Foreign reserves sufficient to cover imports

The stock of foreign reserves recorded in April is sufficient to cover imports for 5.4 months compared to 5.1 months recorded in March, the central bank said.The stock of international reserves increased to N$51.8 billion in April 2023 relative to N$48.3 billion at the end of March 2023. The increase was on account of higher Southern African Customs Union (SACU) receipts, diamond sales proceeds and foreign direct investment inflows in the manufacturing sector from the sale of Namibia Breweries Limited to Heineken as well as revaluation gains, Bank of Namibia pointed out.According to the Namibia Statistics Agency (NSA), Namibia’s import bill stood at N$8.9 billion in April, a decline when compared N$12.5 billion recorded in March. Year to date, Namibia’s import bill averaged N$10.2 billion.Petroleum oils topped the list of imported goods for the month of April 2023, with a share of 10.6% of the total import value. In second and third position were motor vehicles for the transportation of goods and ‘Iron and steel bars’ with a share of 6.5% and 3.6% of total imports, respectively. Motor cars for the transportation of persons and ‘civil engineering and contractors’ equipment’ were ranked fourth and fifth in the list accounting for a share of 3.3% and 2.5% of total imports respectively, NSA said.Looking at import markets, South Africa occupied the first position with a percentage share of 46.7%. In second position was China with a share of 14.9% followed by India in third position with a share of 4.1%. The United States of America and Singapore took fourth and fifth positions with percentage shares of 3.4% and 3.3%, respectively.On the other hand, Namibia’s export earnings stood at N$7.6 billion, compared to N$10.2 billion recorded in March 2023. The value of exports in April 2022 stood at N$6.7 billion. Year to date, Namibia’s export earnings averaged N$8.4 billion.Diamonds continued being Namibia’s largest export commodity during April 2023, accounting for 21.7% of total exports mostly destined for Botswana, Hong Kong and the United Arab Emirates. Fish and non-monetary gold came second and third on the list accounting for 16.9% and 9.4% of total exports, respectivelyOverall, Namibia recorded a trade deficit amounting to N$1.3 billion, reflecting an improved trade balance when compared to N$2.2 billion recorded March.-phillep@nmh.com.na

Foreign reserves sufficient to cover imports

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Foreign reserves sufficient to cover imports

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