N$8.8 billion gained in export earnings
Namibia recorded a trade deficit of N$3.3 billion in November 2021, an improvement when compared to deficit of N$6.9 billion recorded in October 2021.
PHILLEPUS UUSIKUNamibia gained about N$8.8 billion in exports earnings in November 2021, an increase of 1.3% when compared to N$8.7 billion recorded in October 2021. When compared to November 2020, exports increase by 3.9%, according to the Namibia Statistics Agency trade statistics.
In addition, the value of imports stood N$12.1 billion in November 2021, a decrease of 22.3% when compared N$15.6 billion recorded in the preceding month. On an annual basis, imports increased by 6.7% as N$11.3 billion was registered in November 2020, the statistics indicated. Given these developments, Namibia recorded a trade deficit to the tune of N$3.3 billion, reflecting an improved deficit when compared to the revised N$6.9 billion recorded in October 2021 but exacerbated when compared to a deficit of N$2.9 billion recorded in November 2020, NSA pointed out.
The agency noted that China emerged as the main export market for Namibia, absorbing 39.7% of all goods exported, ahead of South Africa in the second position with a market share of 19.3% of total exports.Moreover, South Africa remained Namibia’s largest source of imports with a share of 40.1% of the value of all goods received into the country during the month under review. Following in the second place was Zambia with a contribution of 22.1% of total imports, NSA said.
ProductsDuring the period under review, copper was Namibia’s largest export commodity during the month under review, accounting for 20.4% of total exports mainly destined to China and the Netherlands. This was followed by uranium, which accounted for 18.3% of total exports, NSA said.
Furthermore, the top five commodities imported into Namibia jointly accounted for 43.7% of total imports with copper taking the lead with the largest share of 28.9%. Following in the second position is petroleum oils with a share of 7.1% of all commodities imported, the agency added.During the month of November 2021, exports amounting to N$5 billion, representing 56.6% of total exports left the country by sea.
Transport by road was the most regular mode of transport used for imports during the period under review. The value of imports by road amounted to N$9.6 billion, representing 79.3% of all goods imported into the country, NSA [email protected]
In addition, the value of imports stood N$12.1 billion in November 2021, a decrease of 22.3% when compared N$15.6 billion recorded in the preceding month. On an annual basis, imports increased by 6.7% as N$11.3 billion was registered in November 2020, the statistics indicated. Given these developments, Namibia recorded a trade deficit to the tune of N$3.3 billion, reflecting an improved deficit when compared to the revised N$6.9 billion recorded in October 2021 but exacerbated when compared to a deficit of N$2.9 billion recorded in November 2020, NSA pointed out.
The agency noted that China emerged as the main export market for Namibia, absorbing 39.7% of all goods exported, ahead of South Africa in the second position with a market share of 19.3% of total exports.Moreover, South Africa remained Namibia’s largest source of imports with a share of 40.1% of the value of all goods received into the country during the month under review. Following in the second place was Zambia with a contribution of 22.1% of total imports, NSA said.
ProductsDuring the period under review, copper was Namibia’s largest export commodity during the month under review, accounting for 20.4% of total exports mainly destined to China and the Netherlands. This was followed by uranium, which accounted for 18.3% of total exports, NSA said.
Furthermore, the top five commodities imported into Namibia jointly accounted for 43.7% of total imports with copper taking the lead with the largest share of 28.9%. Following in the second position is petroleum oils with a share of 7.1% of all commodities imported, the agency added.During the month of November 2021, exports amounting to N$5 billion, representing 56.6% of total exports left the country by sea.
Transport by road was the most regular mode of transport used for imports during the period under review. The value of imports by road amounted to N$9.6 billion, representing 79.3% of all goods imported into the country, NSA [email protected]
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