Hertta-Maria Amutenja
Namibia suffered a trade deficit of N$1.4 billion in June after importing goods worth N$10.1 billion while only managing to export goods valued at N$8.7 billion.
This was revealed by National Statistics Agency (NSA) Statistician General and Chief Executive Officer, Alex Shimuafeni.
According to Shimuafeni, Namibia’s export earnings in June decreased by 5.9 percent from N$9.2 billion to N$8.7 billion recorded last month.
“The country’s trade balance stood at a deficit of N$1.4 billion in June, compared to a trade deficit of N$2.8 billion and N$129 million in May 2023 and June2022, respectively,” he said.
He went on to say that the positive movement shows the country’s efforts to strengthen trade links and balance import and export activity.
Despite the hurdles faced by global economic changes, Namibia’s export revenues fell 5.9 percent in June, to N$8.7 billion from N$9.2 billion the previous month.
Simultaneously, the import bill fell by 15.9 percent from the previous month to N$10.1 billion.
These statistics resulted in a N$1.4 billion trade imbalance, a substantial improvement above the deficit recorded the previous month.
Furthermore, Shimuafeni stated that South Africa has emerged as Namibia’s most important commercial partner for both exports and imports.
“The two countries have a vibrant economic connection that is strengthening trade links. Mineral products dominated the June export basket, with precious stones (diamonds), non-monetary gold, uranium, and copper and copper components leading the way. Fish was the only non-mineral product in Namibia’s top five exports, showing the importance of the fishing industry in Namibia’s export profile,” he said.
The import basket, on the other hand, included petroleum oils, precious stones (diamonds), motor vehicles for goods transportation, thermionic cathode valves and tubes, and civil engineering and contractors’ equipment. These imports reflect the country’s various demands as well as its emphasis on important areas.
Meanwhile, exports fell by 1.1 percent in June compared to June 2022, while imports climbed by 13.5 percent. These trends illustrate the fluid character of global commerce and the importance of continuing efforts to improve competitiveness and diversify trade partnerships.
Over the period between June 2022 and June 2023, Namibia imported rice at a value of N$340.8 million.
Meanwhile, in June this year, the country exported rice valued at N$0.2 million of which all was re-exports destined to Botswana.
