Trade deficit improves in October 2022

N$1.7 billion recorded
Namibia's export earnings stood at N$7.8 billion, while the import bill stood N$9.5 billion.
Phillepus Uusiku
Namibia’s trade deficit improved for the second consecutive month in October 2022. According to the Namibia Statistics Agency (NSA), Namibia recorded a trade deficit of N$1.7 billion in October 2022, an improvement when compared to N$2.6 billion recorded in September 2022.

The trade deficit recorded in September 2022 was also an improvement when compared to N$4.1 billion registered in August 2022. Year to date, Namibia did not record any trade surplus.

During October 2022, Namibia’s exports earnings stood at N$7.8 billion, a decline of 10.2% when compared to N$8.7 billion recorded in September 2022. In October 2021, export earnings stood at N$6.9 billion.

On the other hand, Namibia’s import bill in October 2022 declined by 15.5% to N$9.5 billion from N$11.3 billion registered in September 2022. In October 2021, Namibia’s import bill stood at N$12.4 billion.

An increase in export earnings and a decline in the import bill have a positive impact on the trade balance.

The decline in exports earnings during the period under review were mainly driven by diamonds that decreased by N$1.8 billion, copper ores and concentrates (N$201 million), ores and concentrates of base metals (N$165 million), inorganic chemical elements (N$143 million) and printed matters (N$138 million), NSA pointed out.

Regarding imports, the decline was mainly driven by petroleum oils that decreased by N$1.7 billion, diamonds (N$575 million), wheat (N$206 million), medicaments (N$126 million), telecommunications equipment (N$104 million) NSA said.

Markets

Uranium was Namibia’s largest export commodity during October 2022, accounting for 28.6% of total exports mainly destined to China.

Fish and diamonds came second and third in the list accounting for 10.8% and 8.7% of total exports, respectively. Fish were mostly destined to Spain, Zambia and the DRC while diamonds were mainly destined to the UAE and Belgium, NSA said.

Moreover, in the fourth position was non-monetary gold accounting for 8.5% of total exports mostly destined to South Africa. Finally, petroleum oils took the fifth position with a share of 7.2% of total exports and was mostly destined to Botswana, Zambia and the Marshall Islands.

Petroleum oils topped the list of imported goods for the month of October 2022, with a share of 14.2% of the nation’s total import value. In second position was motor vehicles for the transportation of goods with a share of 5.2%, while ores and concentrates of precious metals; and civil engineering and contractors’ equipment were rated third and fourth in the list accounting for 4.0% and 3.5% of all commodities imported, respectively. Finally, alcoholic beverages was ranked fifth after contributing 2.4% to the total import, NSA [email protected]