The trade balance deteriorated in September 2024, recording a deficit of N$5.8 billion. This figure represents a significant increase compared to the previous month’s deficit of N$3.6 billion and the same period in 2023, which stood at N$3.4 billion, according to the Namibia Statistics Agency’s latest trade statistics.
Trade composition by partner showed that South Africa maintained its position as Namibia’s largest market for both exports and imports.
The composition of the export basket for September mainly comprised minerals such as precious stones (diamond), uranium, non-monetary gold, and petroleum oils. Fish remained the only non-mineral product among the top five products exported.
Re-exports declined by 29.1% month-on-month and 2.6% year-on-year, the NSA noted. The re-exports basket is mainly comprised of petroleum oils, precious stones (diamond), and inorganic chemical elements.
On the other hand, the import basket mainly comprised petroleum oils, ores, and concentrates of precious metals, fertilizers, copper ores and concentrates, and motor vehicles for the transportation of goods.
On the analysis of the commodity of the month, during the month under review, Namibia exported ‘Ice cream and other edible ice’ worth only N$405 and imported N$9.8 million worth of the same commodity.