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Significant improvement in trade deficit

2022-05-09  Maihapa Ndjavera

Significant improvement in trade deficit

For March 2022, Namibia’s export earnings stood at N$6 billion (a decrease of 3.4% monthly), while the imports bill amounted to N$8.9 billion (a decline of 17.7% monthly). 

This resulted in a trade deficit of N$2.9 billion, a significant improvement of 37.3% when compared to the deficit of N$4.6 billion recorded in February 2022.

This was contained in the trade statistics bulletin for March 2022 released last week by the Namibia Statistics Agency (NSA).

“Namibia’s trade activities picked up for March 2022 when compared to the same month of 2021. Cumulative total trade (import + export) for March 2022 stood at N$15 billion, a conspicuous 22% increase from N$12.3 billion witnessed in March 2021,” reads the bulletin.

International merchandise trade plays a crucial role in economic development, as it links producers and consumers located in different countries into a global economic system.

Furthermore, the report stated cheese was chosen as the commodity of the month.

In March 2022, the country imported cheese worth N$14.6 million. 

During the period March 2021 to March 2022, Namibia on average imported cheese to a value of N$14.2 million

During this period, the lowest import value of N$11 million was observed in February 2022, while the highest import value of N$18.5 million was recorded in October 2021. 

Most of the cheese imported during March 2022 originated from South Africa.

The analysis of exports by commodities revealed that precious stones (diamonds) had the largest share of 25% of Namibia’s total exports ahead of fish with 14%, inorganic chemical elements and non-monetary gold with a market share of 8% each, and copper blisters with 7.2%. 

In terms of imports, petroleum oils were the most imported commodities with a share of 18.4% of total imports, followed by civil engineering and contractors’ equipment with a share of 3.8%, whereas precious stones (diamonds) came third with a share of 3.4%. 

Motor vehicles for the transportation of goods accounted for 3.1%, while sugars, molasses and honey accounted for 3% of Namibia’s total imports.

2022-05-09  Maihapa Ndjavera

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