Brexit threatens N$800 million Namibian exports

THE 23 June vote by Britain to leave the European Union (Brexit) threatens to negatively affect Namibia's beef and fish exports to the country, currently valued at N$800 million.This figure was given by minister of finance Calle Schlettwein this week in an update on the state of the economy. “The impact of the envisaged exit, which is anticipated to materialise in two years, has wider ramifications for the UK, the European Union and the global economy. Namibia as a small open economy that is also trading with the UK and home to some UK investors is also not immune from the impact of the envisaged exit,” Schlettwein said. “External demand weaknesses as well as indirect impacts through UK trade with South Africa are expected to weigh on Namibia in the medium-term,” said Schlettwein. He said the impact will also be felt through exchange rate unpredictability as a result of the currency peg with the South African rand.