Trade balance narrows in February – NSA
The country’s trade balance remained in a deficit improving by 86.2% (month-on-month) and 84.9% (year-on-year) from N$3 billion recorded in January 2023 and N$2.8 billion observed in February 2022, according to the country’s statistics agency (NSA).
According to the NSA, South Africa emerged as the country’s largest market for exports as well as imports.
“The composition of the export basket for February 2023 mainly comprised minerals such as Precious stones (diamonds), uranium, non-monetary gold, and copper blisters. Fish was the only non-mineral product within the top five products exported,” NSA’s latest trade statistics show.
On the other hand, the import basket mainly comprised petroleum oils, motor cars for the transportation of persons, motor vehicles for the transportation of goods, civil engineering, and contractors’ equipment as well as alcoholic beverages, the NSA noted.
Meanwhile, for the month under review, re-exports decreased by 3.1% month-on-month and 25% year-on-year. The re-exports basket is mainly comprised of copper blisters, precious stones (diamonds), and petroleum oils.
Analysis for the commodity of the month focused on both the exportation and importation of Sheath contraceptives. For February, Namibia imported Sheath contraceptives worth N$0.1 million wholly sourced from South Africa while no export of Sheath contraceptives was witnessed in the month under review, the NSA concluded.
