Trade deficit increase during Q1 of 2018

WINDHOEK, 19 JUN  – Namibia’s trade deficit worsened significantly by 71 per cent during the first quarter of 2018, due to lower exports.
The first quarter of 2018 trade deficit amounted to N.dollars 8.35 million compared to N.dollars 4.88 million recorded during the same period last year.
According to the latest quarterly trade statistics bulletin released by the Namibia Statistics Agency (NSA) on Tuesday, lower exports were valued at N.dollars 18.8 million compared to a higher import figure of N.dollars 27.2 million.
The import bill rose by N.dollars 6.7 million (33 per cent) to N.dollars 27.2 million compared to N.dollars 20.5 million in the first quarter of 2017.
Similarly, exports rose by 21 per cent to register N.dollars 18.8 million when compared to N.dollars 15.6 million in 2017.
Namibia’s leading export markets were mainly China with copper cathodes, ores and concentrates amounting to N.dollars 3.45 million; South Africa which traded diamonds, live animals and fish totalling N.dollars 3.35 million and Belgium with N.dollars 2.43 million for copper cathodes.
Other export markets included Botswana with N.dollars 1.93 million for diamonds and Italy with N.dollars 1.42 million for zinc and copper cathodes.
According to the NSA, sea transport was the most used mode of transport in terms of exports, shipping out 56,9 per cent of the total exports.
The remaining 23,3 per cent and 19,9 per cent were transported via air and road respectively.
Over 35 per cent of Namibia’s total value of goods exported were destined for the European Union (EU), making it the country’s largest export destination in quarter one of 2018.
The Southern African Customs Union (SACU) and Brazil, Russia, India and China (BRIC) countries occupied the second and third positions, accounting for 29,5 per cent and 20,1 per cent of total exports respectively.

NAMPA