Merchandise trade data which the Namibia Statistics Agency released yesterday, show that the country sold apples worth N$300 000 in July, indicating a trade deficit.
The data shows that both exports and imports decreased in July.
“During July 2024, Namibia’s export earnings recorded a decrease of 23,5% from N$13 billion recorded in June 2024. Moreover, the import bill for the month under review decreased by 12,2% from N$13,7 billion recorded during the preceding month,” the report says.
This means the country recorded a trade deficit of N$2,1 billion when compared to a trade deficit of N$689 million recorded in June 2024.
This occurs when a country buys more goods than it exports.
Contrary to previous months, manufacturing was the largest contributor to the export bill. Normally the mining and quarrying sector is the largest.
The manufacturing sector exported goods valued at N$5,6 billion, which made up 55,9% of total exports.
“Products from the industry increased by N$160 million when compared to the previous month,” the report says.
The mining sector recorded a decline of N$3,1 billion when compared to the previous month.
“The mining and quarrying sector came in second position, with a share of 39% of the total exports in July 2024,” the report says.
Furthermore, the agriculture, forestry and fishing sector ranked third, contributing 4,3% of the total export of goods.
The country also recorded a trade surplus with China of N$1,3 billion, Zambia (N$518 million) and Botswana (N$512 million).
A trade deficit of N$2,9 billion was recorded against South Africa, followed by India at N$748 million and the United Arab Emirates at N$701 million.
“Petroleum oils contributed the most to the trade deficit, having recorded a deficit of N$1,6 billion,” the report says.
In second place was motor vehicles for the transportation of goods, with a deficit of N$564 million, followed by motor vehicles for the transportation of people, with a deficit of N$298 million in third position.
However, the country remained a large exporter of uranium totalling N$2,5 billion.
“The second and third places were occupied by non-monetary gold with a trade surplus of N$1,3 billion, and fish at N$1,2 billion,” the report says.
Namibia bought N$10,3 million worth of apples from South Africa in July.
Merchandise trade data which the Namibia Statistics Agency released yesterday, show that the country sold apples worth N$300 000 in July, indicating a trade deficit.
The data shows that both exports and imports decreased in July.
“During July 2024, Namibia’s export earnings recorded a decrease of 23,5% from N$13 billion recorded in June 2024. Moreover, the import bill for the month under review decreased by 12,2% from N$13,7 billion recorded during the preceding month,” the report says.
This means the country recorded a trade deficit of N$2,1 billion when compared to a trade deficit of N$689 million recorded in June 2024.
This occurs when a country buys more goods than it exports.
Contrary to previous months, manufacturing was the largest contributor to the export bill. Normally the mining and quarrying sector is the largest.
The manufacturing sector exported goods valued at N$5,6 billion, which made up 55,9% of total exports.
“Products from the industry increased by N$160 million when compared to the previous month,” the report says.
The mining sector recorded a decline of N$3,1 billion when compared to the previous month.
“The mining and quarrying sector came in second position, with a share of 39% of the total exports in July 2024,” the report says.
Furthermore, the agriculture, forestry and fishing sector ranked third, contributing 4,3% of the total export of goods.
The country also recorded a trade surplus with China of N$1,3 billion, Zambia (N$518 million) and Botswana (N$512 million).
A trade deficit of N$2,9 billion was recorded against South Africa, followed by India at N$748 million and the United Arab Emirates at N$701 million.
“Petroleum oils contributed the most to the trade deficit, having recorded a deficit of N$1,6 billion,” the report says.
In second place was motor vehicles for the transportation of goods, with a deficit of N$564 million, followed by motor vehicles for the transportation of people, with a deficit of N$298 million in third position.
However, the country remained a large exporter of uranium totalling N$2,5 billion.
“The second and third places were occupied by non-monetary gold with a trade surplus of N$1,3 billion, and fish at N$1,2 billion,” the report says.
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