Trade deficit widens in July
The trade balance stood at a deficit of N$3.7 billion in July compared to N$1.5 billion and N$2.3 billion recorded in June 2023 and July 2022, respectively, according to the latest figures released by the Namibia Statistics Agency (NSA).
During July 2023, Namibia’s export earnings decreased by 3.8% from N$8.6 billion recorded in the previous month to N$8.3 billion, while the import bill for the month under review increased by 17.8% when compared to N$10.1 billion recorded during the preceding month, NSA Statistician General Alex Shimuafeni said in a statement.
“Namibia’s trade composition by partner showed that Botswana emerged as the country’s largest market for exports and South Africa maintained her position as Namibia’s largest source market,” he said.
The composition of the export basket for July 2023 mainly consisted of minerals such as Precious stones (diamonds), Uranium, Non-monetary gold, and Petroleum oils while fish remained the only non-mineral product within the top five products exported.
In terms of imports, the basket mainly consisted of petroleum oils, copper ores, and concentrates, motor vehicles for the transport of goods, civil engineering and contractors equipment, and motor cars for the transport of persons.
