Petroleum oils drive import bill in July 2022

Namibia’s import bill during July 2022 was mainly driven by petroleum oils and copper ores and concentrates valued at N$2.1 billion and N$1.4 billion, respectively.According to the Namibia Statistics Agency (NSA) trade bulletin, the value of imports stood at N$11.6 billion, a 4.5% increase when compared to N$11.1% registered in the preceding month.Namibia’s exports earnings stood at N$7.3 billion in July 2022, a 14.8% decline when compared to N$8.6 billion recorded June 2022.As a result, Namibia’s trade deficit worsened from N$2.5 billion recorded in June 2022 to N$4.3 billion in July 2022. This represents a significant 70.9% in the trade deficit.Namibia has been recording a trade deficit since the beginning of 2022. Between January 2022 to July 2022, export earning averaged N$7.3 billion, while the import bill averaged N$10.9 billion.During July 2022, diamonds was Namibia’s largest export commodity, followed by fish and uranium in third position.Regarding trading partners, Namibia’s exports to South Africa were valued at N$1.4 billion, while imports stood at N$4.2 billion, resulting in a trade deficit of N$2.7 billion.Namibia recorded no exports to Peru and Oman during the month under review, while imports from these countries stood at N$1.4 billion and N$774 million, respectively, NSA said.With Bulgaria, Namibia recorded exports worth a meagre total value of only N$205 during the month of July 2022 whilst importing goods valued at N$723 million.Exports to India were valued at N$2 million while imports from that country was at N$645 million resulting in a trade deficit of N$643 million, Namibia continues to be a net importer with most of her trading partners, NSA added.TransportSea was the most used mode of transport for both exports and imports. Petroleum oils, copper ores and concentrates; and ores and concentrates of precious metals were listed as the most imported commodities via sea.Road transport followed accounting for 46.9% of all goods imported into the country and its basket comprised mainly of Motor vehicles for the transport of goods, diamonds and alcoholic beverages.The basket of exports through sea comprised mainly of uranium, fish and inorganic chemical elements, NSA said.Air transportation accounted for 33.5% of total exports with its export basket mainly made up of diamonds, non-monetary gold and Printed matters.Finally, road transportation accounted for 31.4% of total exports with petroleum oils, fish and alcoholic beverages listed as the most exported commodities via road, NSA said.-phillep@nmh.com.na

Petroleum oils drive import bill in July 2022

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Namibian Sun 2025-12-23

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Petroleum oils drive import bill in July 2022

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Namibian Sun 2025-12-23

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