Namibia’s exports earnings decreased by 5.9 per cent, from the N.dollars 9.2 billion recorded in May 2023 to N.dollars 8.7 billion in June 2023.
According to the latest Namibia Merchandise Trade Statistics Bulletin released on Monday by the Namibia Statistics Agency (NSA), compared to the previous year, exports recorded a decreased of 1.1 per cent from N.dollars 8.8 billion.
During June 2023, imports stood at N.dollars 10.1 billion, reflecting a decrease of 15.9 per cent month-on-month and an increase of 13.5 per cent year-on-year.
“During the month under review, Namibia recorded a trade deficit amounting to N.dollars 1.4 billion compared to N.dollars 2.8 billion recorded in May, while the trade deficit registered in June 2023 was high compared to N.dollars 129 million deficit recorded in June 2022,” the statistics indicated.
Furthermore, between June 2022 and June 2023, Namibia recorded no trade surplus, whereas trade deficits averaged at N.dollars 2.1 billion.
The bulletin also stated that the largest exported goods were recorded in the manufacturing industry in April 2023 with goods valued at N.dollars 4.9 billion, absorbing 64.4 per cent of total exports. This represented a N.dollars 220 million increase from the value recorded in March 2023.
“The mining and quarrying industry recorded the second largest exports in April 2023, with good worth N.dollars 2.2 billion in April 2023, although it was a decrease from what was recorded in March.”
Namibia also witnessed trade surpluses with Botswana of N.dollars 1.2 billion, followed by Zambia with N.dollars 682 million and Belgium with N.dollars 604 million.
Trade deficits were however recorded against South Africa with only N.dollars 2.5 billion, China at N.dollars 459 million and India at N.dollars 317 million during the period under review.
Diamonds were Namibia’s largest exported commodity during June 2023, accounting for 27.1 per cent of total exports, of which 9.3 per cent were re-exported and destined for Botswana and United Arab Emirates.
Fish was mostly destined for Spain, DRC and Zambia.
Source: NAMPA