Trade balance deficit of N$3.1 billion recorded in September
In the month of September 2021, the country recorded a trade balance deficit of N$3.1 billion compared to a deficit of N$2.8 billion in the previous month, the country’s statistics agency said this week.
According to the Namibia Statistic Agency (NSA), exports in September 2021, decreased by 8.1% and 19.7% from its level of N$7.8 billion and N$9 billion dollars recorded in August 2021 and September 2020, while imports also dropped, falling by 3.6% and 1.9% when compared to its levels in August 2021 and September 2020.
“China emerged as the country’s largest export destination, with a share of 34.6% of all goods exported followed by South Africa with a share of 21.6%. Furthermore, Botswana, Spain and Zambia formed part of Namibia’s top five export markets,” the NSA said.
Meanwhile, the demand side saw South Africa maintaining its first position as the country’s largest source of imports, accounting for 42.1% of total imports into Namibia followed by Zambia in the second position with 18.8 % of the market share. D.R.C, China, and India also formed part of Namibia’s top five sources of imports.