Namibia's trade deficit soars by 129.9% in January 2023

June 10, 2023

Namibia's trade deficit soars by 129.9% in January 2023

March 02, 2023

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Namibia's trade deficit soars by 129.9% in January 2023

Namibia's trade deficit has widened by a staggering 129.9% in January 2023, according to the latest trade figures released by the Namibia Statistics Agency (NSA).

The country recorded a trade deficit of N$2.9 billion, which is a significant increase from the N$1.3 billion reported in December 2022.

"The decline in export earnings and increase in import bills imply a trade deficit, which is not sustainable in the long run,” NSA Statistician-General and CEO Alex Shimuafeni said.

Namibia's exports earnings in January 2023 decreased by 27% from N$9.3 billion in December 2022 to N$7 billion. Meanwhile, the import bill for the same month amounted to N$10 billion, representing a decrease of 5.9% from N$10.6 billion in December 2022.

Commenting on the figures, Shimuafeni said, "The demand side was largely dominated by products from the manufacturing industry, with an import bill of N$6.2 billion in January 2023."

The manufacturing industry emerged as the largest exporter in January 2023, with goods valued at N$4.1 billion, absorbing 57.8% of total exports.

Uranium was Namibia's largest export commodity during the same month, accounting for 21.3% of total exports, with most of it destined for France, China, and Canada.

Furthermore, petroleum oils topped the list of imported goods for January 2023, with a share of 32.4% of the nation's total import value, followed by motor vehicles for the transport of goods with a share of 4.5%. Petroleum oils were mostly sourced from Saudi Arabia, Malaysia, and Singapore, while motor vehicles for the transport of goods were mainly sourced from South Africa and China.

During the same month, Namibia imported jewelry valued at N$1.1 million, mainly sourced from South Africa.

"Over the entire period (January 2022 to January 2023), the import value of jewelry monthly averaged at N$2.5 million, with the largest value of N$3.7 million recorded in September 2022 and the lowest value of N$1.1 million recorded in March 2022," Shimuafeni said.

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Last modified on Friday, 03 March 2023 19:27

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The Namibia Statistics Agency reported a 26.3% increase in exports from the prior month's value, with Statistician-General Alex Shimuafeni stating that exports rose by 15.3% from N$8.9 billion registered in March 2022.

However, the country's trade balance remained in a deficit, worsening by N$1.8 billion (month-on-month) and N$1.7 billion (year-on-year) from N$453 million recorded in February 2023 and N$539 million recorded in March 2022.

"Namibia’s trade improved when compared to the month of February 2023. However, certain goods contributed more to the monthly deficit with Petroleum oils recording an import bill of N$2.2 billion and a deficit of N$1.7 billion, in second place was ‘Copper ores and concentrates’ with a deficit of N$1.5 billion.