WINDHOEK, Aug. 2 — Namibia’s trade gap shrank to 1.4 billion Namibian dollars (about 94 million U.S. dollars) in June 2023, down from 2.8 billion Namibian dollars the previous month, according to the latest figures released by the Namibia Statistics Agency (NSA) Tuesday.
Between June 2022 and June 2023, Namibia recorded no trade surplus whereas trade deficits averaged at 2.1 billion Namibian dollars, according to the NSA.
“Namibia’s export earnings decreased by 5.9 percent while the import bill for the month under review decreased by 15.9 percent when compared to 12 billion Namibian dollars recorded during the earlier month,” NSA Statistician General Alex Shimuafeni said.
According to Shimuafeni, Namibia’s trade composition by partner showed that South Africa emerged as the largest market for both exports and imports.
“South Africa took the first position as Namibia’s main export destination, accounting for 37.3 percent of total exports,” Shimuafeni said. “China was the second largest export market, accounting for 12.7 percent of total exports.”
On the import side, South Africa was also the largest supplier, accounting for 39.2 percent of total imports. China was the second largest supplier, accounting for 11.3 percent of total imports.
The decline in the trade deficit was attributed to a number of factors, including the weaker Namibian dollar and the lower prices of some of Namibia’s major exports, such as diamonds and copper.
The NSA said that the trade deficit is expected to narrow further in the coming months as the Namibian economy continues to recover from the COVID-19 pandemic. (Xinhua)
