Business Reporter
NAMIBIA’S trade balance continues to remain in the red with the country recording a deficit of N$3.2 billion for the month of May 2021 from deficits of N$143 million recorded in April 2021 and N$1.2 billion in May 2020.
This is according to the newly released trade statistic of the Month of May 2021 by the Namibia Statistics Agency (NSA).
The NSA noted that the country continues to fork out more for importing for goods and services whilst earnings made from exports continue to decline. Namibia’s exports stood at N$5.4 billion and imports at N$8.6 billion, subsequently the country’s trade balance resulted in a deficit of N$3.2 billion. Overall, the country’s total trade for May 2021 stood at N$14.1 billion.
The NSA stated that over the period from May 2020 to May-2021, Namibia recorded a positive trade balance only in June 2020 amounting to N$338 million.
Namibia’s trade composition by partner illustrated that China emerged as Namibia’s largest export market, while South Africa was the main import market.
Copper was Namibia’s largest export commodity during the month under review, accounting for 28.5 % of total exports mainly destined to China, Netherlands and France.
This was followed by precious stones (mainly diamonds) which accounted for 16.8% of total exports destined mostly to Botswana, Belgium and the USA.
As usual, fish remained the only non-mineral product among the top five exports. Fish accounted for 15.2 % of total exports mainly due to the demand of that product by Spain, DRC, Zambia and South Africa. On the other hand, the import basket comprised mainly of copper; petroleum oils; copper ores; motor vehicles, and ships, boats and other floating structures.
During the period under review, the value of imports into the country amounted to N$8.6 billion down from N$11.4 billion obtained in April 2021.
