May Trade balance reflects N$2.8 billion deficit

• By JO-MARIE ORTNER

NAMIBIA’s trade balance showed a deficit of N$2.8 billion in May 2023, compared to a deficit of N$1.3 billion recorded in April 2023 and N$5.2 billion observed in May 2022. These figures were outlined in the monthly developments report published by the Namibia Statistics Agency (NSA), which focuses on Namibia’s merchandise trade with the rest of the world.

According to Alex Shimuafeni, the Statistician-General and Chief Executive Officer of NSA, international merchandise trade plays a crucial role in economic development. It acts as a link between producers and consumers located in different countries, forming a global economic system.

“Availability of timely and high-quality trade statistics is essential for conducting in-depth analyses of employment, production, income, consumption, and overall welfare, both at the national and global levels,” said Shimuafeni.

Adding that to fulfil this need, the NSA has strived to provide timely and high-quality statistics through various publications since its establishment.

He further mentioned that analysing Namibia’s trade composition by partner has revealed that Botswana emerged as Namibia’s largest market for exports, indicating the significant demand for Namibian products in Botswana. On the other hand, South Africa retained its position as the largest source of imports for Namibia, highlighting the importance of goods sourced from South Africa to meet domestic demand.

In addition to these terms of export products, the composition of Namibia’s export basket in May 2023 was primarily dominated by minerals.

For more on this & other stories: Grab a copy of the Newspaper