Trade deficit narrows significantly in December 2023
The trade balance witnessed a notable improvement during December 2023, with the deficit standing at N$299 million, according to the latest trade statistics released by NSA.
This marks a stark contrast to the deficits of N$4 billion and N$1.4 billion recorded in November 2023 and December 2022, respectively.
According to NSA statistician-general Alex Shimuafeni, Botswana emerged as Namibia’s largest export market, while South Africa maintained its position as the primary supplier.
The composition of exports for December 2023 was predominantly mineral-based, with precious stones (diamonds), non-monetary gold, and uranium leading the pack. However, fish fruits, and nuts were notable non-mineral products among the top five exports.
Conversely, imports were dominated by petroleum oils, fertilizers, motor vehicles for goods transportation, civil engineering and contractors’ equipment, and other specialized machinery and equipment for particular industries.
Re-exports saw a modest increase of 0.6% month-on-month and a substantial 13.7% year-on-year. The re-exports basket primarily consisted of copper and articles of copper, petroleum oils, and precious stones (diamonds).
In an interesting analysis of December’s commodity highlight, Namibia exported beer worth N$98.1 million, underscoring the diverse nature of the country’s export portfolio.
The narrowing of the trade deficit in December 2023 signifies a positive trend in Namibia’s trade performance, reflecting potential improvements in the economy’s overall stability and resilience.
