At a time when the country’s trade deficit was worsening to N$3,3 billion from the revised deficit of N$619 million, Namibians were busy importing trousers and breeches from South Africa.
According to latest figures from the Namibia Statistics Agency (NSA), Namibians imported trousers and breeches to the value of N$10 million during the month of April from South Africa.
“The month of April 2022, saw Namibia’s total merchandise trade amounting to N$14.4billion, a decrease of 20.3% when compared to N$18.0 billion recorded in March 2022 and an increase of 13.0% when compared to N$12.7 billion recorded in April 2021. On the contrary, the country’s trade deficit exacerbated to N$3.3 billion from the revised deficit of N$619 million recorded in March 2022 and far worse from a surplus of N$365 billion witnessed in April 2021,” said NSA Statistician General Alex Shimuafeni said.
He said Namibia’s trade composition by partner showed that South Africa emerged as Namibia’s largest market for exports with Botswana in second position as the largest source market for the country.
The composition of the export basket for the month of April 2022 was mainly comprised of minerals such as precious stones (diamonds), uranium as well as non-monetary gold. Fish continued to be the only non-mineral commodity within the top five products exported.
“On the other hand, the import basket was mainly comprised of petroleum oils, inorganic chemical elements, sulphur and unroasted iron pyrites as well as motor vehicles for the transportation of goods,” said Shimuafeni.
Exports increased by a notable N$2.7 billion from its initial level of N$6 billion to the current level of N$8.7 billion, imports increased from N$8.9 billion to N$9.3 billion.
“The trade deficit improved tremendously by N$2.3 billion to the current deficit of N$619 million. The current revisions on exports were mainly attributed to the revised export value for uranium, ores and concentrates of base metals as well as fish, while on the demand side it was contributed by the revised increase in petroleum oils; Motor vehicles for the transportation of goods and equipment for distributing electricity.
For the month of April 2022, Namibia’s exports earnings stood at N$ 5.5 billion (resulting in a decrease of 36.4% on a monthly basis) while the imports bill amounted to N$8.8 billion (a decline of 5.2% monthly). This resulted in a trade deficit of N$3.3 billion, when compared to the month of March 2022 the trade balance worsened by 433.9%.
Cumulative total trade values show that Namibia’s trade activities went up for the month of April 2022 when compared to the same month of 2021.
Cumulative total trade (import + export) for the month of April 2022 stood at N$14.4 billion, a noticeable 13.0% increase from N$12.7 billion witnessed in April 2021.
In April 2022, manufactured products emerged as the largest exported goods with a value of N$2.9 billion, absorbing 53.1% of total exports.
Export of products from the manufacturing industry decreased by N$1.5 billion from N$4.4 billion recorded in March 2022.
“The Mining and quarrying industry came in second with exports valued at N$2.2 billion in April 2022. Exported products from this industry, decreased with a notable N$1.7 billion from N$3.9 billion recorded in March 2022,” said Shimuafeni.
The demand side, was mainly dominated by products from the manufacturing industry, with an import bill of N$6.6 billion in April 2022, translating into an incredible 74.9% share of the total import bill.
“This however is a decrease of N$162 million from N$6.8 billion recorded the previous month. Mining and quarrying goods imported took a share of 20.2% of the total imports for the month of April 2022, the bill decreased by N$397 million from N$2.2 billion,” NSA said.
