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Namibian trade increases by 13% year on year

Namibian trade increases by 13% year on year

Business Reporter

NAMIBIA’S total merchandise trade recorded an increase of 13.0% year on year with April 2022 recording N$14.4 billion in merchandise trade, compared to N$12.7 billion recorded in April 2021.

This is according to the Namibia Statistics Agency Trade bulletin for April 2022.

The bulletin however noted a 20.3 % decrease month on month compared to N$18 billion made in March 2022.

Statistician General Alex Shimuafeni explained that the country’s trade deficit worsened to N$3.3 billion from the revised deficit of N$619 million recorded in March 2022 and far worse from a surplus of N$365 million witnessed in April 2021.

For April 2022, Namibia’s export earnings stood at N$5.5 billion (resulting in a decrease of 36.4 % on a monthly basis) while the imports bill amounted to N$8.8 billion (a decline of 5.2 % monthly). This resulted in a trade deficit of N$3.3 billion, when compared to March 2022 when the trade balance worsened by 433.9%.

Namibia’s trade composition by partner showed that South Africa emerged as Namibia’s largest market for exports whereas Botswana came in second position as the largest source market for the country. The composition of the export basket for April 2022 was mainly comprised of minerals such as precious stones (diamonds), uranium as well as non-monetary gold.

Fish continued to be the only non-mineral commodity within the top five products exported. On the other hand, the import basket was mainly comprised of petroleum oils, inorganic chemical elements, sulphur and unroasted iron pyrites as well as motor vehicles for the transportation of goods.

For April 2022, re-exports decreased by 42.1% on a month-on-month basis and a decrease of 10.7 % year-on-year. The re-exports basket mainly consisted of precious stones (diamonds), which accounted for 26.8%, petroleum oils with a share of 12.1%, copper blisters with a share of 10.5 % and printed matter accounting for 5.9%.

Analysis for the commodity of the month for April 2022 focused on the importation of trousers and breeches (cotton). Namibia imported cotton made trousers and breeches valued at N$10 million mostly sourced from South Africa.

Photo for illustrative purposes only: Namibia Economist

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