Namibia’s trade deficit widens to N$7.8 billion in October

Namibia’s trade balance worsened in October, with a widening deficit of N$7.8 billion, driven by higher imports and a slight decline in exports.

The country was a net importer of both food items and beverages during October, with trade deficits of N$166 million and N$262 million, respectively.

This was revealed by statistician general Alex Shimuafeni in the ‘Namibia International Merchandise Trade Statistics Bulletin’ for October 2024.

He said live chicks were the commodity of the month.
Shimuafeni revealed that the country imported chicks worth N$1.4 million, mostly from The Netherlands, South Africa and Zambia.

“However, no export of the same commodity was recorded in October 2024,” he said.

According to the bulletin, Namibia’s export revenue during October stood at N$8.7 billion, a slight decrease of 3.8% from the N$9 billion recorded in September 2024.

The import bill stood at N$16.5 billion, an increase of 11.5% from the N$14.8 billion recorded during the preceding month.

“The above translates to a trade deficit of N$7.8 billion during October 2024 compared to a trade deficit of N$5.8 billion recorded in September,” the statistics agency says.

Namibia’s cumulative exports were N$94.1 billion in October 2024, higher than the N$80.7 billion recorded during the same period last year.

The cumulative value of imports amounted to N$131.2 billion in the current month, higher by N$22.4 billion than that of the same period in 2023.

During October 2024, the export bill dropped by 3.8% from N$9 billion recorded in September 2024, and increased 27.9% compared to N$6.8 billion registered in October 2023.

The Namibia Statistics Agency (NSA) says imports for the same period stood at N$16.5 billion, the largest figure recorded over the year, translating into an increase of 11.5% month on month, and 45.4% year on year.

The manufacturing sector had the largest export of goods valued at N$4.8 billion, making up 55.8% of the country’s total exports in October 2024.

Exports from this industry increased by N$579 million compared to the previous month.

The mining and quarrying sector came second, accounting for 39.5% of total exports in October 2024. However, exports of goods from this industry decreased by N$940 million when compared to the previous month.

The agriculture, forestry and fishing sector ranked third, contributing 4% to total exports.

The import bill stood at N$12.5 billion in October 2024, an increase of 15.2% from September 2024. The mining and quarrying industry came second at N$3.5 billion, a decrease of 2% compared to the preceding month.

The agriculture, forestry and fishing industry occupied the third position with imports valued at N$382 million during the month under study.

In October 2024, Namibia witnessed trade surpluses of N$1.1 billion with Botswana, France (N$897 million) and Belgium (N$493 million), while trade deficits were recorded against South Africa (N$3.7 billion), China (N$1.4 billion) and Peru at N$965 million during the period under review.

Petroleum oils contributed the most to the country’s trade deficit, having recorded a deficit of N$1.8 billion.

In second place was copper ores and concentrates, with a deficit of N$908 million, followed by civil engineering and contractors’ equipment with a deficit of N$869 million in third position.

The country’s trade surplus on non-monetary gold stood at N$1.5 billion, followed by uranium and precious stones (diamonds) in second and third positions, with trade surpluses of N$1.3 billion and N$1.1 billion, respectively. – email: matthew@namibian.com.na