WINDHOEK: Namibia recorded a trade deficit of N.dollars 3.3 billion in May 2024, with the country’s exports that were valued at N.dollars 9.4 billion, while imports stood at N.dollars 12.8 billion.

This was announced by Namibia Statistics Agency (NSA) Chief Executive Officer, Alex Shimuafeni on Tuesday, who said the export value in May 2024 represented a 0.7 per cent decrease from the N.dollars 9.5 billion recorded in April 2024. However, compared to May 2023, exports increased by 2.8 per cent.

This indicates a slight recovery in export performance year-over-year despite a month-over-month decline, he said.

Shimuafeni stated that on the import side, the value for May 2024 showed a 1.1 per cent increase from the N.dollars 12.7 billion recorded in April 2024.

Compared to May 2023, imports rose by 6.2 per cent from the N.dollars 12.0 billion recorded during that period. This upward trend in imports suggests increased demand for foreign goods in Namibia, he explained.

He stated that the analysis of exports b
y commodities revealed that precious stones (diamonds) had the largest share of the export basket, accounting for 20.6 per cent of Namibia’s total exports, ahead of fish with 13.1 per cent and non-monetary gold with a share of 12.6 per cent.

According to Shimuafeni, copper and articles of copper (6.7 per cent) and petroleum oils (5.5 per cent) came in fourth and fifth positions.

In terms of imports, he stated that petroleum oils was the highest valued commodity with a share of 22.1 per cent of total imports, followed by nickel ores and concentrates and precious stones (diamonds) with a share of 3.8 per cent each.

Furthermore, motor vehicles for the transportation of goods and medicaments each accounted for 2.3 per cent of total imports, he said.

He added that Namibia’s trade by mode of transport revealed that in May 2024, vast goods were exported via sea transport, accounting for 35.7 per cent of total exports, followed by air transport with 33.6 per cent and road transport with 30.6 per cent.

Namibia ex
ported blankets amounting to N.dollars 29 387, while on the demand side, Namibia imported blankets valued at N.dollars 10.8 million, mainly sourced from South Africa and China. Imports of the commodity averaged monthly at N.dollars 6.5 million over the period May 2023 to May 2024, he said.

Source: The Namibia Press Agency