Trade deficit narrows to N$412m in February

Namibia’s trade deficit for the month of February 2023 stood at N$412 million as exports amounted to N$8.1 billion while imports were N8.5 billion, latest trade statistics show.

According to the Namibia Statistics Agency, the import value decreased by 21.1% when compared to the value recorded in January 2023 and 20.5% when compared to its value of N$10.7 billion recorded in February 2022.

Namibia Statistics Agency’s Statistician-General Alex Shimuafeni said exports increased by 1.6% from N$8 billion registered in February 2022. 

“During the month of February 2023, the country’s trade balance remained in a deficit improving by 86.2% (monthly) and 84.9% (yearly) from N$3.0 billion recorded in January 2023 and N$2.8 billion observed in February 2022, respectively,” Shimuafeni said.

This comes as the country’s export earnings during the period under review rose by 3.8% from its value of N$7.8 billion recorded in January 2023.

“South Africa emerged as the country’s largest export destination, with a share of 17.7% of all goods exported followed by Botswana with a share of 15.3%. Furthermore, China, Belgium, and Zambia formed part of Namibia’s top five export markets,” Shimuafeni said.

He added that Namibia’s trade composition by partner showed that South Africa emerged as Namibia’s largest market for exports as well as imports. 

“The composition of the export basket for the month of February 2023 mainly consisted of minerals such as precious stones (diamonds), uranium, non-monetary gold and copper blisters. Fish was the only non-mineral product within the top five products exported,” said Shimuafeni.

“On the other hand, the import basket mainly consisted of petroleum oils, motor cars for the transportation of persons, motor vehicles for the transportation of goods, civil engineering and contractors’ equipment as well as Alcoholic beverages.” 

Meanwhile, re-exports decreased by 3.1% month-on-month and 25% year-on-year.

The re-exports basket mainly consisted of copper blisters, precious stones (diamonds) and petroleum oils.

Analysis for the commodity of the month focused on both the exportation and importation of Sheath contraceptives.

“Namibia imported Sheath contraceptives worth N$0.1 million wholly sourced from South Africa while no export of Sheath contraceptives was witnessed in the month under review,” Shimuafeni said.

Namibia’s trade by mode of transport revealed that in February 2023, vast goods were exported via sea, accounting for 38% of total exports, followed by air transport with 35% and road transport with 27%.

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Last modified on Wednesday, 05 April 2023 18:20

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