November 01, 2024
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Namibia records N$1.4-billion trade deficit in July

August 01, 2023 1996
Namibia records N$1.4-billion trade deficit in July

Namibia recorded a trade deficit of N$1.4 billion for the month of July 2023, down from N$2.8 billion in June, official figures reveal. 

According to the Namibia Statistics Agency figures, the country’s exports stood at N$8.7 billion while imports at N$10.1 billion, resulting in a trade deficit of N$1.4 billion. 

"Namibia’s exports continue to be on an upward trajectory recording N$51.6 billion for the first six months of 2023, higher when compared to N$45.0 billion registered during the same period of 2022," the Namibia Statistics Agency (NSA) said. 

On the import side, cumulative trade for the first six months amounted to N$62.8 billion, an increase of N$1.6 billion when compared to the same period of the previous year. 

In the latest trade statistics, NSA said during the month of June 2023, exports decreased by 5.9% from N$9.2 billion recorded in May 2023. 

Additionally, exports decreased by 1.1% from N$8.8 billion registered in June 2022. The import value decreased by 15.9% when compared to the value recorded in May 2023 and increased by 13.5% when compared to its value of N$8.9 billion recorded in June 2022.

South Africa emerged as the country’s largest export destination, with a share of 20.5 percent of all goods exported, followed by Botswana with a share of 18.3%. 

Zambia, China and the United Arab Emirates formed part of Namibia’s top five export markets.

The demand side saw South Africa maintaining its first position as the country’s largest source of imports, accounting for 46.4% of total imports into Namibia followed by China with 11.7% of the market share. 

Malaysia, the United States of America and Italy also formed part of Namibia’s top five import markets. 

"The analysis of exports by commodities revealed that precious stones (diamonds) had the largest share of 27.1% of Namibia’s total exports ahead of fish with 17.1% and non-monetary gold with a share of 9.2%. Uranium accounted for 7.3% in fourth position and copper and articles of copper came in fifth position contributing 5.4 percent," the Agency said.

In terms of imports, petroleum oils were the highest valued commodity with a share of 10.1% of total imports, followed by precious stones (diamonds) with a share of 5.3% while motor vehicles for the transport of goods came third with a share of 4.9%. 

Furthermore, thermionic valves and tubes and civil engineering and contractors' equipment contributed 4.4% and 3.2%, respectively.

In terms of regional composition, SACU emerged as the largest export market during the month of June 2023, contributing 38.8% to total exports. 

OECD ranked second with a share of 23.7% while European Union and Southern African Development Community excluding the Southern African Customs Union accounted for 20.7% and 17.0%, respectively.

The Common Market for Eastern and Southern Africa absorbed 15.8% of Namibia’s total exports. 

Namibia recorded trade surpluses with Botswana of N$1.2 billion, Zambia (N$682 million) and Belgium (N$604 million). However, trade deficits were recorded against South Africa (N$2.5 billion), China (N$459 million) and India (N$317 million) during the period under review.

 

 

 

 

 

 

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Last modified on Wednesday, 02 August 2023 12:49
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