Namibia posts first-in-13-month trade surplus in May
Exports rose by 7.3 percent from April to 11.8 billion Namibian dollars, while imports declined by 9.1 percent to 11.7 billion Namibian dollars, an improvement from the revised trade deficit of 1.8 billion Namibian dollars recorded in April, Statistician General Alex Shimuafeni said in the report.
According to the report, China emerged as Namibia's leading export destination, accounting for 24.5 percent of all goods exported during the month.
Uranium, which accounted for 29.3 percent of total exports, was the largest contributor to the export basket and was mainly shipped to China, while other major exports included non-monetary gold, fish, diamonds, and copper, the report stated.
On the import side, petroleum oils, nickel ores, base metal concentrates, and industrial machinery were among the top commodities.
The NSA noted that the May surplus was the only monthly trade surplus recorded over the past 13 months, as the country continues to experience structural trade deficits due to high import dependency, particularly for manufactured goods.
Meanwhile, South Africa remained Namibia's primary source of imports, accounting for 38.7 percent of inbound trade.
The NSA report also indicated that 44.9 percent of Namibia's exports in May went to African countries, while 49.0 percent of imports came from the continent.
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