Trade deficit for agriculture products worsens
To N$274.8 million in Q1 2022
Real gross domestic product (GDP) growth for the agriculture, forestry and fishing sector for the first quarter of 2022 was estimated at 1.6%.
Namibia was a net importer of agriculture commodities during the first three months of 2022. According to the Namibia Statistics Agency (NSA), Namibia’s trade deficit increased from N$257.5 million in first quarter of 2021 to N$274.8 million in the corresponding quarter of 2022.
This came as a result of agricultural commodities worth N$564.8 million being exported during the first quarter of 2022, while imports stood at N$839.6 million.
During the first quarter (Q1) of 2021, the value of exports stood at N$454.5 million, while imports were recorded at N$712.1 million.
Regarding sub sectors, export of products of agriculture, horticulture and market gardening’ stood at N$179.4 million in the first quarter of 2022, while imports stood at N$759.1 million, leading to a trade deficit of N$579.6 million, NSA said.
For cereal grains, exports increased from N$1.4 million in the first quarter of 2021 to N$4.4 million in corresponding quarter of 2022. Cereal grains imports escalated from N$389.9 million in in the first quarter of 2021 to N$500.7 million in the corresponding quarter of 2022.
In addition, the international demand for Namibian fruits and nuts stood at N$145.7 million in the first three month of 2022 while import amounted to N$84.0 million, NSA pointed out.
This translated into a deterioration of the trade balance from a surplus of N$110.1 million to N$61.7 million.
Crops
The aggregate foreign demand for domestically produced stimulant, spice and aromatic crops was N$ 0.1 million in Q1 of 2022, compared to N$1.4 million exported in Q1 of 2021.
On the other hand, the domestic demand for foreign produced stimulant, spice and aromatic crops stood at N$62.8 million during the quarter under review. This an increase in import when compared to first quarter of 2021 that recorded N$53.1 million.
Moreover, export of vegetables stood at N$12.5 million in the first three months of 2022, a drastic increase when compared to N$4.8 million recorded in the corresponding quarter of 2021.
On the contrary, import decreased from N$55.7 million recorded in first quarter of 2021 to N$43.9 million reported in the quarter under review.
As a result, the trade balance improved, from a deficit of N$50.9 million to a deficit of N$31.4 million, NSA said.
Overall, real gross domestic product (GDP) growth for the agriculture, forestry and fishing sector for the first quarter of 2022 was estimated at 1.6%, compared to a decline of 0.6% posted in Q1 of 2021, NSA [email protected]
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This came as a result of agricultural commodities worth N$564.8 million being exported during the first quarter of 2022, while imports stood at N$839.6 million.
During the first quarter (Q1) of 2021, the value of exports stood at N$454.5 million, while imports were recorded at N$712.1 million.
Regarding sub sectors, export of products of agriculture, horticulture and market gardening’ stood at N$179.4 million in the first quarter of 2022, while imports stood at N$759.1 million, leading to a trade deficit of N$579.6 million, NSA said.
For cereal grains, exports increased from N$1.4 million in the first quarter of 2021 to N$4.4 million in corresponding quarter of 2022. Cereal grains imports escalated from N$389.9 million in in the first quarter of 2021 to N$500.7 million in the corresponding quarter of 2022.
In addition, the international demand for Namibian fruits and nuts stood at N$145.7 million in the first three month of 2022 while import amounted to N$84.0 million, NSA pointed out.
This translated into a deterioration of the trade balance from a surplus of N$110.1 million to N$61.7 million.
Crops
The aggregate foreign demand for domestically produced stimulant, spice and aromatic crops was N$ 0.1 million in Q1 of 2022, compared to N$1.4 million exported in Q1 of 2021.
On the other hand, the domestic demand for foreign produced stimulant, spice and aromatic crops stood at N$62.8 million during the quarter under review. This an increase in import when compared to first quarter of 2021 that recorded N$53.1 million.
Moreover, export of vegetables stood at N$12.5 million in the first three months of 2022, a drastic increase when compared to N$4.8 million recorded in the corresponding quarter of 2021.
On the contrary, import decreased from N$55.7 million recorded in first quarter of 2021 to N$43.9 million reported in the quarter under review.
As a result, the trade balance improved, from a deficit of N$50.9 million to a deficit of N$31.4 million, NSA said.
Overall, real gross domestic product (GDP) growth for the agriculture, forestry and fishing sector for the first quarter of 2022 was estimated at 1.6%, compared to a decline of 0.6% posted in Q1 of 2021, NSA [email protected]
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