Namibia exported goods valued at N.dollars 7.4 billion and imported goods worth N.dollars 12.3 billion in August 2023, resulting in a trade deficit of N.dollars of 4.9 billion.
This is according to the Namibia Merchandise Trade Statistics bulletin issued on Thursday by the Namibia Statistics Agency (NSA) which also showed that during the period under review, the export bill decreased by 10.2 per cent from N.dollars 8.2 billion recorded in July 2023.
When compared to August 2022, exports decreased by 6.3 per cent from N.dollars 7.9 billion.
During August 2023, imports stood at N.dollars 12.3 billion, reflecting an increase of 3.0 per cent month-on-month and 2.2 per cent year-on-year.
The report indicated that precious stones (diamonds) had the largest share of 31.2 per cent of Namibia’s total exports, followed by fish with 15.6 per cent and non- monetary gold with a share of 12.7 per cent.
Copper and articles of copper account for 5.4 per cent and petroleum oils were fifth, contributing 4.4 per cent.
It further indicated that South Africa emerged as the country’s largest export destination, with a share of 23.6 per cent of all goods exported, followed by Botswana with a share of 20.6 per cent, and Zambia, Belgium and Spain, respectively.
South Africa equally maintained its position as Namibia’s largest source of imports, accounting for 36.1 per cent of total imports followed by China with 6.7 per cent of the market share. China is followed by India, Germany and Saudi Arabia, respectively.
With regards to imports, petroleum oils were the highest valued commodity with a share of 22.1 per cent of total imports, followed by motor vehicles for the transport of goods with a share of 3.9 per cent. This was followed by vessels with a share of 3.6 per cent. Rotating electric plant and parts, civil engineering and contractors equipment contributed 3.5 per cent and 3.1 per cent, respectively, it read.
Source: The Namibian Press Agency