Namibia's trade deficit slows down

15 Jul 2015 16:40pm
WINDHOEK, 15 JUL (NAMPA) – Namibia’s trade deficit slowed down by 22,8 per cent to N.dollars 5,8 billion in the first quarter of 2015, from N.dollars 7,6 billion recorded over the same period in 2014.
The first quarter runs from January to June.
The decline in the deficit was attributed to a slight decline in the overall import expenditure to N.dollars 19.4 billion recorded during the first quarter of 2015, from N.dollars 20.6 billion in the first quarter of 2014.
Briefing the media on Wednesday, Senior Statistician in the Namibia Statistics Agency (NSA) Elijah Saushini explained that the overall export revenue for the first quarter remained relatively constant when compared to the same quarter a year ago.
“The export revenue rose only by a mere 3,9 per cent to account for N.dollars 13.6 billion up from N.dollars 13 billion in the corresponding quarter of the preceding year,” he said.
Namibia’s total exports for the first quarter was valued at N.dollars 13,6 billion of which the bulk valued at N.dollars 8.6 billion was destined to Botswana, South Africa, Switzerland and Angola, including N.dollars 739 million which was destined to the Export Processing Zone (EPZ).
Botswana topped Namibia’s export destination with goods worth N.dollars 2.8 billion, which is the largest increase of 54.3 per cent from N.dollars 1,8 billion recorded in the first quarter in 2014.
Saushini said Namibia’s exports to Africa’s largest economy, South Africa, rose by 16 per cent to N.dollars 2,6 billion, compared to N.dollars 2,2 billion recorded in the corresponding quarter in 2014.
In addition, he said, exports to the EPZ also rose by 44 per cent to N.dollars 0.74 billion in the first quarter from N.dollars 0.5 billion in the same quarter of 2014.
He said the revenue for exports to Angola declined by 23 per cent, which was described as the largest decline, followed by exports to Switzerland which dropped by 11.8 per cent.
Namibia's exports during the period under review included precious stones (diamonds), fish, copper, ores and beverages.