The trade balance for April 2024 stood at a deficit of N$3.1 billion, marking a decrease from the N$4.6 billion deficit recorded in March 2024 and an increase from the N$1.2 billion deficit reported in April 2023.
According to trade data released by Namibia's Statistics Agency this week, trade composition by partner, South Africa emerged as the country's largest market for both exports and imports. The export basket for April 2024 primarily consisted of minerals such as precious stones (diamonds), uranium, non-monetary gold, and petroleum oils, with fish being the only non-mineral product among the top five exported items.
During the same period, re-exports saw a 2.6% increase month-on-month and a 17.5% increase year-on-year. The re-exports basket mainly comprised salts and peroxy salts, petroleum oils, and precious stones (diamonds).
Conversely, the import basket mainly included petroleum oils, copper ores and concentrates, precious stones (diamonds), nickel ores and concentrates, and civil engineering and contractors' equipment.
In the analysis of the commodity of the month, Namibia imported mushrooms and truffles worth N$0.3 million, with no recorded export of mushrooms and truffles during April 2024.
