WASHINGTON: The trade balance recorded a deficit of N$4,15 billion during the first quarter of 2016, the Namibia Statistics Agency said in a report. This translates into a 62% decline, down from N$10,9 billion reported during the previous quarter and a 30% decline from N$5,89 billion recorded during the preceding quarter last year.
During the quarter, Namibia’s key export markets were Switzerland, Botswana, South Africa and Norway. The Export Processing Zone (EPZ) also contributed significantly to Namibia’s export earnings. On the other hand, Namibia’s imports were mainly sourced from South Africa, Botswana, India, Zambia and China.
The key commodities exported during the review period include: vessels, copper ores, copper cathodes, diamonds and electrical machinery and equipment. On the other hand, mineral fuels and oils, vehicles, boilers, diamonds, and electrical machinery and equipment were the main imported commodities by value.
In terms of economic regions, Namibia’s exports were mostly absorbed by Africa and Europe with Sacu absorbing 56,5% of Namibia’s total exports to the world, followed by the EU with 24%, Sadc−non−Sacu with 9% and Comesa with 7,8%. Imports were also sourced from the same economic regions with Sacu dominating the list with 68,5% of the total imports, followed by Brics with 9,6% and the EU with 9%.
Namibia exported most commodities by sea and air while lesser commodities were exported via road. On the other hand, most imported commodities were transported by road and sea while air accounted for a lesser share of the overall imports. Switzerland topped Namibia’s export destination with goods worth N$3,49 billion exported to that country, representing an increase of 32,2% when compared to N$2,64 billion during the previous quarter.
“When compared to the corresponding quarter of the preceding year, export earnings from Switzerland doubles from N$1,60 billion. The largest growth in exports to Norway was due to a once−off shipment of vessels worth N$2,18 billion. The agency said exports to Botswana declined by 25,5% to account for N$2,69 billion reported compared to N$3,61 billion recorded during the previous quarter. When compared to the corresponding quarter a year ago, exports to Botswana fell by only 3% from N$2,77 billion.
Export revenue from South Africa also tumbled by 11,7% to N$2,69 billion, from N$3 billion recorded during the previous quarter, however, when compared to the preceding quarter of 2015, exports to that country increased by 3,8% from N$2,59 billion. In addition, apart from Botswana and South Africa, countries such as Italy, Spain and Zambia are some of the biggest contributors to the growth in export revenue experienced during the quarter.
