Africa-Press – Namibia. NAMIBIA’S trade deficit made a major improvement month on month, with the trade deficit standing at N$1.1 billion in December 2022, compared to a deficit of N$2.8 billion recorded in the previous month.
This is according to the latest trade statistics released by the Namibia Statistics Agency (NSA) for the month of December 2022.
According to the report, Namibia’s export earnings decreased by 10.3% from N$9.6 billion recorded the previous month to N$8.7 billion. Similarly, the imports bill for the month under review amounted to N$9.8 billion, representing a decrease of 21.4 % from N$12.5 billion recorded in November 2022. As a result, the trade deficit stood at N$1.1 billion in December 2022, a notable improvement of 59.5% when compared to a deficit of N$2.8 billion recorded the previous month.
Namibia’s trade activities continued to increase during the period of January 2022 to December 2022 when compared to the same period of 2021.
Cumulative exports from the month of January 2022 to December 2022 stood at N$96.4 billion, representing an increase of 46.3% from N$65.9 billion recorded during the same period in 2021.
Subsequently, for imports, an increase of 34.8% is depicted, recording N$128.3 billion compared to N$95.2 billion recorded during the same period last year.
In December 2022, the Mining and Quarrying exported goods, with a value of N$4.3 billion, absorbed 49.7% of total exports.
The value of the products from the industry decreased by N$813 million from N$5.1 billion recorded in November 2022. Products from the manufacturing industry came in second position, with exports valued at N$3.2 billion in December 2022. Exported products from this industry, decreased by N$460 million when compared to N$3.7 billion recorded in November 2022.
The demand side was largely dominated by products from the manufacturing industry, with an import bill of N$6.8 billion registered in December 2022. This is a decrease of 23.9% from N$9.0 billion recorded during the previous month.
Mining and Quarrying goods imported accounted for 27.9% of the total imports for the month of December 2022 amounting to N$2.7 billion, a decrease of N$480 million from N$3.2 billion recorded in November 2022.
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