Guest Contributor | Nov 27, 2020 | 0
Namibia records trade deficit of N$3,779 million in second quarter
The overall value of exports and imports for the second quarter of 2019 was estimated at N$23,468 million and N$27,247 million respectively, amounting to total trade of N$50,715 million, marginally up from N$49,250 million in the first quarter of 2019, the Namibia Statistics Agency reported.
Namibia recorded its largest deficits during the quarter under review with South Africa and Zambia, however, despite the deficit, surpluses were recorded with countries such as China, Belgium, Botswana, Spain, and the Bahamas.
According to the stats agency, the persistent deficit is mostly driven by Namibia’s high demand for high-valued manufactured commodities and industrial machinery from the rest of the world as opposed to exporting mainly low value primary commodities such as raw minerals.
During the second quarter, the country mostly exported to five countries namely China, South Africa, Belgium, Botswana and Spain while the country’s reliance on foreign goods was mostly provided by South Africa, Zambia, China, Bulgaria and Chile.
The agency further indicates the growth in exports to China was mainly in minerals (copper, ores, natural minerals and stone) while to Spain, the growth came from fish, ores and zinc. The growth to South Africa was reflected in the value of live animals, fish and beverages. On the flipside, the decline in exports to Botswana was ascribed to precious stones and metals, and oils and mineral fuels.
Namibia mostly imported ores, copper, animal feeds, pharmaceuticals, plastics, oils and mineral fuels, motor vehicles and parts, and iron/steel.
Namibia’s fishing industry continued to prove its significance as one of the major export revenue earner, ranking fourth among the top five major export commodities, and the only food item among minerals and a vessels.
Caption: Fish exports (Graph: Namibia Statistics Agency).