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Namibia exported diamonds worth N$1.6 billion during the month of April 2023, yielding a trade surplus of N$1.4 billion. During the month, fish alone recorded a trade surplus of N$1.3 billion. Diamonds and fish contributed 21.7% and 16.9% respectively to the country’s exports during the month of April 2023, which contributed to the improvement in Namibia’s trade balance compared to the previous month.
Namibia exported diamonds worth N$1.6 billion during the month of April 2023, yielding a trade surplus of N$1.4 billion. Diamonds and fish contributed 21.7% and 16.9% respectively to the country’s exports during the month of April 2023, which contributed to the improvement in Namibia’s trade balance compared to the previous month. This is followed by non-monetary gold at 9.4 percent. Uranium accounted for 8.3 percent, and copper blisters contributed 7.3%.
The figures reveal that Namibia’s trade deficit in April 2023 showed improvement, amounting to N$1.3 billion, compared to the N$2.2 billion recorded in March 2023. This positive change was a result of a 26.2% decrease in export earnings during the period, falling from N$10.2 billion in the previous month to N$7.6 billion. Additionally, the import bill for the reviewed month decreased by 28.7% compared to the previous month’s figure of N$12.5 billion.
Namibia’s trade composition experienced a notable shift, with fish emerging as a crucial contributor to the country’s export market. Fish, along with precious stones (diamonds), non-monetary gold, uranium, and copper blisters, played a vital role in driving Namibia’s exports for the month. Precious stones (diamonds) continued being Namibia’s largest export commodity during April 2023, accounting for 21.7 percent of total exports mostly destined for Botswana, Hong Kong, and the United Arab Emirates. Similarly, fish exports accounted for 16.9% of the country’s total exports, with Spain, the Democratic Republic of Congo, and Zambia being the primary destinations for Namibian fish.
Namibia’s imports comprised petroleum oils, motor vehicles for transportation, iron and steel bars, motor cars for personal transportation, and civil engineering and contractors’ equipment. Petroleum oils constituted a substantial import bill of N$945 million, resulting in a deficit of N$646 million. Motor vehicles for the transportation of goods followed closely, contributing to an import bill of N$574 million and a deficit of N$402 million.
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South Africa maintained its position as Namibia’s largest trading partner, accounting for 21.2 percent of all exported goods. Botswana followed closely with a share of 16.2 percent. On the import side, South Africa remained the primary source, contributing to 46.7 percent of total imports, while China ranked second at 14.9 percent.
