Trade deficit worsens to N$4.5bn in October

Petroleum oils contributed the most
The value of exports dropped by 12.1% to N$6.8 billion in October, compared to N$7.8 billion and N$8.3 billion recorded in September 2023 and October 2022, respectively.
Phillepus Uusiku
Namibia’s trade deficit worsened to N$4.5 billion in October, compared to a deficit of N$3.3 billion and N$2.2 billion recorded in September 2023 and October 2022 respectively, according to the Namibia Statistics Agency (NSA).

Petroleum oils contributed the most to the trade deficit recording an import bill of N$1.9 billion and a deficit of N$1.3 billion.

Namibia’s total import bill stood at N$11.3 billion in October, a slight increase when compared to N$11.1 billion registered in September. In October 2022, the domestic import bill stood at N$10.5 billion.

On the other hand, the value of exports dropped by 12.1% to N$6.8 billion in October, compared to N$7.8 billion recorded in the preceding month. In October 2022, export earnings stood at N$8.3 billion.

Namibia exported uranium worth N$1.3 billion yielding a trade surplus of N$1.3 billion. Additionally, the country continued to be a net exporter of fish and non-monetary gold during the period under review, NSA said.

Markets

South Africa emerged as Namibia’s largest market for both exports and imports. In October, the top five import markets for the country accounted for 70.4% of the import bill.

South Africa occupied the first position with a share of 43.6%. In second position was India with a share of 9.2% followed by China in third position supplying the country with 8.7% of the import bill. The United Arab Emirates (4.7%) and the United States of America (4.1%) took the fourth and fifth positions, respectively.

Moreover, Namibia’s top five export markets accounted for 71.3% of total exports in October. South Africa took first position as Namibia’s main export destination accounting for 25.8% of exports, China came second with a share of 19.9% and Botswana in third position with a share of 10.0%.

Zambia and Spain took the fourth and the fifth positions contributing 9.2% and 6.5%, respectively, NSA [email protected]

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