Namibia registers N$3.6bn trade deficit for August
In August, Namibia recorded exports of goods and services amounting to N$8.7 billion, while imports reached N$12.3 billion, resulting in a trade deficit of N$3.6 billion.This represents a significant improvement compared to the N$4.9 billion deficit recorded in August 2023, Simonis Storm said in its assessment of the trade figures. “The ratio of imports to gross domestic product [GDP] stood at 62.7% in the second quarter of 2024, whereas exports accounted for 42.1%, an increase from the 36.1% recorded in the first quarter of 2024,” it said.
Despite a decline in Namibia’s export performance, the volume of exports illustrated that performance improved not only on a month-on-month (m/m) basis, but also on a year-on-year (y/y) basis.
“Namibia’s export performance in August totalled N$8.7 billion, marking the second consecutive month of decline since the peak reached in June. Despite this decline, exports showed a y/y growth of 18.2% and a m/m increase of 12.7%,” Simonis Storm said.
“This growth was largely driven by the export of precious stones, particularly diamonds, which accounted for 19.5% of total exports. Non-monetary gold and fish also played significant roles, contributing 16% and 13.7% respectively,” it added.
Imports
On the other hand, Namibia’s import bill for August amounted to N$12.3 billion, reflecting an increase of N$229 million compared to July, although there was a slight y/y decline of 0.1%, according to Simonis Storm.
The monthly increase was primarily driven by higher imports of petroleum oils, which made up 14.1% of total imports. Fertilisers (3.8%) and motor vehicles (3.6%) were also notable contributors, it said.
In terms of specific export products, the export of salt was valued at N$59 million in August. Over the period from August 2023 to August 2024, the average monthly value of salt exports was N$59.9 million, with the highest recorded in March at N$86.2 million, and the lowest in September 2023 at N$28 million.