Namibia's trade deficit increased to N$2.2 billion in March this year as exports and imports amounted to N$10.2 billion and N$12.4 billion respectively, latest trade statistics reveal.

 

The Namibia Statistics Agency reported a 26.3% increase in exports from the prior month's value, with Statistician-General Alex Shimuafeni stating that exports rose by 15.3% from N$8.9 billion registered in March 2022.

 

However, the country's trade balance remained in a deficit, worsening by N$1.8 billion (month-on-month) and N$1.7 billion (year-on-year) from N$453 million recorded in February 2023 and N$539 million recorded in March 2022.

 

"Namibia’s trade improved when compared to the month of February 2023. However, certain goods contributed more to the monthly deficit with Petroleum oils recording an import bill of N$2.2 billion and a deficit of N$1.7 billion, in second place was ‘Copper ores and concentrates’ with a deficit of N$1.5 billion.

Namibia is set to host Finland President Sauli Niinistö, who will lead a business delegation to the country as part of a state visit from April 27 to 28, 2023.

Namibia and South Africa have signed over a 100 bilateral Agreements and Memoranda of Understanding covering a wide range of sectors including tourism.

Trade between Namibia and South Africa grew to N$67.1 billion for both import and export last year, an increase from N$59.1 billion recorded in 2021, as the two countries continue to harness good partnerships, an official has said.

Standard Bank Namibia is set to assist local businesses import products from China by providing financial services and directly linking them to credible and vetted suppliers.

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