Trade deficit on continued decline
N$10.8 million worth of blankets imported
In May, Namibia's exports stood at N$9.4 billion and imports at N$12.8 billion, resulting in a trade deficit of N$3.3 billion.
The Namibia Statistics Agency (NSA) observed that Namibia’s trade deficit continued to show a decline for the months of April and May, marking a widening of approximately N$3.3 billion for the period under review. In May, Namibia’s exports stood at N$9.4 billion and imports at N$12.8 billion, resulting in a trade deficit of N$3.3 billion.
During May, exports decreased by 0.7% from N$9.5 billion recorded in April, and increased by 2.8% when compared to May 2023. The import value increased by 1.1% when compared to the value recorded in April and by 6.2% when compared to the value of N$12 billion recorded in May 2023, trade statistics showed.
“An analysis on the importation and exportation of blankets as the commodity of the month revealed that in May, Namibia exported blankets amounting to N$29 387, while on the demand side, Namibia imported blankets valued at N$10.8 million - mainly sourced from South Africa and China. Imports of the commodity averaged monthly at N$6.5 million over the period May 2023 to May 2024,” the NSA said.
Trade partners
Southern neighbours South Africa remained Namibia’s largest trade partner followed by Botswana and Zambia.
“South Africa emerged as the country’s largest export destination, with a share of 21.6% of all goods exported, followed by Botswana with a share of 15.8%. Furthermore, Zambia, Belgium and Spain formed part of Namibia’s top five export markets. The demand side saw South Africa maintaining her position as the country’s largest source for imports, accounting for 35.3% of total imports into Namibia followed by China in second position with 12.3% of the market share,” the NSA said.
“The United Arab Emirates, Bahrain and India also formed part of Namibia’s top five import Markets. The analysis of exports by commodities revealed that precious stones had the largest share of the export basket, accounting for 20.6% of Namibia’s total exports ahead of fish with 13.1% and non-monetary gold with a share of 12.6%. Lastly, copper and articles of copper (6.7%) and petroleum oils (5.5%) came in fourth and fifth positions,” it added.