Namibia exported goods valued at N$7.4 billion and imported goods worth N$12.3 billion in August 2023, resulting in a trade deficit of N$4.9 billion.

This is according to the Namibia Merchandise Trade Statistics bulletin issued on Thursday by the Namibia Statistics Agency (NSA) which also showed that during the period under review, the export bill decreased by 10.2% from N$8.2 billion recorded in July.

Compared to August 2022, exports decreased by 6.3% from N$7.9 billion.

During August, imports stood at N$12.3 billion, reflecting an increase of 3.0% month-on-month and 2.2% year-on-year.

The report indicated that precious stones (diamonds) had the largest share of 31.2% of Namibia’s total exports, followed by fish at 15.6% and non-monetary gold with a share of 12.7%.

Copper and articles of copper account for 5.4% and petroleum oils were fifth, contributing 4.4%.

The report further indicated that South Africa emerged as the country’s largest export destination, with a share of 23.6% of all goods exported, followed by Botswana with a share of 20.6%, and Zambia, Belgium, and Spain, respectively.

South Africa equally maintained its position as Namibia’s largest source of imports, accounting for 36.1% of total imports followed by China with 6.7% of the market share. China is followed by India, Germany, and Saudi Arabia, respectively.

With regards to imports, petroleum oils were the highest valued commodity with a share of 22.1% of total imports, followed by motor vehicles for the transport of goods with a share of 3.9%. 

This was followed by vessels with a share of 3.6%. Rotating electric plant and parts, civil engineering and contractor’s equipment contributed 3.5% and 3.1% respectively, it read. -Nampa