Namibia records N$8 billion in export earnings
Trade deficit stood at N$2.5 billion
Over the period June 2021 to June 2022, Namibia recorded a trade deficit averaging N$3.1 billion per month without recording any surplus.
Namibia gained N$8 billion in export earnings during June 2022, compared to N$6.3 billion and N$6.9 billion recorded May 2022 and June 2021,respectively, according to the Namibia Statistics Agency (NSA).This represents an increase of N$1.7 billion on a monthly basis and N$1.1 billion more on an annual basis.
On the other hand, Namibia’s import bill during the period under review stood at N$10.5 billion, a decline when compared to N$12.4 billion recorded in May 2022 and an increase when compared N$8.4 billion registered in June 2021.
Given these developments, Namibia’s trade deficit improved to N$2.5 billion when compared to N$6.1 billion recorded in May 2022. However, on an annual basis, Namibia’s trade deficit deteriorated by N$1.1 billion.
Over the period June 2021 to June 2022, Namibia recorded a deficit averaging N$3.1 billion per month without recording any surplus, NSA pointed out.
“The trade deficit recorded during the month of June 2022 amounting to N$2.5 billion was attributed mostly to the imports of petroleum oils valued at N$2.9 billion, followed by civil engineering and contractors’ equipment with an import value of N$391 million, inorganic chemical elements ranked third with imports amounting to N$667 million. Wheat and fertilizers also contributed to our trade deficit with imports valued at N$217 million each,” NSA said.
Exports
Namibia’s top five export partners were Botswana, South Africa, France, China and Spain, accounting for 60.7% of total exports.
Diamonds was Namibia’s largest export commodity during the period under review, accounting for 25.1% of total exports mostly destined to Botswana, United Arab Emirates (UAE) and Israel.
This was followed by uranium which accounted for 15.0% of total exports destined mostly to France and China. Fish came third on the list with a share of 11.6% destined to Spain, Zambia, and the DRC, NSA said.
Moreover, non-monetary gold accounted for 6.5% of total exports of which was exclusively destined to South Africa. Petroleum oils which accounted for 5.7% of total export was destined mostly to Botswana and Zambia, the agency added.
During June 2022, a total of N$3.1 billion, representing a 39.5% share of total exports left the country by sea.
Air transportation accounted for 34.0% of which its export basket was mainly made up of diamonds, non-monetary gold and printed matters. Finally, road transportation accounted for 26.5% and petroleum oils, fish and alcoholic beverages were listed as the most exported commodities via road, NSA [email protected]