Wednesday, February 21, 2024

Botswana’s trade deficit grows amid diamond dip

Botswana grappled with a deepening trade deficit in November 2023, a stark departure from the revised shortfall of P4.7 billion in October, according to the latest data published by Statistics Botswana. The figures, contained in the International Merchandise Trade statistics report underscores the persistent impact of a significant slump in diamond exports, a trend that cast a shadow over much of 2023. Traditionally constituting over 80 percent of Botswana’s exports, diamonds faced a downturn, reshaping the intricacies of the country’s trade and fiscal dynamics.

The report shows that diamond exports plummeted to P1.3 billion, down from a revised P2.4 billion in October. This decline in diamond exports played a pivotal role in dragging overall exports from P3.9 billion to approximately P3 billion during the same period.

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