Namibia’s merchandise trade deficit shrinks in June 2024

The Namibia Statistics Agency has released the latest trade statistics bulletin which shows that during 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. The data also revealed that China emerged as Namibia’s largest market for exports while South Africa took the first position on imports. NSA spokesperson, Mirjam Shihepo.

Namibia’s export basket was primarily composed of minerals such as uranium, precious stones (diamonds), non-monetary gold, and copper and copper articles. Fish was the only non-mineral product among the top five exports in June 2024. Re-exports for the month decreased by 18.5% month-on-month but increased by 35.1% year-on-year, mainly including copper and copper articles, precious stones (diamonds), and petroleum oils.

The import basket mainly consisted of petroleum oils, copper ores and concentrates, nickel ores and concentrates, rotating electric plants and parts, and motor vehicles for goods transportation. During June, Namibia imported coffee and cocoa worth N$14.9 million and exported N$24,599 worth of the same commodities.