The trade balance in September stood at a deficit of N$3.3 billion, compared to N$4.9 billion in August the latest trade statistics released this week by the Statistics Agency (NSA) revealed.
Export earnings increased by 5.3% from N$7.4 billion recorded in the previous month to N$7.8 billion, a statement from the agency said.
The import bill for the month under review decreased by 9.6% compared to N$12.3 billion recorded during the preceding month, the statement said.
Meanwhile, South Africa emerged as Namibia’s largest market for both exports and imports where the composition of the export basket for September 2023 mainly consisted of minerals such as precious stones (diamonds), uranium, non-monetary gold, and petroleum oils.
Regarding imports, the import basket mainly comprised petroleum oils, Inorganic chemical elements, motor vehicles for the transport of goods, motor vehicles for the transport of persons, and ‘civil engineering and contractors’ equipment.
For the month under review, re-exports decreased by 9.9% month-on-month and 39.2% year-on-year, he said.
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