Despite a smaller foreign trade deficit in 2010, the current-account surplus narrowed by over 90% to just N$80m, owing mainly to a substantial investment income outflow and lower current transfer receipts. According to preliminary figures published by the central bank in its latest Annual Report, exports rose by 13% to N$29.6bn; mineral exports increased by 21%, and their share of exports rose to 44% (41% in 2009), owing chiefly to a 33% increase in diamond exports. With imports down by 2.5% at N$35.7bn, the foreign trade deficit fell by 41% in local currency terms and by 32% in US-dollar terms, reflecting the appreciation of the Namibia dollar last year.

The surplus on the services account was only slightly lower than in 2009, owing mainly to a 5% fall in tourism receipts to N$3.2bn. The income account, which went into surplus in 2009, returned to deficit last year-one of N$3.4bn-owing to a heavy fall in returns on investments abroad and a doubling, to N$4.9bn, of the profits repatriated by foreign direct investors. A 15% reduction in the surplus on current transfers was due to a fall in receipts from the Southern African Customs Union (SACU), which declined by 20% to N$6.9bn.

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