Namibia's trade balance shows reduced deficit in April
(MENAFN) Recent trade statistics from Namibia reveal a narrowing trade deficit in April, standing at 3.1 billion Namibia dollars, a decrease from the 4.6 billion Namibia dollars recorded in March, as announced by the Namibia Statistics Agency (NSA) on Tuesday.
Throughout the year ending in April, Namibia maintained an average trade deficit of 3.2 billion Namibia dollars, indicating ongoing challenges in balancing trade flows, according to NSA Statistician-General Alex Shimuafeni.
In April 2024, Namibia's export earnings experienced a notable increase of 16.3 percent compared to the previous month, while the import bill for the same period decreased by 1.3 percent, Shimuafeni reported.
South Africa emerged as Namibia's primary trading partner, serving as both the largest market for exports and the main source of imports. Notably, South Africa accounted for 17.6 percent of Namibia's exports, with China and Botswana following closely behind at 16.9 percent and 14.6 percent, respectively. Additionally, the Democratic Republic of the Congo and Zambia also featured prominently among Namibia's trading partners.
The composition of Namibia's export basket in April primarily comprised mineral resources, including precious stones (diamonds), uranium, non-monetary gold, and petroleum oils. Fish was the sole non-mineral product among the top five exports.
Shimuafeni highlighted a positive trend in reexports, which increased by 2.6 percent month-on-month and 17.5 percent year-on-year, indicating sustained trade activity within the region.
Despite the persistent trade deficit, Namibia's trade dynamics demonstrate resilience and ongoing efforts to leverage its mineral wealth and strategic geographical position to drive economic growth and development.
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