Trade balance remains in a deficit
Namibia’s trade balance remained in a deficit amounting to N$2.9 billion in August from N$3.5 billion recorded in July 2021 and N$1.4 billion obtained in August 2020.
This is according to the latest trade statistics released by the Namibia Statistics Agency this week. The month of August 2021, saw Namibia’s total merchandise trade surging to N$17.1 billion, an increase of 27.1% and 3.7% when compared to the level of N$13.4 billion and N$16.5 billion recorded in July 2021 and August 2020, respectively.
“Namibia’s trade composition by partner showed that China emerged as Namibia’s largest market for exports whereas South Africa maintained her position as the largest import market for the country,” Statistician General, Alex Shimuafeni said.
The country’s exports mainly comprised of minerals such as copper, precious stones (diamonds), non-monetary gold, uranium as well ores and concentrates of base metals. As usual, fish remained the only non-mineral product among the top five exports.
On the other hand, the import basket comprised mainly of copper, petroleum oils, precious stones (diamonds), motor vehicles (for transportation of persons) and; ores and concentrates of base metals.