Namibia’s trade balance improved significantly in June 2024, with the deficit narrowing to N$825 million from N$3.4 billion in May 2024, latest data shows.
Namibia Statistics Agency (NSA) Statistician General and CEO Alex Shimuafeni said the positive trend was driven by a 37.4% surge in exports to N$57.6 billion, offsetting a 7.7% increase in imports to N$13.7 billion.
“During the month of June 2024, the country’s trade balance stood at a deficit of N$825 million, a notable improvement when compared to N$3.4 billion and N$1.5 billion recorded in May 2024 and June 2023, respectively,” he said.
The NSA’s Trade Statistics Bulletin shows that petroleum oils were the primary contributor to the trade deficit, accounting for a shortfall of N$1.7 billion.
Copper ores and concentrates followed, with a deficit of N$1.6 billion, while rotating electric plants and parts thereof contributed a deficit of N$426 million.
On the other hand, uranium dominated exports, accounting for a surplus of N$3.7 billion and 28.5% of the total, followed by precious stones with a surplus of N$2.3 billion (diamonds) at 18.4% and fish at N$1.1 billion, or 8.9%.
Moreover, China emerged as Namibia’s top export market, accounting for 24.1%, or a trade surplus of N$2.0 billion, and the United States at N$1.0 billion, or 10.7% of total exports.
This was followed by Botswana with a surplus of N$2.2 billion (17.3%).
Meanwhile, the country has a trade deficit of N$3.1 billion with South Africa at 13.6% and Zambia at 7.7%.
South Africa remained Namibia’s primary import source, contributing 35.6% to the import bill.
Peru (12.3%), China (8.1%), Germany (5.7%), and Oman (5.6%) were the other major suppliers.
Petroleum oils topped the import list at 15.4%, followed by copper ores and concentrates (12.3%) and nickel ores and concentrates (3.8%).
It is reported that the Southern African Customs Union (SACU) remained Namibia’s largest export market, contributing 31.0% of total exports.
The Organisation for Economic Co-operation and Development (OECD) and the BRICS nations followed with shares of 25.8% and 24.5%, respectively.
On the import side, SACU was the leading source, providing 36.3% of total imports, followed by the OECD (18.1%) and BRICS (13.1%).
Sea transportation was the dominant mode for both exports (52.8%) and imports, accounting for N$6.7 billion (48.5%).
Air transport accounted for 26.7% of exports and 3.4% of imports, while road transport handled 20.5% of exports and 48.1% of imports.
Namibia imported a total of 362,993 tonnes of goods in June 2024.
Most goods (187,172 tonnes) arrived by road, with a slight increase month-over-month and a substantial increase year-over-year.
Sea transport accounted for 175,588 tonnes, showing a decrease from May 2024 but a significant increase compared to June 2023. Air transport was minimal at 183 tonnes.
Namibia exported N$9 million worth of goods to Tanzania under the AfCFTA in June 2024, primarily alcoholic beverages.
Imports from Tanzania amounted to N$1.9 million, with manufactured tobacco as the main product.
The report further says that Namibia was a net exporter of food items in June 2024, with a trade surplus of N$202 million.
Fish and meat were the top export categories, while sugar and cereals led imports. The country was a net importer of beverages.
The country exported N$24,599 worth of coffee and cocoa in June 2024 while importing N$14.9 million, primarily from South Africa and Germany.
