South Africa emerged as the country’s largest market for both exports and imports during April, according to the latest trade statistics availed by the Namibia Statistics Agency on Tuesday.
The composition of the export basket for April 2023 mainly comprised minerals such as precious stones (diamonds), fish, non-monetary gold, uranium, and copper blisters.
According to the statistics agency, fish remains the only non-mineral product within the top five products exported.
On the other hand, the import basket mainly comprised petroleum oils, motor vehicles for the transportation of goods, ‘Iron and steel bars’, motor cars for the transportation of persons
as well as ‘civil engineering and contractors’ equipment’.
“For the month under review, re-exports increased by 0.8% month-on-month and 47.7% year-on-year. The re-exports basket mainly comprised Precious stones (diamonds), Copper blisters, and Petroleum oils,” the agency noted.
Meanwhile, analysis for the commodity of the month focused on both the exportation and importation of ’Articles of cement, concrete, and artificial stones.’
During April, Namibia imported ’Articles of cement, concrete, and artificial stones’ valued at N$3.5 million, mainly sourced from South Africa. On the supply side, the country exported the same commodity worth N$ 0.1 million, mostly destined for Angola, the agency said.
In the interim, the country’s trade balance improved by N$893 million (month–on–month) and N$2.1 billion (year-on-year) from N$2.2 billion recorded in March 2023 and N$3.5 billion observed in April 2022, respectively.
Source Article: Economist Namibia