Diamond exports back to glory, surpassed P6.4 billion in June

The diamond industry delivered a strong trade run in the month of June, anchoring Botswana economy in the mist of unprecedented challenges.

In June the country exported diamonds worth P6.4 billion from P4.280 billion in May.

Total exports for the month  went up by 43.4 percent or 2.124 billion from the revised May 2021 figure of P4.899 billion to P7.024 billion.

According to Statistics Botswana the rise is attributed largely to the increase in the exportation of Diamonds by 43.9 percent (P2. 1503 billion) from P4.280 billion in May 2021 to P6.430 billion in June 2021.

The Diamonds group accounted for 91.5 percent (P6.430 billion) of total exports , followed by Machinery & Electrical Equipment with 2.2 percent (P151.1 million).

Asia was the main destination for Botswana exports, having received 61.2 percent (P4.295 billion) of total exports during June 2021.

These exports mostly went to the UAE and India, having received 27.6 percent (P1.94 billion) and 17.0 percent (P1.19 billion) of total exports during the month under review, respectively.

Diamonds accounted for 99.9 percent of exports to UAE and 100 percent of exports to India. During the month under review, exports destined to the EU amounted to P1.88 billion,accounting for 26.8 percent of total exports.

Belgium received almost all of the exports destined to the regional block, acquiring 26.7 percent (P1.87 billion) of total exports during the reporting period.

The Diamonds group was the main commodity group exported to the EU. The SACU region received exports valued at P644.4 million, representing 9.2 percent of total exports.

Diamonds and Machinery & Electrical Equipment commodity groups accounted for 26.2 percent (P169.1 million) and 22.0 percent (P141.5 million) of total exports to the customs union respectively.

South Africa received 8.8 percent (P615.4 million) of total exports during the month under review.

The USA received 1.4 percent (P99.3 million) of total exports during June 2021, with 99.7 percent (P99.0 million) of this attributable to Diamonds.

Imports  were valued at P7.6356 billion, 1.9 percent (P145.9 million) below the May 2021 revised figure of P7.7814billion.

A decrease of 36.1 percent (P248.5 million) in the importation of Vehicles & Transport Equipment had a substantial effect on the overall decrease in total imports value, contributing 3.2 percentage points.

However the overall decrease was dampened by the increase of 16.4 percent (P107.8 million) for Chemicals & Rubber Products, making a positive contribution of 1.4 percentage points.

The over 43 percent growth in exports against the 1.9 percent decrease in imports significantly moved the trade balance.

A trade deficit of P611.4 million was recorded during June 2021. This follows a revised trade deficit of P2.887 billion for May 2021, mirroring a massive decline.

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