April 25, 2024
Economy

Trade deficit balloons to N$2.2 billion in March

May 09, 2023
Trade deficit balloons to N$2.2 billion in March

Namibia's trade deficit increased to N$2.2 billion in March this year as exports and imports amounted to N$10.2 billion and N$12.4 billion respectively, latest trade statistics reveal.

 

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.

On the other hand, Namibia exported precious stones (diamonds) worth N$3.3 billion and yielding a trade surplus of N$2.9 billion, uranium’s trade surplus stood at N$1.5 billion."

Botswana emerged as Namibia's largest export destination, with a share of 21.1% of all goods exported, followed by South Africa with a share of 16.7%.

France, Zambia, and China were also among Namibia's top five export markets 

On the demand side, South Africa maintained its position as the country's largest source of imports, accounting for 35.2% of total imports into Namibia, followed by China with 12.6% of the market share.

Peru, the UAE, and Switzerland also formed part of Namibia's top five import markets.

Precious stones (diamonds) had the largest share of 32.4% in Namibia's total exports, ahead of uranium with 14.4% and fish with a share of 12.5%.

"In contrast, petroleum oils were the highest valued commodity in terms of imports, with a share of 17.4% of total imports, followed by 'Copper ores and concentrates' with a share of 12.4%, while motor vehicles for the transportation of goods came third with a share of 5.0%."

SACU emerged as the largest export market during the month of February 2023, contributing 37.8% of total exports.

The OECD ranked second with a market share of 30.8%, while the EU and SADC excluding SACU accounted for 24.7% and 14.3%, respectively.

"The COMESA market absorbed 12.6% of Namibia's total exports. Subsequently, SACU emerged as the largest source of Namibia's imports, with a share of 35.6% of the total import bill, followed by the OECD market with contributions of 18.3%."

The EU and EFTA markets had a share of 7.4% and 5.6%, respectively.

"Namibia's trade by mode of transport revealed that in March 2023, most goods were exported via air, accounting for 42.4% of total exports, followed by sea transport with 34.4% and road transport with 23.2%."

From the demand side, sea transport was the most frequent.

 

 

 

 

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Last modified on Wednesday, 10 May 2023 18:57
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