trade

This is a massive increase considering that just two years ago, the trade deficit was 1.6 billion Namibian dollars (105 million U.S dollars) and 27.4 billion Namibian dollars (1.8 billion U.S dollars) in 2014.

tradeReleasing the annual trade statistics bulletin for 2015, the acting statistician general Ndamona Kali said the deficit widened as expenditure on imports expanded by 6 percent and export revenue fell by 9.8 percent.

Foreign demands for Namibian goods, she said, was high in the USA, Angola, Germany and Canada where Namibia lost 6.3 billion Namibian dollars worth of trade.

This saw the export earnings fall from 64.7 billion Namibian dollars (4.2 billion U.S dollars) in 2014 to 58.4 billion Namibian dollars (3.8 billion U.S dollars) in 2015.

According to the statistics agency, fuel, oil, vehicles, electronic equipment, machinery and copper ore drove Namibia’s import bill high in 2015.

Increases in alcoholic beverages and tobacco, Kali said, pushed up annual inflation.

According to Kali, Namibia exported most her goods to Switzerland, South Africa, Spain and Botswana. Enditem

Source: Xinhua

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