26 March 2019

Namibia: Trade Deficit Shrinks to N$17,38 Billion in 2018

NAMIBIA'S trade deficit has improved by 31% compared to 2017, says statistician general Alex Shimuafeni.

He revealed this when releasing the country's trade statistics for 2018 in Windhoek today.

Shimuafeni indicated that during the year 2018 Namibia spent N$17,38 billion more on imports than what the country earned through exports.

However, this represents a decline of 31% in the trade deficit compared to 2017, when a trade deficit of N$25,18 billion was recorded.

A trade deficit occurs when the value of goods a country imports exceeds the value of exports, which simply means the country is buying more goods and services from outside than it is selling.

Other trade statistics released today show that China's appetite for Namibian minerals has helped the Asian country overtake South Africa as the main destination for Namibian exports in 2018.

Exports to China totalled N$16,41 billion and accounted for 18% of Namibia's total exports in 2018.

Namibian exports to South Africa were valued at N$14,89 billion last year, when it made up 16% of the country's total exports.

The exports were mainly minerals such as precious stones and metals.

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