By: Nghiinomenwa-vali Erastus
For June 2022, Namibian consumers have bought N$3,7 billion worth of goods from South Africa.
However, Namibians only managed to sell N$1,5 billion worth of goods to South Africans during the same period, the June 2022 Trade Statistics shows as compiled by the Namibia Statistics Agency (NSA).
This has resulted in a bilateral trade deficit of N$2,2 billion- as Namibians spend more on South African products while offering little to them.
The country’s import of South African products while selling/exporting less to that country is one of the main contributors to the country’s trade deficit.
In June, the country’s trade deficit (buying out more than selling) stood at N$2,5 billion- with the country’s trade with South Africa, the main contributor. Trade with China is the second contributor.
Exports to China were valued at N$590 million, and an import bill of N$749 million resulted in a trade deficit of N$159 million.
Trade with Botswana, Spain, and France has, however, recorded a trade surplus- selling more to these countries compared to what they bought from them in June.
Namibia’s exports to Botswana were valued at N$1,6 billion and imported goods at a value of N$45 million, thus representing a positive trade balance between the two countries of N$1.5 billion.
The exports to France during the month under review amounted to N$718 million while imports stood at N$36 million, resulting in a trade surplus of N$683 million.
Spain featured in Namibia’s top five exports for the month of June 2022 with an export bill of N$507 million and importing goods worth N$24 million, recording a trade surplus of N$483 million.
In June 2022, Botswana, South Africa, France, China and Spain- these five countries accounted for 60.7 per cent of Namibia’s total exports, up from 48.9 per cent witnessed in May 2022 and 64.5 per cent recorded in June 2021.
The N$2,5 billion trade deficit recorded during the month of June 2022 was attributed mostly to the imports of petroleum oils valued at N$2.9 billion.
Followed by civil engineering and contractors’ equipment with an import value of N$391 million, inorganic chemical elements ranked third with imports amounting to N$667 million.
Wheat and fertilizers also contributed to our trade deficit, with imports valued at N$217 million each.
Compared to May 2022, Namibia had a trade deficit of N$2.5 billion, reflecting an improved deficit when compared to N$6.1 billion in the preceding month.
The reduction in copper ores and concentrates import contributed significantly, reducing by N$1.5 billion at the end of June.
While import for ores and concentrates of precious metals decreased by N$590 million month on month by the end of June.
Over the period (June 2021 to June 2022), Namibia recorded a deficit averaging N$3,1 billion per month without recording any surplus.
WHAT ARE WE SELLING AND BUYING?
The value of export in June 2022 increased by 26 per cent to N$8 billion from its May 2022 level of N$6,3 billion.
On the other hand, when compared to its level of N$6,9 billion recorded in June 2021, exports increased by 15.1 per cent.
Imports stood at N$10.5 billion, reflecting a decrease of 15.9 per cent month-on-month and a 24.8 per cent increase year-on-year basis.
Following these developments in both flows, Namibia’s total merchandise trade (exports plus imports) with the rest of the world decreased by 1.7 per cent from its May 2022 level of N$18.8 billion to N$18.4 billion recorded in June 2022.
Additionally, total trade strengthened by 20.4 per cent when compared to N$15.3 billion recorded in June 2021.
In June 2022, Namibia mostly sold mineral extract in a raw form and semi-processed.
The statistics show that mining and quarrying products emerged as the largest exported goods with a value of N$3,8 billion, absorbing 47.1 per cent of total exports.
Products from the mining industry increased by N$1,8 billion from N$2 billion recorded in May 2022.
Products from the manufacturing industry (mostly semi-processed minerals) came in the second position, with exports valued at N$3.7 billion in June 2022.
Exported products from this industry decreased by N$256 million from N$4 billion recorded in May 2022.
On the demand side, Namibia’s import bill side was mainly dominated by products from the manufacturing industry, with an import bill of N$6,8 billion in June 2022.
This, however, is a decrease of 4.3 per cent from N$7.1 billion recorded the previous month.
Given the country’s port facility and strategic position, it also imports raw mineral goods and exports them, resulting in a share of 32.1 per cent of the total imports for the month of June 2022. Email: erastus@thevillager.com.na
