Industry

Total merchandise trade declined to N.dollars 13.9 billion in Feb

Summary

Namibia’s total merchandise trade declined to N.dollars 13.9 billion in February 2021, which is 18.4 per cent less than the N.dollars 17.1 billion recorded in January 2021, the Namibia Statistics Agency trade statistics report of February 2021 indicate…

Namibia’s total merchandise trade declined to N.dollars 13.9 billion in February 2021, which is 18.4 per cent less than the N.dollars 17.1 billion recorded in January 2021, the Namibia Statistics Agency trade statistics report of February 2021 indicates.

The report availed to Nampa on Thursday indicates that the country’s trade balance remained in a deficit amounting to N.dollars 2.4 billion, widening from a deficit of N.dollars 1.8 billion recorded in January 2021 and narrowing from the level N.dollars 3.5 billion recorded in February 2020.

Namibia’s trade composition by partner illustrated that China continued as Namibia’s largest export market while South Africa maintained its first position as Namibia’s largest source of imports.

“The composition of the export basket mainly comprised minerals such as copper, pearls and precious stones, diamonds, non-monetary gold and copper concentrates. Fish was the only non-mineral products among the top five exports. On the other hand, the import basket comprised mainly of copper, petroleum and petroleum products, motor vehicles, telecommunication equipment and medicinal and pharmaceutical products,” the report reads.

The February 2021 trade statistics indicated that re-exports deteriorated, falling by 22.7 per cent month on month but improving by 53.6 per cent year-on-year.

Copper took the largest share of goods that were re-exported, accounting for 62.4 per cent of total re-exports, destined mainly to China, the Netherlands, Australia, India and Hong Kong. The copper that was re-exported was mostly sourced from Zambia.

“Copper appears to dominate both the export and import side of Namibia’s trade. This is because some of the copper imported comes under warehousing procedures before it is re-exported. Hence, they form part of total exports, domestic plus re-exports,” the report stated.

During the period under review, the value of imports into the country amounted to N.dollars 8.2 billion, down from its level of N.dollars 9.5 billion in January 2021 and N.dollars 8.8 billion in February 2020. The top five commodities imported into Namibia jointly accounted for 42.5 per cent of total imports, with copper leading with the largest share of 28.5 per cent. In second position is petroleum oils with a share of 7.5 per cent of all commodities imported, it added.

Source: Namibia Press Agency