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Trade deficit continues to widen despite increase in trade activities in May

Trade deficit continues to widen despite increase in trade activities in May

The cumulative total trade for May 2022 stood at N$15.9 billion, a noticeable 50.4% increase from 712 N$10.6 billion witnessed in May 2021, according to the latest trade figures from the country’s statistics agency (NSA).

NSA Statistician-General, Alex Shimuafeni said Namibia’s top five export partners in May 2022 are Botswana, South Africa, Zambia, the Netherlands, and the Democratic Republic of Congo.

“These top five markets accounted for 66.7% of total exports, up from the 59.6% witnessed in April 2022 and 53.6 percent recorded in May 2021,” he said, adding that the basket mainly comprised of minerals such as precious stones (diamonds), copper blisters, non-monetary gold, and petroleum oils.

In terms of the import basket, South Africa maintained its position as the largest market for the country. The top five import markets supplied Namibia with 59.3% of all imports from its April 2022 level of 53.7%.

“The import basket mainly comprised petroleum oils, copper ores and concentrates, civil engineering and contractors equipment, sulfur and unroasted iron pyrites as well as motor vehicles for the transportation of good,” he added.

Shimuafeni said, with a focus on the commodity of the month, Namibia imported glass and glassware products valued at about N$55 million mostly sourced from China, Angola, and South Africa in May 2022.

Meanwhile, during the month under review, Namibia recorded a trade deficit to the tune of N$4.6 billion, reflecting a widened deficit when compared to N$4.1 billion recorded in April 2022 and N$2.6 billion recorded in May 2021.

Over the period (May 21 to May 22), Namibia has recorded a trade deficit averaging N$3 billion without recording any surplus.


 

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