By: Staff writer
Namibia’s export earnings went down by N$2.6 billion between March and April, from the N$10.2 billion recorded in the previous month to N$7.6 billion in April, according to the latest report of the Namibia Statistics Agency’s (NSA).
The 26.2% decline to N$7.6 billion is the second lowest for the year thus far, after the country only managed N$7 billion in export earnings in January.
This led to a trade deficit of N$1.3 billion for the month of April, which is an improvement from the N$2.2 billion deficit recorded in March 2023.
The NSA attributed the deficit to a decrease in total imports from N$12.5 billion in March to the N$8.9 billion in imports for the month under review.
“When compared to a trade deficit recorded in April 2022 of N$3.5 billion, the trade deficit registered in April 2023 improved notably by N$2.1 billion. Over the period between April 2022 and April 2023, Namibia recorded no trade surplus whereas trade deficits averaged at N$2.4 billion,” the NSA noted.
The biggest contributor to the decline in exports was a significant drop in diamonds, which decreased by N$1.7 billion after Namibia exported diamonds worth N$3.3 billion the month before.
Uranium exports decreased by N$852 million, printed matter decreased by N$191 million, petroleum oils decreased by N$164 million and the exports of inorganic chemical elements decreased by N$61 million, according to the NSA.
Meanwhile, Namibia imported N$1.5 billion less of copper ores and concentrates for the month of April compared to the previous month. Petroleum oils decreased by N$1.2 billion, thermionic cathode valves and tubes decreased by N$264 million, ores and concentrates of precious metals decreased by N$248 million while diamonds decreased by N$178 million.
South Africa emerged in first position as Namibia’s export destination with a percentage share of 21.2%, while Botswana came second with a share of 16.2% and China in third position with a share of 11.4%.
Zambia had a share of 9.6% and Belgium 8.6%, coming in fourth and fifth positions, respectively.
In comparison, for the same month, 46.7% of imports were sourced from South Africa, 14.9% from China and 4.1 from India.
The United States of America and Singapore took fourth and fifth positions with percentage shares of 3.4% and 3.3%, respectively.
Namibi saw trade surpluses with Botswana of N$1.2 billion, Zambia at N$682 million and Belgium at N$604 million. However, trade deficits were recorded against South Africa (N$2.5 billion), China (N$459 million) and India (N$317 million) during April.
With regard to the African Continental Free Trade Area (AfCFTA), for the month of April, Namibia imported goods amounting to N$4.3 billion from the rest of Africa with goods valued at N$0.1 million being sourced from Kenya.
On the supply side, the country supplied Africa with goods worth N$ 4.2 billion during the same month, with N$1.9 million of goods destined to Kenya. The export basket to Kenya mainly consisted of Alcoholic beverages.
Overall, Namibia exported goods to a value of N$218.7 million to Kenya during the period 2015 to 2022 , while on the demand side, Namibia imported goods amounting to N$89.2 million over the same period.
