Namibia’s trade balance stands at a deficit of N$299 million

Martin Endjala

During December 2023, the country’s trade balance stood at a deficit of N$299 million, which is an improvement compared to N$4 billion and N$1.4 billion recorded in November 2023 and December 2022, respectively.

This was revealed yesterday by Namibia Statistics Agency (NSA) Statistician-General and Chief Executive Officer Alex Shimuafeni.

According to the report, Namibia’s trade composition showed that Botswana emerged as Namibia’s largest market for exports, while South Africa maintained its position as the country’s main supplier.

The composition of the export basket for December 2023 mainly comprised minerals such as Precious stones (diamonds), Non-monetary gold, and Uranium.

Fish, fruits and nuts were the only non-mineral products within the top five products exported. On the other hand, the import basket mainly comprised Petroleum oils, fertilizers, motor vehicles for the transportation of goods, ‘civil engineering and contractors’ equipment and other machinery and equipment specialised for particular industries.

For the month under review, Shimuafeni indicated that re-exports have increased by 0.6 percent month-on-month and 13.7 percent year-on-year.

The re-exports basket mainly comprised of ‘Copper and articles of copper’, Petroleum oils, and Precious stones (diamonds).

He mentioned that on the analysis of the commodity of the month, Namibia exported Beer worth N$98.1 million during the month under review.

During December 2023, Namibia’s export earnings recorded a decrease of 1.9 percent from N$11.8 billion recorded in November 2023 to N$11.5 billion.

Moreover, the import bill for the month under review has decreased by 25.0 percent from N$15.8 billion recorded during the preceding month, resulting in an improved trade deficit of N$299 million when compared to a trade deficit of N$4.0 billion recorded in November 2023.

Cumulative trade values indicated that Namibia’s exports continue to be on an upward trajectory surpassing a N$100 billion mark by recording N$105.0 billion during 2023, compared to N$97.4 billion registered during 2022.

On the import side, cumulative trade for 2023 amounted to N$136.9 billion, an increase of N$ 7.9 billion when compared to the previous year.

Between December 2022 and December 2023, Namibia recorded no trade surplus whereas trade deficits averaged at N$2.6 billion during this period.

Meanwhile, Namibia’s trade balance improved in December 2023 when compared to the preceding month. Petroleum oils contributed the most to the trade deficit recording an import bill of N$3.0 billion and a deficit of N$2.5 billion.

In second place were fertilizers, with a deficit of N$444 million followed by Motor vehicles for the transportation of goods with a deficit of N$321 million.

On the other hand, Namibia exported Precious stones (diamond) worth N$4.1 billion yielding a trade surplus of N$4.1 billion.

The country continued to be a net exporter of non-monetary gold and fish recording trade surpluses valued at N$1.3 billion and N$1.1 billion, respectively.

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