Mining keeps trade afloat
China remained Namibia's largest export market in May, as the country's trade deficit narrowed despite imports continuing to outpace exports.
Figures released by the Namibia Statistics Agency (NSA) showed exports totalled N$12.4 billion during the month, while imports stood at N$15.5 billion. The resulting trade deficit of N$3.1 billion marked an improvement from the N$4.4 billion deficit recorded in April.
However, the latest figures contrast with May last year, when Namibia recorded a trade surplus of N$115 million.
The NSA said China was Namibia's largest destination for exports, while South Africa remained the country's principal source of imports.
Mining products continued to dominate the country's export basket. Uranium, diamonds, non-monetary gold and nickel ores and concentrates were the leading export commodities, with fish the only non-mineral product among the top five.
Imports were led by petroleum oils, nickel ores and concentrates, commercial vehicles, sulphur and unroasted iron pyrites, and passenger motor vehicles.
The report also recorded a sharp increase in re-exports, which rose by 49.7% compared with April and by 3.8% from a year earlier. Re-exported goods were mainly nickel ores and concentrates, petroleum oils, base metal ores and concentrates, sulphur and unroasted iron pyrites, and fertilisers.
The data also highlighted contrasting trends in food and beverage trade.
Namibia recorded a food trade surplus of N$510 million, meaning it exported more food products than it imported. By contrast, the country posted a beverage trade deficit of N$226 million, with imports exceeding exports.
The NSA's commodity focus for May was potatoes.
It said Namibia exported fresh potatoes worth N$35,565 to Angola during the month, while seed potatoes valued at N$119,000 were imported from South Africa. Fresh potatoes worth N$17.9 million were also imported from China and India.
