Namibian total merchandise trade declined by 37.8 per cent to N.dollars 14.1 billion in May 2021 compared to N.dollars 16 billion recorded in April 2021, the Namibia Statistics Agency’s trade bulletin report for May 2021 indicates.

The report issued on Tuesday shows that the country’s trade balance remained in a deficit amounting to N.dollars 3.2 billion from deficits of N.dollars 143 million recorded in April 2021 and N.dollars 1.2 billion in May 2020.

“The May 2021 trade figures indicated that re-exports fell by 60.3 per cent month-on-month and by 20.3 per cent year-on-year. Copper had the largest share of all goods re-exported, accounting for 57.8 per cent of total re-exports mainly destined to China, Netherlands, France, Hong Kong and Belgium. Most of the copper re-exported originated from Zambia and the Democratic Republic of Congo.”

It added that copper appears to dominate both trade flows indicating the important role the country plays as a major logistics hub for the Southern African Development Community.

China emerged as the main export market for the country, absorbing 27.9 per cent of all goods exported, ahead of South Africa in a second-place whose market share of Namibia’s exports stood at 14.7 per cent of total exports. Botswana claimed the third position to account for 11.8 per cent while Spain and Netherlands occupied the fourth and fifth positions with respective shares of 7 per cent and 5.6 per cent.

“During May 2021, Namibia’s top five trading partners in terms of exports largely remained the same as in the previous month with Spain making it to the list as a new entrant. These top five markets accounted for 67.1 per cent of Namibia’s total exports, up from the 57.1 per cent in April 2021 but down from 69 per cent recorded in May 2020,” the report adds.

The top five import markets supplied Namibia with 73.6 per cent of all import requirements needed by the country, up from its April 2021 level of 58.5 per cent and 72.3 per cent in May 2020.

Source: Namibia Press Agency