Windhoek: Namibia's trade balance recorded a deficit of N.dollars 5.5 billion in November 2024. This represented an improvement compared to the deficit of N.dollars 7.7 billion recorded in October 2024 and the N.dollars 4.0 billion deficit recorded in November 2023.

According to Namibia Press Agency, in the country's International Merchandise Trade Statistics Bulletin released on Thursday, the Namibia Statistics Agency (NSA) noted that Namibia's export earnings stood at N.dollars 12.2 billion in November last year. This was a notable increase of 39.0 per cent from N.dollars 8.8 billion recorded in October 2024.

The import bill during the same month stood at N.dollars 17.7 billion, an increase of 7.2 per cent from N.dollars 16.5 billion recorded in the preceding month. This translates to an improved trade deficit of N.dollars 5.5 billion during November 2024, said Statistician General Alex Shimuafeni.

Shimuafeni noted that the country's exports during November comprised mainly minerals such as uranium, diamonds, copper and copper articles, as well as non-monetary gold. Statistics showed that China maintained its position as Namibia's largest market for exports. 'Fish remained the only non-mineral product among the top five exported products,' he said.

On the other hand, Namibia's import basket mainly consisted of aircraft and associated equipment, petroleum oils, diamonds, motor vehicles for the transportation of goods, and nickel ores and concentrates. Also, during November, Namibia was a net importer of both food items and beverages, with trade deficits of N.dollars 259.1 million and N.dollars 382.5 million, respectively.

Shimuafeni highlighted the importance of international merchandise trade statistics, stating, 'International merchandise trade plays a crucial role in economic development as it links producers and consumers located in different countries into a unified global economic system. In this context, the availability of timely and high-quality trade statistics becomes a precondition for an in-depth analysis of employment, production, income, consumption, and overall welfare of both country and at global level.'