Namibia records another trade deficit

WINDHOEK: Namibia recorded a trade deficit of N.dollars 26,2 billion in 2014, compared to N.dollars 17,2 billion recorded in the preceding year.

Senior Statistician at the Namibia Statistics Agency (NSA) Elijah Saushini revealed this on Wednesday during a press a briefing in Windhoek.

He explained that the widening of the trade deficit was reflected in a 23,2 per cent increase in the import Bill to N.dollars 90,6 billion from 73,5 billion in the previous year.

“Total exports increased only moderately to N.dollars 64,4 billion from N.dollars 56,3 billion when compared to year earlier,” he stated.

Namibia’s key markets of exports were Botswana (N.dollars 10,7 billion), South Africa ( N.dollars 8,4 billion), Switzerland ( N.dollars 7,8 billion, Korea ( N.dollars 5,8 billion) and Angola ( N.dollars 4,7) respectively.

The commodities mostly exported were precious stones (diamonds) ships and floating structure, ores, fish and copper.

On the other hand, Saushini said, Namibia’s imports were mainly sourced from South Africa ( N.dollars 51,6 billion, Korea ( N.dollars 5,9 billion), China ( N.dollars 3,6 billion), Bahamas ( N.dollars 3,1 billion) and Germany ( N.dollars 2,6 Billion).

Namibia’s top imports are vehicles, ships and floating structure, machinery and mechanical appliances, mineral fuels and electrical machinery and equipment.

In terms of economic blocks, Namibia imports were mainly from Southern African Customs Union (SACU) ( N.dollars 53,8 billion), the European Union (N.dollars 8,6 billion), Brazil, Russia, India and China (BRIC) group (N.dollars 5,4 billion) and SADC-Non-SACU (N.dollars 3,5 billion).

In terms of exports, he said, Namibia exported goods worth N.dollars 19,4 billion) to SACU, N.dollars 8,6 to Non-SACU-SADC, N.dollars 7,9 to EU and N.dollars 2,5 billion BRIC.

SOURCE: NAMPA