The trade balance remains in deficit of 2 billion Namibian dollars

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In April 2021, Namibia’s total merchandise trade increased to N $ 18.7 billion, an increase of 0.8% and 43.3%, from N $ 18.6 billion and 13.1 billion Namibian dollars recorded in March 2021 and April 2020, respectively. However, the country’s trade balance remained in deficit of N $ 2 billion, against N $ 1.8 billion recorded in March 2021 and April 2020.

The trade balance compares the country’s trade flows with the rest of the world in terms of export earnings and import expenditure.

Between April 2020 and April 2021, Namibia recorded a positive trade balance, amounting to N $ 325 million, in June 2020 alone.

According to the April 2021 Trade Statistics Bulletin compiled by the Namibia Statistics Agency (NSA), the composition of Namibia’s trade by partner showed that China remains Namibia’s largest export market, while South Africa has maintained its leading position as Namibia’s main source of imports.

The composition of the export basket mainly included minerals such as copper, uranium, precious stones (diamonds), fish and non-monetary gold. As usual, fish remained the only non-mineral product among the top five exports. On the other hand, the basket of imports consisted mainly of ships, copper, petroleum and petroleum products, motor vehicles and medicines.

“Trade figures for April 2021 indicated that re-exports were down 3.1% month-on-month, while a more significant increase of 49.9% was noted year-on-year. Copper accounted for the largest share of all re-exported goods, accounting for 67.6% of total re-exports, mainly destined for China, the Netherlands, Belgium, Germany and Italy. Most of the re-exported copper came from Zambia and the DRC. Importantly, copper appears to dominate both trade flows, which is an indication of the important role the country plays as a major logistics hub for SADC, said Statistician General and NSA CEO Alex. Shimuafeni.

Meanwhile, the value of exports in April 2021 fell 0.8% to N $ 8.3 billion from its level of N $ 8.4 billion recorded in March 2021. However, compared to 5 , 7 billion Namibian dollars recorded in April 2020, exports increased by 47.6%.

On the other hand, imports amounted to N $ 10.4 billion, up 2% and 40%, compared to N $ 10.2 billion and N $ 7.4 billion recorded in March 2021 and April. 2020, respectively. Following the evolution of exports and imports, Namibia’s total merchandise trade with the rest of the world increased by 0.8%, from N $ 18.6 billion obtained in March 2021 to N $ 18.7 billion. of Namibian dollars recorded in April 2021.

A further 43.3% increase was seen in the country’s total trade from its N $ 13.1 billion level recorded in April 2020.

In addition, in April 2021, Namibia’s top five trading partners in terms of exports remained largely the same as in the previous month for the top three countries (China, South Africa and Botswana), Belgium and the United States. Netherlands on the list of new entrants. . These top five markets accounted for 76% of Namibia’s total exports, compared to 42.5% and 69.4% recorded in March 2021 and April 2020, respectively.

China became Namibia’s main export market, absorbing 46% of all exported goods, followed by South Africa in second place, with Namibia’s export market share of 12, 7% of total exports.

Botswana claimed third position with 7.2%, while Belgium and the Netherlands occupied fourth and fifth positions with respective shares of 5.6% and 4.5%.

In April 2021, Namibia bought the majority of imports mainly from South Africa, Germany, Zambia, DRC and China. The top five import markets supplied Namibia with 80.8% of all import needs the country requires, up from 70.9% in March 2021 and 55.6% in April 2020.

South Africa remained Namibia’s largest import market, with a 32% share of the value of all goods received into the country in April 2021.

Next come Germany, with a contribution of 23.7% of total imports. In addition, Zambia came in third place, accounting for 15.1% of Namibia’s total imports, followed by the DRC and China, contributing 6.6% and 3.4% respectively.

“International merchandise trade plays a crucial role in economic development, as it connects producers and consumers located in different countries in a global economic system. In this context, the availability of timely and high-quality trade statistics becomes a prerequisite for a thorough analysis of employment, production, income, consumption and general well-being, both at the national level. national and global level, ”said Shimuafeni.

2021-06-08 Journalist

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