Namibia records N$2 billion trade deficit

 Namibia records N$2 billion trade deficit

Namibia records N$2 billion trade deficit.

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Windhoek-Namibia has plunged into a trade deficit of N$2 billion in April despite an increase in exports in the mining sectors as well an increase in the total number of merchandise traded.

This is shown in the country’s latest trade statistics released by the Namibian Statistics Agency (NSA).

NSA Statistician General Alex Shimuafeni said the country’s total merchandise trade increasing to N$18.7 billion, an increase of 0.8 percent and 43.3 percent compared to N$18.6 billion and N$13.1 billion recorded in March 2021 and April 2020, respectively.

Shimuafeni attributed the widening trade deficit to an increasing gap between the country’s exports and imports in the period under review.

 According to Shimuafeni the N$2 billion trade deficit represents an increase from N$1.8 billion recorded in both March 2021 and April 2020.

“The value of exports in April 2021 declined by 0.8 percent to N$8.3 billion from its level of N$8.4 billion recorded in March 2021. However, when compared to N$5.7 billion recorded in April 2020, exports increased by 47.6 percent. Imports stood at N$10.4 billion, increasing by 2 percent and 40 percent compared to N$10.2 billion and N$7.4 billion recorded in March 2021 and April 2020, respectively,” he said.

 NSA also highlighted that developments in exports and imports, showed that Namibia’s total merchandize trade with increased by 0.8 percent from N$18.6 billion obtained in March 2021 to N$18.7 billion recorded in April 2021.

“A further increase of 43.3 percent was observed in the country’s total trade when compared to its level of N$13.1 billion registered in April 2020. Namibia’s trade composition by partner illustrated that China continued as Namibia’s largest export market while South Africa maintained her first position as Namibia’s largest source of imports,” Shimuafeni said.

NSA said the composition of Namibia’s export basket mainly comprised minerals such as copper, uranium, precious stones (diamonds), fish, and non-monetary gold. As usual, fish remained the only non-mineral product among the top five exports.

“On the other hand, the import basket consisted mainly of vessels, copper, petroleum and petroleum products, motor vehicles and medicaments. The April 2021 trade figures indicated that re-exports fell by 3.1 percent month-on-month while a more significant increase of 49.9 percent was noted year-on-year,” NSA said.

Tiri Masawi

is a Business Journalist and Editor for 14 years. He is currently working in Namibia and has written for several Namibian, Zimbabwean, and South African newspapers. He also works as a fixer for BBC in Namibia. He has a firm interest in reading as well as mentoring young journalists in the craft.

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