Trade deficit nears N$30bn

Namibia's cumulative trade deficit reached N$29.6 billion in the first eight months of 2026, as the value of imports continued to outpace export earnings.The country exported goods worth N$91.2 billion between January and August, according to the Namibia Statistics Agency's (NSA) latest International Merchandise Trade Statistics Bulletin.Imports, however, reached N$120.8 billion, leaving a gap of about N$29.6 billion between what Namibia sold abroad and what it bought from other countries.The figures show that the improvement in Namibia's monthly trade position in August has not yet translated into a narrower cumulative deficit. In August alone, exports rose to N$12.7 billion, an 18.8% increase from July and 65.3% higher than in August 2025.Imports increased by 0.2% month-on-month to N$16.6 billion, leaving a monthly trade deficit of N$3.9 billion.Slight trade improvement The August deficit was an improvement on the N$5.9 billion recorded in July and the N$5.3 billion deficit recorded in August last year, however, in the first eight months of the year, the rise in imports has been much larger in absolute terms than the increase in exports.Cumulative exports were N$6.9 billion higher than during the same period last year.Imports, meanwhile, rose from N$98.3 billion in the first eight months of 2025 to N$120.8 billion this year, an increase of about N$22.5 billion. The August figures also highlight the continued importance of mining to Namibia's export performance.Mining and quarrying generated N$6.4 billion in exports during the month, accounting for more than half of total export earnings. The sector's exports increased by N$2.6 billion from July. Uranium was the biggest contributor to the increase, with exports rising by N$2.7 billion during the month. It accounted for 26.5% of total exports, followed by non-monetary gold at 11.9%, diamonds at 11.5% and fish at 10.2%. What accounted for imports On the import side, petroleum oils remained the largest imported commodity, accounting for 18.7% of the August import bill, or about N$3.1 billion.Nickel ores and concentrates, sulphur, commercial motor vehicles and mechanical handling equipment were also among the leading imports. The trade figures point to a continuing imbalance in Namibia's external trade: strong mineral-led export earnings alongside substantial demand for imported fuel, machinery, vehicles and other goods.The NSA said Namibia recorded trade deficits in every month from August 2025 to August 2026 except January 2026, with the monthly deficit averaging N$3.5 billion over that period.

Trade deficit nears N$30bn

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Trade deficit nears N$30bn

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