More billions spent on foreign goods
07 June 2021 | Economics
Due to Covid-19 trade restrictions last year, spending on foreign goods was relatively less. With the easing of restrictions, a significant boost on imports expenditure can be observed.
According the Namibia Statistics Agency (NSA), on annual basis, imports for the month of April stood at N$10.4 billion, an increase of N$3 billion or 40.5% when compared of an amount of N$7.4 billion in April last year. In March, imports stood at N$10.2 billion, a slight increase of 2%.
The value of exports in April 2021 declined by 0.8% to N$8.3 billion from its level of N$8.4 billion recorded in March 2021. However, when compared to N$5.7 billion recorded in April 2020, exports increased by 47.6%.
Following these developments, Namibia recorded a trade deficit to the tune of N$2 billion compared to a deficit level of N$1.8 billion recorded in both March 2021 and April 2020, NSA pointed out.
China remain a top market for Namibia exports, absorbing 46% of all goods exported. Namibia sourcing majority of imports mainly from South Africa, accounting for 32% of the value of all goods received into the country, NSA said.
Copper, mainly destined to China, Netherlands and Belgium was Namibia’s largest export commodity, while imports were dominated by vessels, accounting for 23% of all imports.
Exports amounting to N$5.7 billion, representing 68.4% of total exports left the country by sea. This translated into an increase of 8.1% when compared to the value of N$5.3 billion of goods exported in March 2021.
Moreover, a significant increase of 85.3% was noted when compared to its April 2020 level of N$3.1 billion. Air and road transportation accounted for 17.1% and 14.5% of total exports, respectively.
Transport by road was the most frequent mode of transport used for imports. Imports by road amounted to N$6.2 billion, representing 59.4% of all goods imported into the country.
Following in the second place was sea transport which accounted for 38.7% of all the goods that reached the country while the remaining 1.8% arrived by air, NSA said.