Namibia’s trade deficit account currently stands at N$5.8 billion in the first quarter of 2015, a decline of 22.8% from the N$7.6 billion recorded in the first quarter of 2014.
Trade deficit is basically the difference between imports and exports whereby if a country has a deficit, it means the country imports more than it exports hence not making a profit at all.
Senior Statistician at the Namibia Statistics Agency (NSA) Elijah Saushini attributed the decline to the slight decline in the overall import expenditure to N$19.4 billion recorded during the first quarter of 2015 from N$20.6 billion in the first quarter of 2014.
“The overall export revenue for quarter one of 2015 remained relatively constant when compared to the same quarter a year ago. It rose only by a mere 3.9% to account fo N$13.6 billion up from N$13 billion in the corresponding quarter of the preceding year,” Saushini said.
Saushini noted that the country’s total exports for quarter one of 2015 were valued at N$13.6 billion of which the bulk valued at N$8.6 billion were destined to Botswana, South Africa, Switzerland and Angola, including N$739 million which was destined to the Export Processing Zone (EPZ).
The above mentioned markets account for 63.4% in the first quarter of 2015 of Namibia’s total exports when compared to 57.7% during the same quarter in 2014.
Saushini said Botswana topped Namibia’s export destination with goods worth N$2.8 billion exported to that country, which is the largest increase of 54.3% from N$1.8 billion recorded in the first quarter of 2014.
“On the other hand, export revenue from Angola declined by 23%, this was the largest decline followed by exports to Switzerland which dropped by 11.8% to N$1.6 billion in the reporting quarter from N$1.8 billion in the corresponding quarter of 2014,” Saushini said.
He added, “The overall exports to other countries outside the top five listed markets also dropped slightly by 10% to account for N$5 billion in quarter one of 2015 from N$5.5 billion recorded in the same quarter of the previous year.”