Namibia’s quarterly trade deficit is expected to narrow slightly during the rest of the year, according to experts.
Financial services firm, PSG Konsult, said this in their analysis on Tuesday following the country’s statistics agency’s (NSA) report on the quarterly merchandise trade deficit, which narrowed in the second quarter of 2017 when compared with the same period last year.
In the analysis, Namibia recorded a trade deficit of 466 million U.S. dollars in Q2 2017 versus a deficit of 661 billion dollars in Q2 2016, mainly attributed to a larger decline in the import bill.
According to NSA, the value of imported goods declined by 9 percent year-on-year in Q2.
“The lower import bill was thanks to a decline in the imports of vehicles, boilers and petroleum products from South Africa and lower diamond imports from Botswana,” PSG said.
Meanwhile, Namibia sourced most of its imports from South Africa (60.4 percent of total imports), Botswana, Bulgaria, Zambia and China. The leading import commodities were petroleum products, vehicles, boilers and diamonds.
In terms of exports, NSA said the value of exported goods fell by 9.8 percent y-o-y in Q2.
“This decline is due to lower copper cathode exports to Switzerland, lower diamond exports to Botswana and lower fish exports to Spain,” PSG added.
For the period under review, Namibia’s major export destinations in Q2 were South Africa, Switzerland, Botswana, and Spain. The country’s top export products were diamonds, copper, fish and livestock. Enditem