The manufacturing industry emerged as the industry with the largest export of goods in March valued at N$5 billion, absorbing 59,4% of total exports, products from the industry increased by N$57 million when compared to the previous month.
Mining and quarrying industry came in second position with a share of 33,5% of the total export in March, the Namibia Statistics Agency said.
Exported goods from this industry increased by N$2 billion when compared to the previous month.
Furthermore, agriculture, forestry and fishing industry ranked third, contributing 4,9% of the total export of goods
The demand side was largely dominated by products from the manufacturing industry, with an import bill of N$8,4 billion recorded in March, increasing by 8,3% from N$7,8 billion recorded in the previous month. In second position was the mining and quarrying industry which stood at N$4,1 billion during the month under review, an increase of N$2,2 billion when compared to the preceding month.
Lastly, agriculture, forestry and fishing industry occupied the third position with imports valued at N$270 million during the month under study.
The export bill increased by 36,5% when compared to N$6,1 billion recorded in February and declined by 18,6% when compared N$10,2 billion that was registered in the corresponding month of 2023.
Imports for the period under review stood at N$12,8 billion, translating into an increase of 27.9% month-on-month and 2,9% year-on-year.
Namibia recorded a trade deficit amounting to N$4,5 billion in March compared to N$3,9 billion deficit recorded in the previous month.
Between March 2023 and March 2024, only trade deficits were recorded for Namibia. The trade deficit over that period averaged at N$3 billion.
The export bill increased by 36,5% when compared to N$6,1 billion recorded in February and declined by 18,6% when compared N$10,2 billion that was registered in the corresponding month of 2023, respectively. Imports stood at N$12.8 billion, translating into an increase of 27,9% month-on-month and 2,9% year-on-year.
Namibia witnessed trade surpluses with Botswana of N$1,4 billion, Zambia (N$527 million) and France (N$426 million). Whereas, trade deficits were recorded against South Africa (N$2,9 billion), Peru (N$874 million) and Bahrain at N$734 million.
Petroleum oils contributed the most to the trade deficit having recorded a deficit of N$2,3 billion. In second place was copper ores and concentrates, with a deficit of N$874 million followed by motor vehicles for the transportation of goods with a deficit of N$479 million in third position.
On the other hand, Namibia exported precious stones (diamonds) worth N$1,7 billion yielding a trade surplus of N$1,5 billion. The second and third places were occupied by fish and non-monetary gold recording trade surpluses valued at N$1,2 billion and N$902 million, respectively.
