Namibia trade deficit up in third quarter

12 Nov 2015 17:40pm
WINDHOEK, 12 NOV (NAMPA) - Namibia has experienced an increase in trade deficit over the third quarter, statistics contained in the latest Trade Statistics Bulletin have shown.
According to a media statement issued by the Namibian Statistics Agency (NSA) on Thursday, the latest trade deficit amounts to N.dollars 10.5 billion.
This showed an upward trend when compared to the N.dollars 5.2 billion recorded in the preceding quarter of 2014.
The statement said the widening deficit is attributed to an increase in the import bill and a contraction in export earnings.
The import bill rose by 22 per cent to account for N.dollars 24.5 billion, upward from N.dollars 19.9 billion in the same period a year ago.
Export revenue fell by six per cent to account for N.dollars 13.9 billion as compared to N.dollars 14.8 billion reported in the same quarter last year.
During the quarter under review, the key export markets were Botswana (N.dollars 3.2 billion); South Africa (N.dollars 3 billion); Switzerland (N.dollars 1.8 billion); China (N.dollars 0.856 billion) and Spain (N.dollars 0.830 billion).
“The commodities imported were dominated by mineral fuels and oils; vehicles; boilers; copper cathodes; and electrical machinery and equipment. These dominated our import bill for the third quarter,” the statement read.
Most of the exports were transported by sea, whilst the imports were predominantly transported by road.