Namibia’s trade balance stood at a deficit of N$119 million in December 2024, a significant improvement when compared to a deficit of N$5.5 billion in November 2024.
According to the latest data by the Namibia Statistics Agency (NSA), the December 2024 deficit was better than the N$969 million recorded in December 2023.
According to the breakdown of Namibia’s trade by partner, South Africa continued to be the country’s top import market, while China remained the top export market.
“In terms of export composition, Namibia’s big winners for December 2024 have been focused in the mining sector, such as precious stones (diamonds), uranium, and non-monetary gold, with fish and ‘fruits and nuts’ being the only non-mineral products among the top five exported goods,” NSA statistician general Alex Shimuafeni says.
He says re-exports saw a 4.9% decline month-on-month while noting a 50.1% increase year-on-year.
The re-exports basket was mainly of precious stones (diamonds), ‘copper, ‘nickel ores and concentrates’, petroleum oils and fertilisers.
“On the other hand, the import basket mainly consisted of petroleum oils, fertilisers, precious stones (diamonds), inorganic chemical elements and ores and concentrates of base metals,” Shimuafeni says.
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