Namibia records high trade shortfalls

Staff writer Namibia recorded a trade deficit in each month so far this year, averaging a monthly trade deficit of N$3.4 billion.Simonis Storm Securities economist Theo Klein says the shortfall would not only have a negative impact on the 2022 GDP calculation based on the expenditure approach, but it would also contribute to a worsening current account balance.“Indeed, preliminary figures from Bank of Namibia (BoN) show a current account deficit of N$7.3 billion in the first quarter of 2022 compared to a deficit of N$3.4 billion in the first quarter of 2021. BoN expects foreign currency reserves to decrease by…