Executive Summary
Analysis
- Total export earnings declined by 5.2% for May 2022 when compared to April 2022. This was attributed to a decline in the exports of fish, uranium, non-monetary gold, and ores and concentrates of base metals
- On an annual basis, total export earnings increased by 42.1% year on year. This resulted from an increase in the exports earnings recorded for commodities such as copper blisters, petroleum oils, inorganic chemical elements, oxides, and halogen salts
- Import bill increased by 1.9% for May 2022 when compared to April 2022. This was influenced by an increase in the import of petroleum oils, civil engineering, and contractors’ equipment, copper ores, and concentrates
- On an annual basis, total imports earnings increased by 55.4% year on year. This was influenced by an increase in the importation of petroleum oils, civil engineering, and contractors’ equipment, sulphur, and unroasted iron pyrites (See figure 1 below)
- The trade balance increased by 50.4% for May 2022 in relation to the same period last year (See figure 2)
Figure 1: Export and Import value N$ million, (May 2021 – May 2022)
Figure 2: Trade Balance (May 2021 – May 2022)
Outlook
The country’s trade deficit widened in May when compared to April 2022. The “confluence of calamities” of spurring energy and commodity prices remains elevated augmented by the uncertainty related to the ongoing geopolitical tension between Russia and Ukraine, thus we anticipate sluggish growth in the country’s trade balance in the medium term.