English English Portuguese Portuguese

Trade activities improved significantly during 2022

Namibia’s trade activities continued to increase between January 2022 to November 2022 when compared to the same period in 2021. Cumulative exports from January 2022 to November 2022 stood at N$87 billion, representing an increase of 46.1% from N$59.6 billion recorded during the same period in 2021. 

The Namibia Statistics Agency (NSA) shared these figures last week in its November 2022 trade statistics. 

Trade highlights by category showed that the monthly change (up by 8.1%) in exports of goods was mainly reflected in precious stones (diamonds) that increased by N$2 billion, fruit and nuts increased by N$361 million, ores and concentrates of base metals increased by N$127 million, non-monetary gold increased by N$126 million. In contrast, iron and steel bars increased by N$99 million.

Looking at the monthly change in imports, goods that went up by 1.4% were mainly reflected in residual petroleum products, which increased by N$164 million, miscellaneous chemical products, which increased by N$140 million, telecommunications equipment increased by N$112 million, rubber tires increased by N$111 million, and petroleum oils increased by N$106 million.

NSA added that during the month under review, Namibia recorded a trade deficit of N$1.5 billion, reflecting an improvement of 25.9% and 3.2% when compared to the trade deficits recorded in October 2022 and November 2021, respectively. 

“Throughout November 2021 to November 2022, Namibia recorded no trade surplus, while the trade deficits monthly averaged at N$2.6 billion,” reads the report. 

The trade balance compares the country’s trade flow with the rest of the world regarding export earnings and expenditure on imports. 

Fruits and nuts were chosen as the commodity of the month. “During November 2022, Namibia exported fruits and nuts valued at N$371.8 million, which mostly were destined for The Netherlands (N$131.2 million), and the United Kingdom (N$105.8 million). Over the entire period (November 2021 to November 2022), the export value of fruits and nuts monthly averaged N$110.6 million, with the largest value of N$531.1 million recorded in December 2021 and the lowest value of N$5.8 million recorded in June 2022”. 

On the demand side, the country imported fruits and nuts worth N$35 million, mainly from South Africa, in November 2022.

Article Source: New Era Live