During the month of March 2024, the country’s trade balance stood at a deficit of N$4.5 billion, compared to N$3.9 billion and N$2.2 billion recorded in February 2024 and March 2023, respectively.

Namibia’s trade composition by partner showed that South Africa emerged as Namibia’s largest market for both exports and imports. The composition of the export basket for the month of March 2024 mainly comprised of minerals such as Precious stones (diamonds),

Non-monetary gold, ‘Copper and articles of copper’, and ‘Nickel ores and concentrates’. Fish remained the only non-mineral product within the top five products exported.

For the month under review, re-exports increased by 33.5 percent month-on-month and 19.0 percent year-onyear. The re-exports basket mainly comprised of ‘Copper and articles of copper’, Precious stones (diamonds) and ‘Nickel ores and concentrates’.

On the other hand, the import basket mainly comprised of Petroleum oils, ‘Copper ores and concentrates’, Motor vehicles for the transportation of goods, ‘Nickel ores and concentrates’, and ‘Civil engineering and contractors’ equipment’.

On the analysis of commodity of the month, during the month under review, Namibia exported ‘Live sheep, meat and sheep products’ worth N$97.3 million (with domestic exports valued at N$96.7 million and reexports worth N$0.6 million) and imported N$0.2 million worth of the same product.