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Business / Economics

Namibia’s trade deficit hits N$3.3 billion

todayJuly 2, 2024 18

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The Namibia Statistics Agency’s latest International Merchandise Trade Statistics Bulletin shows that during the month of May 2024, the country’s trade balance stood at a deficit of N$3.3 billion, a worsened trade balance when compared to N$3.1 billion and N$2.9 billion recorded in April 2024 and May 2023, respectively. NSA spokesperson, Mirjam Shihepo.

 

Namibia’s trade composition by partner showed that South Africa remained Namibia’s largest market for both exports and imports. In May 2024, the export basket was predominantly made up of minerals such as precious stones (diamonds), non-monetary gold, and copper as well as articles of copper, and petroleum oils. Fish was the only non-mineral product in the top five exports. Re-exports for the month increased by 32.6% month-on-month and 85.1% year-on-year, primarily consisting of precious stones (diamonds), copper and articles of copper, and nickel ores and concentrates.

The import basket mainly included petroleum oils, nickel ores and concentrates, precious stones (diamonds), motor vehicles for the transportation of goods, and medicaments. In the commodity analysis for the month, Namibia imported blankets worth N$10.8 million and exported blankets worth N$29,387.

Written by: Tonata Kadhila

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