WINDHOEK - The Namibia Statistics Agency’s first Quarter Trade Statistics indicates that the first quarter of 2019 recorded a trade deficit amounting to N$2.950 billion as compared to N$9.293 billion witnessed during the same period of last year. This implies a significant improvement of 68 percent that was mainly driven by exports which strengthened by 12 percent over the course of the year, while imports declined by 14 percent.
The NSA’s latest trade report shows that imports stood at N$24.390 billion after recording N$27.548 billion and N$28.376 billion in the fourth quarter of 2018 and first of 2019 respectively, while exports amounted to N$21.440 billion from N$19.038 billion in the first quarter of 2018 and N$24.959 billion in the fourth quarter of 2019.
Namibia’s leading export markets in the first quarter of 2019 comprised of China (N$5.437 billion, mainly copper and ores), South Africa (N$3.618 billion: precious stones & metals, live animals and fish), Botswana (N$2.405 billion: precious stones and metals), Belgium (N$1.936 billion: copper) and Spain (N$0.942 billion: fish).
On the flip side, Namibia’s imports were mainly sourced from South Africa (N$10.342 billion: motor vehicles & parts, industrial machinery, electrical machinery), Zambia (N$4.218 million: copper), Belgium (N$1.779 billion: ores), Botswana (N$0.960 billion: precious stones and metals), and China (N$0.859 billion: industrial machinery and articles of iron or steel).
In terms of economic blocs, about 28 percent of Namibia’s total value of goods exported were destined to the Southern African Customs Union, making that Sacu the country’s largest export destination in the first quarter of 2019. BRIC and the EU occupied second and third positions, accounting for 26 percent and 23 percent shares of total exports, respectively.
SACU also remained the largest source of domestic imports, accounting for 47 percent share of the total import bill, followed by Sadc Non-Sacu and Comes with 18 percent each.
Sea transport was the most used mode of transport in terms of exports, shipping out 56 percent of the total exports. The remaining 23 percent and 21 percent were transported via air and road respectively. On the other hand, 63 percent of the total imports to Namibia were transported via road, with the remaining 32 percent and 4 percent of total imports coming in by sea and air transport respectively.