Namibia’s trade deficit widened to N$3.6 billion in August 2024, as imports at N$12.3 billion outpaced exports amounting to N$8.7 billion.
According to the Namibia Statistics Agency, during August 2024, exports decreased by 12.7% from N$10.0 billion recorded in July 2024 and increased by 18.2% when compared to August 2023.
“The import value increased by 1.9% when compared to the value recorded in July 2024 and decreased by 0.1% when compared to the value of N$12.3 billion recorded in August 2023,” added the agency in its Namibia International Merchandise Trade Statistics Bulletin for the month.
This comes as petroleum oils contributed the most to the trade deficit having recorded a deficit of N$1.2 billion.
“In second place was fertilisers, with a deficit of N$375 million followed by motor vehicles for the transportation of goods with a deficit of N$348 million in third position,” said NSA.
On the other hand, Namibia’s trade surplus on precious stones (diamonds) stood at N$1.7 billion while non-monetary gold and fish had a trade surplus of N$1.4 billion and N$1.2 billion, respectively.
Meanwhile, South Africa emerged as the country’s largest export destination, with a share of 25.1% of all goods exported, followed by Botswana with a share of 19.0%.
Furthermore, Zambia, China and Spain formed part of Namibia’s top five export markets.
“The demand side saw South Africa maintaining its position as the country’s largest source for imports, accounting for 43.8% of total imports into Namibia followed by China in second position with 10.0% of the market share,” said NSA.
Qatar, the United Arab Emirates and Oman 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 the export basket accounting for 19.5 % of Namibia’s total exports ahead of non-monetary gold with 16.0% and fish with a share of 13.7%.
Lastly, petroleum oils at 6.7% and nickel ores and concentrates at 6.3% came in fourth and fifth positions.
“Petroleum oils was the highest valued commodity with a share of 14.1 % of total imports, followed by fertilisers and motor vehicles for the transportation of goods’ with shares of 3.8% and 3.6%, respectively,” NSA said in terms of imports.
Inorganic chemical elements and civil engineering and contractors’ equipment accounted for 3.1% and 2.7% share of total imports, respectively.
