Namibia's trade deficit widens

  • World
  • Wednesday, 03 Apr 2024

WINDHOEK, April 2 (Xinhua) -- Namibia's trade balance in February saw a deficit of 3.9 billion Namibia dollars (about 207 million U.S. dollars), more than double that of January, according to the latest trade statistics released Tuesday.

In January, the trade deficit was 1.8 billion Namibia dollars. For the year ending February, the trade deficit averaged 2.7 billion Namibia dollars, according to the Namibia Statistics Agency (NSA).

"During February 2024, Namibia's export earnings recorded a major decrease of 48.9 percent from 12 billion Namibia dollars in January 2024 to 6.1 billion Namibia dollars," said NSA Statistician General Alex Shimuafeni.

Namibia's trade composition by partner showed that South Africa was its main export destination, accounting for 27.1 percent of exports. Belgium followed in the second position with a share of 15.1 percent, while Zambia occupied the third position with a share of 10.2 percent. Spain and Botswana took the fourth and fifth positions, contributing 7 percent and 6.1 percent, respectively.

The export basket for February mainly comprised minerals such as non-monetary gold, copper, articles of copper, petroleum oils and precious stones (diamonds), with fish remaining the only non-mineral product in the top five exports.

Reexports decreased 8.1 percent month on month and 7.8 percent year on year for the month under review, the report showed.

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