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Trade balance records deficit in February

Trade balance records deficit in February

During February 2024, the trade balance experienced a deficit of N$3.9 billion, marking a notable increase compared to N$1.8 billion in January 2024 and N$452 million in February 2023, according to the Namibia Statistics Agency’s trader bulletin.

According to NSA Statistician General, Alex Shimuafeni, South Africa emerged as Namibia’s primary trading partner for both exports and imports.

The export composition for February 2024 was predominantly comprised of minerals such as non-monetary gold, ‘copper and articles of copper’, petroleum oils, and precious stones (diamonds), with fish being the sole non-mineral product in the top five exports, he noted.

However, Shimuafeni said re-exports experienced a decline of 8.1% month-on-month and 7.8% year-on-year, with ‘Copper and articles of copper’, Petroleum oils, and Precious stones (diamonds) forming the core of the re-exports basket.

On the import front, Shimuafeni said primary imports included petroleum oils, motor vehicles for goods transportation, ‘nickel ores and concentrates’, precious stones (diamond), and ‘civil engineering and contractors equipment’.

Meanwhile, in a notable analysis of the commodity of the month, Namibia imported stationery worth N$47.6 million while exporting N$0.9 million worth of the same product.


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