Nam records N$10.1m trade surplus at Oshikango
Namibia recorded a trade surplus of N$10.1 million at the Oshikango Border Post despite the Angolan market facing a serious slow down because of the decision taken by that country’s reserve bank to stop circulating the greenbacks as a legal tender at the expense of the Kwanza.
The improvement in trade engagements between the two countries, especially at the congested port of entry, are captured in an Informal Cross Border Trade Survey (ICBTS) conducted by the Namibian Statistics Agency (NSA) recently.
Announcing the findings of the survey NSA Statistician General, Alex Shimuafeni said, “During the 2015 ICBTS, it is pleasant to note that Namibia registered a trade surplus to the tune of N$10.1m with regards to informal trade mainly due to a significant value in exports via Oshikango Border Post.”
The improved trade could also be as a result of the brisk trade that business people operating on the Namibian side of the border enjoy from Angolans who do the bulk of their shopping from there.
Shimuafeni added that, “Informal exports were estimated at N$12million representing a 2% decline from N$12.3 million recorded in 2014, while informal imports increased drastically with a humongous 535% from N$217 000 to N$.4million
According to Shimuafeni the increase in cross border activities was driven by alcoholic beverages; maize meal and mahangu; clothing and jewellery; non-alcoholic beverages; rice; pasta; electronics and electrical appliances.
Informal exports through all surveyed border posts were Oshikango (N$1.8m), and Omahene (N$1.1million). He also added that the despite the volatile economic situation, Angola remained the country’s leading export destination.
Shimuafeni also added that that the Agency will in future expand the survey and also spend more time at the border posts in a bid to cover more time and also move towards getting better and more accurate results of the trade balances between the countries.