Trade deficit in July worsens to N$4.3 billion
Namibia’s trade balance remained in a deficit worsening to N$4.3 billion in July, the Namibia Statistics Agency said.
This is a substantial deficit compared to N$2.5 billion recorded in June 2022 and N$3.6 billion observed in July 2021.
“Over the period (July-21 to July-22), Namibia recorded a deficit averaging N$3.3 billion without recording any surplus,” the statistics agency said.
Exports increased from N$8 billion to N$8.6 billion, imports increased by N$605 million from N$10.5 billion to N$11.1 billion.
“The current revisions on exports were mainly attributed to the revised export value in fish, precious stones (diamonds), and copper ores and concentrates while on the demand side the revision was mainly reflected in petroleum oils, residual petroleum products, and precious stones (diamonds),” the agency stated.
Meanwhile, Namibia’s trade activities continue to increase for the period of January to July 2022
when compared to the same period of 2021.
Cumulative total trade (import + export) for the month of July 2022 stood at N$127.1 billion, representing an increase of 51.2% from N$84.1 billion recorded during the same period in 2021.