Executive Summary
Analysis
- Total export earnings declined by 3.4% for March 2022 when compared to February 2022. This was attributed to a drop in the exports of non-monetary gold, fish, printed matter, medicinal and pharmaceutical products
- On an annual basis, total export earnings increased by 27.9% year on year. This resulted from an increase in the exports earnings recorded for commodities such as petroleum oils, precious stones, and non-monetary gold
- Import bill dropped by 17.7% for March 2022 when compared to February 2022. This was due to a decline in the import of vessels, inorganic chemical elements, ores, and concentrates of base metals, iron and steel bars, and other plastics in primary form
- On an annual basis, total imports increased by 18.3%. This was influenced by an increase in the importation of petroleum oils, motor vehicles, and manufacturers of base metals (See figure 1 below)
- The trade balance increased by 2.10% for March 2022 in relation to the same period last year (See figure 2)
Figure 1: Export and Import value N$ million, (March 2021 – March 2022)
Source: Namibia Statistics Agency & HEI RESEARCH
Figure 2: Trade Balance (March 2021 – March 2022)
Source: NSA & HEI RESEARCH
Outlook
The country’s trade deficit improved in relation to the previous month. Maintaining the appropriate balance of imports and exports remains crucial thus prioritizing investments to boost the productivity of commodities the country has a comparative advantage is vital to narrowing the country’s trade deficit.