>\n

Stone, sand and gravel, meat, leather, wood charcoal, pulp and waste paper showed surplus trade balances at product level.<\/p>\n

Out of the 255 product classes, less than 30 recorded more exports than imports \u2013 and Namibia remains a chronic importer.<\/p>\n

Analysts at Simonis Storm Securities say persistent trade deficits after the Covid-19 pandemic imply that Namibia consumes and invests more than it produces.<\/p>\n

Year to date, the monthly trade deficit for January to August averages N$3,1 billion, compared to N$2,2 billion for the same period last year.<\/p>\n

Exports and imports decreased by 13,1% month on month, and 9,2% month on month, respectively, in August.<\/p>\n

Manufacturing accounted for 48,6%, while mining had 46,0% of Namibia’s exports, decreasing by 14,3% month on month and 11,3% month on month, respectively, in August.<\/p>\n

The main export destinations during August were Botswana, accounting for 22,2%, South Africa 18,0%, China 10,1%, Zambia 8,5%, and the United Arab Emirates 7,1%.<\/p>\n

\u201cGoing forward, a deteriorating global outlook will weigh heavily on Namibia’s export potential. Already, factory orders are declining in some of Namibia’s main export markets, where factory orders have decreased by 8,3% in the United States, 0,6% in China and 46,3% in the European Union year to date,\u201d analysts say.<\/p>\n

But there could be a way out \u2013 exporting more.<\/p>\n

Commodity exports in Namibia improved only from May onwards, when global metal prices started moderating following the outbreak of Russia’s war in Ukraine.<\/p>\n

Data indicates that Namibia missed the opportunity of improved commodity exports earning higher prices.<\/p>\n

\u201cThis implies that if local production and exports improved earlier, export earnings and taxes paid to the government could have been higher,\u201d Simonis says.<\/p>\n

Email: [email protected]<\/p>\n

Twitter: @Lasarus_A<\/p>\n

For More News And Analysis About Namibia<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Namibia. CONSIDERED a source of living for many informal settlement residents and the homeless, scrap metal has pushed up a N$35 million export bill in August, and over N$1 billion over the last three years. The industry which typically is made up of ferrous and non-ferrous metals, and Namibia has participated in it […]<\/p>\n","protected":false},"author":84,"featured_media":31179,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[234,236,233],"class_list":["post-31180","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-namibia","tag-namibia"],"yoast_head":"\nScrap metal, a million-dollar business - Namibia<\/title>\n<meta name=\"description\" content=\"CONSIDERED a source of living for many informal settlement residents and the homeless, scrap metal has pushed up a N$35 ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/namibia\/all-news\/scrap-metal-a-million-dollar-business\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Scrap metal, a million-dollar business\" \/>\n<meta property=\"og:description\" content=\"CONSIDERED a source of living for many informal settlement residents and the homeless, scrap metal has pushed up a N$35 ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/namibia\/all-news\/scrap-metal-a-million-dollar-business\" \/>\n<meta property=\"og:site_name\" content=\"Namibia\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-11T16:35:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-10-11T16:51:51+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/10\/postQueueImg_14-63459ef670b35.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"750\" \/>\n\t<meta property=\"og:image:height\" content=\"503\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/scrap-metal-a-million-dollar-business#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/scrap-metal-a-million-dollar-business\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Scrap metal, a million-dollar business\",\"datePublished\":\"2022-10-11T16:35:51+00:00\",\"dateModified\":\"2022-10-11T16:51:51+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/scrap-metal-a-million-dollar-business\"},\"wordCount\":637,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/scrap-metal-a-million-dollar-business#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/nambia\/sites\/29\/2022\/10\/postQueueImg_14-63459ef670b35.jpg\",\"keywords\":[\"africa press\",\"Africa Press-Namibia\",\"namibia\"],\"articleSection\":[\"all news\",\"economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/namibia\/all-news\/scrap-metal-a-million-dollar-business#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/scrap-metal-a-million-dollar-business\",\"url\":\"https:\/\/www.africa-press.net\/namibia\/all-news\/scrap-metal-a-million-dollar-business\",\"name\":\"Scrap metal, a million-dollar business - 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