Trade deficit narrows
The Namibia Statistics Agency (NSA) has noted that the trade deficit has narrowed and now stands at N$825 million, compared to the N$3.4 billion recorded in May.“During the month of June 2024, the country’s trade balance stood at a deficit of N$825 million, a notable improvement when compared to N$3.4 billion and N$1.5 billion recorded in May 2024 and June 2023, respectively,” the NSA said.
Another notable observation was an increase in export earnings for Namibia, which increased by 37.4%.
“During June 2024, Namibia’s export earnings recorded an increase of 37.4% from N$9.4 billion recorded in May 2024. Moreover, the import bill for the month under review increased by 7.7% from N$12.7 billion recorded during the preceding month,” the NSA said.
Exports, imports
China was recorded as Namibia’s largest export market, while South Africa remained Namibia’s biggest import market.
"The composition of the export basket for the month of June 2024 mainly comprised of minerals such as uranium, precious stones (diamonds), non-monetary gold, ‘copper and articles of copper’. Fish remained the only non-mineral product within the top five products exported,” the NSA noted.
For the month under review, re-exports decreased by 18.5% month-on-month and increased by 35.1% this June compared to last year June. The re-exports basket mainly comprised of ‘copper and articles of copper’, precious stones (diamonds) and petroleum oils.
“On the other hand, the import basket mainly comprised of petroleum oils, ‘copper ores and concentrates’, ‘nickel ores and concentrates’, ‘rotating electric plants and parts thereof', and ‘motor vehicles for the transportation of goods’,” the NSA said.
Namibia imported coffee and cocoa worth N$14.9 million and exported N$24 599 worth of the same commodities in June.