Trade balance remains in a deficit in October – NSA
The country’s trade balance in October remained in a deficit. However, it improved by a notable 33.5%t (month-on-month) and 69% (year-on-year) from N$2.6 billion recorded in September 2022 and N$5.5 billion observed in October 2021, respectively, according to the latest trade statistics.
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 primary source of imports, NSA statistician general, Alex Shimuafeni noted.
“The composition of the export basket for October 2022 mainly comprised minerals such as Uranium, Precious stones (diamonds), Non-monetary gold, and Petroleum oils. Fish continued to be the only non-mineral commodity within the top five products exported,” he added.
On the other hand, the import basket mainly comprised Petroleum oils, Motor vehicles for the transportation of goods; Ores and concentrates of precious metals; Civil engineering and contractors’ equipment as well as Alcoholic beverages.
Meanwhile, in October 2022, re-exports decreased by 22.8% month-on-month and increased by 26.9% year-on-year. The re-exports basket is mainly comprised of precious stones (diamonds), Copper ores and concentrates, and Petroleum oils.
Shimuafeni said analysis for the commodity of the month under study focused on the exportation and importation of Wood charcoal.
“For October 2022, Namibia exported Wood charcoal worth N$107.3 million mostly destined for South Africa, the Netherlands, and Belgium whereas, on the demand side, the value of Wood charcoal imported into the country was valued at N$100,000,” he concluded.