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Botswana recorded a strong trade surplus export that increased by 30.8 percent in May 2023 from the revised April 2023 figure of P6,525 billion to P8,537 billion. Primarily driven by the sale of diamonds.
Botswana recorded a strong trade surplus export that increased by 30.8 percent in May 2023 from the revised April 2023 figure of P6,525 billion to P8,537 billion. Primarily driven by the sale of diamonds.
This data is contained in the latest International Merchandise Trade Statistics of Statistics Botswana report that measures movement of goods across borders, accounts for transactions between trading partners, and measures the economic competitiveness of the country. During the period under review, diamonds increased by 30.6 percent to P1,690.7 million from the revised April 2023 value of P5,519 billion to P7,209.7 billion in the current month.
Botswana recorded a trade surplus of P1,914.4 billion, the third consecutive after P1,149.2 billion and P321.5 billion registered in March and April 2023, respectively. Asia emerged as the largest export market for Botswana, having received 70.7 percent (P6,036.3 billion) of total exports.
The exports were mainly destined for the UAE and India at 37.3 percent (P3,181.6 billion) and 16.5 percent (P1,406.2 billion) of the total exports, respectively. Diamonds and Copper were the major commodity groups exported to Asia at 91.5 percent (P5,525.7 billion) and 8.2 percent (P495.2 billion) respectively. The European Union (EU) received exports amounting to P1,476.5 billion, translating to 17.3 percent of total exports during the month. Belgium received almost all the exports destined for the union, at 17.3 percent (P1, 476.1 billion) of total exports. Diamonds were the main commodity group exported to the EU at 99.9 percent (P1,475.5 billion).
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The trade surplus recorded in three consecutive terms indicates a strong growth trajectory for the economy post-COVID. The diamond sector will continue to be a key player in export growth because it accounts for over 70 percent of the export basket, making diversification vital. Botswana should thrive to diversify its economy if it should achieve the Vision 2036 goal of high-income status stated Bank of Botswana (BoB) principals. It also emphasised the need for Botswana economic diversification when it launched the 2022 annual report of the central bank recently, pointing to agriculture and manufacturing as sectors to unlock.
