Trade statistics Report: April 2022
Executive Summary
Analysis
- Total export earnings declined by 36.4% for April 2022 when compared to March 2022. This was attributed to a drop in the exports of petroleum oils, inorganic chemical elements, precious stones, and copper blisters
- On an annual basis, total export earnings decreased by 15.4% 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 5.2% for April 2022 when compared to March 2022. This was due to a decline in the import of sugars, molasses, and honey, civil engineering and contractors’ plant and equipment, and taps, cocks, valves, and similar appliances
- On an annual basis, total imports increased by 43.1%. This was driven 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 13% for April 2022 in relation to the same period last year (See figure 2)
Figure 1: Export and Import value N$ million, (April 2021 – April 2022)
Source: Namibia Statistics Agency & HEI RESEARCH
Figure 2: Trade Balance (April 2021 – April 2022)
Source: NSA & HEI RESEARCH
Outlook
Namibia recorded a worsened deficit when compared to the previous month and a far inferior trade deficit when compared to last year. The rising global commodity prices and the ongoing geopolitical tensions poses a risk to Namibia’s trade. This is due to the country’s heavy reliance on imports, thus investment in value addition and export diversification remains a critical component for Namibia.