The Petroleum oils import bill increased by N$892 million in August, trade statistics have revealed. This increase was one of the leading causes that lead to the country’s trade balance standing at a deficit of N$4.9 billion compared to N$3.7 billion and N$4.1 billion recorded in July 2023 and August 2022. This was the largest deficit the country has recorded between August 2022 and August 2023.
The other increases in imports were vessels imports, which increased by N$428 million, rotating electric plant increased by N$391 million, tubes and pipes of iron and steel increased by N$180 million and precious stones (diamonds) increased by N$137 million.
In terms of exports, uranium exports decreased by N$1.3 billion, diamonds decreased by N$180 million, alcoholic beverages decreased by N$44 million, articles of rubber decreased by N$43 million and petroleum oils decreased by N$40 million.
South Africa remains Namibia’s largest market for both exports and imports. 1.5 Trade balance by partner. South Africa took first position as Namibia’s main export destination accounting for 23.6% of exports, Botswana came second with a share of 20.6% and Zambia in third position with a share of 9.9%. Belgium and Spain with shares of 8% and 7.8% occupied fourth and fifth positions.
In terms of trade balance by partner, Namibia witnessed trade surpluses with Botswana of N$1.5 billion, Belgium (N$569 million) and Zambia (N$554 million). While, trade deficits were recorded against South Africa (N$2.7 billion), China (N$639 million) and India (N$638 million).
The top five export markets saw Southern African Customs Union (SACU) dominant export destination for Namibia’s goods in August with a share of 44.3$ of total exports. he Organization for Economic Cooperation and Development (OECD) and the European Union (EU) followed in second and third position contributing 26% and 23.1% to Namibia’s total exports, respectively.
Southern African Development Community (SADC) excluding SACU and Common Market for Eastern and Southern Africa (COMESA) took the fourth and fifth positions accounting for 15.3% and 13.8% of total export
