馃嚦馃嚘NamibiaSouthern Africa
Namibia records N$1.5 billion trade surplus with China in May
via The Namibian2 min read
Namibia achieved its largest trade surplus with China in May, exporting N$1.5 billion more than it imported, according to the Namibia Statistics Agency NSA. This positioned China as Namibia's most favorable trading partner for the month, surpassing Botswana N$1.3 billion surplus and Canada N$463 million surplus. Despite an overall trade deficit of N$3.1 billion, increased export earnings, totaling N$12.4 billion in May, helped mitigate rising import costs. Uranium was the primary contributor to the export surplus, generating N$2.8 billion, followed by fish and non-monetary gold at N$1.3 billion each, and diamonds at N$1.2 billion. Total imports reached N$15.5 billion, with petroleum oils causing a N$2.4 billion trade deficit. Namibia recorded significant trade deficits with South Africa N$2.5 billion and the United States N$2.2 billion. Trade with Africa constituted nearly half of Namibia's total trade in May, with exports to African markets at N$5.9 billion and imports at N$7 billion, resulting in a regional trade deficit of N$1.2 billion. The NSA emphasizes the importance of regional trade for economic integration and reducing reliance on external markets, citing initiatives like the African Continental Free Trade Area.
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This summary was AI-generated from a story originally published by The Namibian.
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