Namibia’s exports decline 49.4% in July Featured

NSA CEO and Statistician General, Alex Shimuafeni NSA CEO and Statistician General, Alex Shimuafeni

Namibia’s exports for the month of July declined by 49.4%, with imports retreating by 23.1%, latest figures from the Namibia Statistics Agency (NSA) show.

“The value of exports in July 2021 slowed, dropping by 49.4% to N$4.8 billion from its June 2021 level of N$9.4 billion. Imports stood at N$7.9 billion, dropping by 23.1% on monthly basis while on annual basis a decline of 20.9% was observed from its July 2020 level of N$10 billion,” NSA CEO and Statistician General, Alex Shimuafeni said.

The country’s total merchandise trade declined by 35.7% to N$12.7 billion and 23.6 percent when compared to the levels of N$19.7 billion and N$16.6 billion recorded in June 2021 and July 2020, respectively,

The country’s trade balance according to NSA remained in a deficit amounting to N$3.2 billion from a deficit of N$902 million recorded in June 2021 and N$3.4 billion obtained in in July 2020.

For the month of July 2021, the export bill for Namibia amounted to N$4.8 billion down by 49.4% from June 2021 while the import bill stood at N$7.9 billion down by 23.1% from June 2021.

South Africa emerged as Namibia’s largest market for both exports and imports for period under review.

“The composition of the export basket mainly comprised of minerals such as copper, precious stones (diamonds), non-monetary gold as well as ores and concentrates of base metals. As usual, fish remained the only non-mineral product among the top five exports. On the other hand, the import basket comprised mainly of copper, petroleum oils, ores of precious metals, precious stones (diamonds) and medicaments,” he said.

The country’s July 2021 trade figures according to NSA, indicated that re-exports declined by 28.6% month-on-month and 21.2% year-on-year.

“Important to note is that copper appears as the most dominant commodity on both trade flows indicating the vital role the country plays as a major logistics hub for SADC. The report further reflected that Walvis Bay is the main border post for goods exported while Ariamsvlei was the main entry point for goods imported during the period under review,” Shimuafeni said.

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Last modified on Saturday, 11 September 2021 09:29

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