The just released Annual Trade Statistics Bulletin for 2015 shows that the country’s trade deficit grew as money spent on imports expanded by 6 percent, while export revenue dropped by 9.8 percent.

The latest figures by the Namibia Statistics Agency (NSA) indicate a trade deficit amounting to N$39.2 billion compared to N$27.4 billion registered in 2014.

The trade deficit widened by just over 43 percent, which is the country’s highest trade deficit since 2006.

“Foreign trade statistics play an important role in Namibia’s economy as it measures value and quantities of goods that, by moving into or out of a country, add or subtract from a nation’s material stock of goods,” explained Ndamona Kali, who was the acting statistician general of the NSA when the report was compiled. She added that foreign trade statistics are essential for the formulation of monetary, fiscal, commercial and regional integration policies.

Also, reliable trade statistics are crucial in the Southern African Customs Union (SACU) to determine revenue sharing among member states.

The report, which was released on Thursday, further states that goods imported into Namibia increased by N$5.5 billion to N$97.6 billion in 2015, from N$92.1 billion recorded in 2014.

On the other hand, overall exports declined by N$6.3 billion or 9.8 percent to N$58.4 billion compared to N$64.7 billion registered in 2014.

The NSA noted this was mainly due to a contradiction in foreign demand for domestic goods by countries like Angola, the United States of America, Canada and Germany.

Key export markets for locally produced goods were Botswana (N$13.1 billion), South Africa (N$11.4 billion), Switzerland (N$8.9 billion), Angola and Spain (both at N$2.6 billion). The top commodities exported by Namibia were diamonds, copper cathodes, fish, copper ore and zinc.

Namibia’s imports during 2015 were mainly sourced from South Africa (N$62 billion), China (N$6.3 billion), Switzerland (N$2.4 billion), Botswana (N$2.3 billion) and the Bahamas (N$2.1 billion).

The major commodities that inflated the country’s import bill for 2015 include mineral fuel and oils, vehicles, boilers, electrical machinery and equipment, and copper ore.

In terms of economic blocs, SACU remains the main source of imports and export revenue for Namibia. Other significant economic blocs include the European Union, SADC-NON-SACU, the Common Market for Eastern and Southern Africa (COMESA) and the European Free Trade Association (EFTA).

» Download: Namibia Annual Trade Statistics Bulletin 2015 (PDF, 3.46 MB)