Trade deficit narrows to N$4 billion in November 2023
The trade balance for November 2023 stood at a deficit of N$4 billion according to the latest trade statistics released by the NSA this week.
According to NSA, while this reflected an improvement from the N$4.5 billion deficit recorded in October 2023, it marked a notable increase compared to the N$2.8 billion deficit reported in November 2022.
Breaking down the trade dynamics, the statistics agency said the country’s trade composition by partner revealed that China emerged as the country’s largest market for exports, while South Africa maintained its position as the primary supplier.
The export basket for November 2023 was dominated by minerals, including Uranium, Precious stones (diamonds), Non-monetary gold, and ‘Copper and articles of copper,’ with Fish being the sole non-mineral product among the top five exports, the agency noted.
On the flip side, the import basket comprised mainly Petroleum oils, Inorganic chemical elements, ‘Civil engineering and contractors’ equipment,’ Motor vehicles for the transportation of goods, and Medicaments.
In terms of re-exports, there was a significant month-on-month increase of 31.8 percent and a year-on-year uptick of 1.2 percent. The re-exports basket was prominently filled with ‘Copper and articles of copper,’ Precious stones (diamonds), and Petroleum oils.
Delving into specific commodities, the statistics agency said Namibia notably exported onions worth N$20.2 million during the reviewed month. As the nation navigates its trade dynamics, these insights, provided by Alex Shimuafeni, Statistician General & CEO, offer a comprehensive view of Namibia’s economic landscape and its global trade relationships.
