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Trade deficit stands at N$3.9 billion

Trade deficit stands at N$3.9 billion

Namibia’s trade balance remained in a deficit with N$3.9 billion widening from N$2.7 billion recorded in October 2019 and from N$1.5 billion in September 2020.

The trade statistics report for October 2020 released by the Namibia Statistics Agency indicates that the month of October 2020 saw Namibia’s total merchandise trade reaching to the level of N$19.2 billion, which is 0.7% less than its level of N$19.4 billion recorded in September 2020 but 6.7% higher than N$18 billion recorded in October 2019.

“The October 2020 trade figures indicates that total re-exports improved, rising by 0.6% month-on-month and by 27.6% year-on-year,” statistician general Alex Shimuafeni said.

He explained that non-ferrous metals took the largest share of re-exports, constituting a share of 59.5% of total re-exports mainly to China and Hong Kong, while the non-ferrous metals which were re-exported were mostly sourced from Zambia and Democratic Republic of Congo.

“Namibia’s trade composition by partner was skewed towards a few countries. China emerged as Namibia’s largest export market while South Africa maintained its position as the number one source of imports,” Shimuafeni said.

The composition of goods exported remained the same mainly comprising of minerals such as non-ferrous metals, metalliferous ores and metal scrap, non-metallic mineral manufactures, as well as non-monetary gold.

Fish remained the only non-mineral products among the top five list of exports. On the other hand, the import basket comprised mainly of non-ferrous metals, petroleum and petroleum products; metalliferous ores and metal scrap, vehicles and inorganic chemicals.

Non-ferrous metals took the largest share of re-exports, constituting a share of 59.5% of total re-exports.

About The Author

Donald Matthys

Donald Matthys has been part of the media fraternity since 2015. He has been working at the Namibia Economist for the past three years mainly covering business, tourism and agriculture. Donald occasionally refers to himself as a theatre maker and has staged two theatre plays so far. Follow him on twitter at @zuleitmatthys