Trade deficit widens to N$2.9 billion in January
The trade deficit widened to N$2.9 billion in January, up from N$1.3 billion recorded in the previous month, according to the country’s latest trade statistics released on Thursday.
Over the period from January 2022 to 2023, Namibia recorded no surplus while averaging a trade deficit of about N$2.7 billion, according to the Namibia Statistics Agency (NSA).
“For January 2023, re-exports decreased by 8.3% month on month and increased by 18.4% year on year. The re-export basket mainly consisted of copper ores and concentrates, precious stones, and petroleum oils,” Statistician-General Alex Shimuafeni said.
According to Shimuafeni, South Africa emerged as the largest export market for Namibia, absorbing 27.9% of all goods exported, ahead of France with a share of 10.8% of total exports.
Zambia ranked third with a share of 10.65, while China and the Democratic Republic of Congo occupied the fourth and fifth positions with respective shares of 7 and 6.2%, he added.
“Uranium was Namibia’s largest export commodity during January, accounting for 21.3% of total exports, mostly destined for France, China, and Canada. Non-monetary gold and fish came second and third, accounting for 17.8% and 15.8% of total exports, respectively. Non-monetary gold was destined for South Africa, while fish was destined for Spain, DRC, and Zambia,” Shimuafeni said.
In terms of imports, South Africa, Saudi Arabia, China, Malaysia, and India were the major source countries, Shimuafeni said.
