June trade balance comes in at a deficit of N$1.4 billion
The country’s trade balance during June stood at a deficit of N$1.4 billion compared to a trade deficit of N$2.8 billion and N$129 million recorded in May 2023 and June 2022, respectively, the Namibia Statistics Agency(NSA) revealed Tuesday in the latest trade stats.
According to the NSA, Namibia’s trade composition by partner showed that South Africa emerged as the largest market for both exports and imports.
The composition of the export basket for June 2023 mainly comprised minerals such as Precious stones (diamonds), Non-monetary gold, Uranium and ‘Copper, and articles of copper’.
Fish remained the only non-mineral product within the top five products exported.
According to the Agency, the import basket mainly comprised Petroleum oils, Precious stones (diamonds), Motor vehicles for the transport of goods, ‘Thermionic cathode valves and tubes’, and ‘Civil engineering and contractors’ equipment’.
“For the month under review, re-exports increased by 20.9% month-on-month and 3.7% year-on-year. The re-exports basket mainly comprised of Precious stones (diamonds), ‘Copper and articles of copper’ and Petroleum oils,” the NSA added.
Meanwhile, on the analysis of the commodity of the month, the NSA said Namibia imported rice valued at N$18.8 million and re-exported rice worth N$0.2 million during the same period.
