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Namibia’s trade deficit up in March

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Namibia

Namibia’s trade balance in March saw a deficit of 4.5 billion Namibian dollars (about 242 million U.S. dollars), compared to 3.9 billion Namibian dollars and 2.2 billion Namibian dollars recorded in February 2024 and March 2023, respectively, according to the latest trade statistics released Thursday.

In the year ended March 2024, the trade deficit averaged 3 billion Namibian dollars, according to a Namibia Statistics Agency (NSA) report.

“During March 2024, Namibia’s export earnings increased 36.5 percent from 6.1 billion Namibian dollars recorded in February 2024 to 8.3 billion Namibian dollars,” said NSA Statistician General Alex Shimuafeni.

South Africa is Namibia’s largest market for both exports and imports, accounting for 20.6 percent of exports.

Botswana is Namibia’s second-largest export market, accounting for 17.7 percent, followed by Zambia, 10.7 percent.

France and Belgium took the fourth and fifth positions, contributing 6.4 percent and 6.1 percent, respectively.

The export basket for March 2024 mainly comprised minerals such as precious stones, non-monetary gold, “copper, articles of copper,” nickel ore and concentrates, and fish.

Re-exports increased by 33.5 percent month-on-month and 19 percent year-on-year, the report said.

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