Botswana’s export earnings fell by P2.33 billion in March, as weaker diamond and copper shipments dragged the country’s merchandise trade lower. Imports fell by an even steeper P5 billion during the month.
Latest International Merchandise Trade Statistics from Statistics Botswana show export earnings dropped 41.2 percent to P3.31 billion in March, down from a revised P5.64 billion in February. The decline was driven largely by the country’s two biggest export commodities. Diamond exports contracted by P1.82 billion, or 46.9 percent, to P2.05 billion, while copper exports fell by P226.8 million, or 24 percent, to P718.8 million.
Despite the decline, diamonds remained Botswana’s largest export, accounting for 62 percent of total export earnings. Copper followed with a 21.7 percent share, while machinery and electrical equipment contributed 7.3 percent (P242.6 million).
Imports also contracted sharply, falling by P5.04 billion, or 50 percent, to P5.03 billion from a revised P10.07 billion in February. Statistics Botswana attributed the decline mainly to a 70.1 percent drop in diamond imports, which fell by P3.31 billion. Imports of food, beverages and tobacco also declined by P415.1 million, a 39.1 percent contraction.
Because the fall in imports outpaced the decline in exports, Botswana’s trade deficit narrowed to P1.72 billion in March from P4.43 billion in February.
Diamonds remained the country’s largest import commodity, accounting for P1.41 billion or 28.1 percent of total imports. Fuel followed at P823 million, machinery and electrical equipment at P770.4 million, and food, beverages and tobacco at P645.7 million.
Asia remained Botswana’s largest export market in March, receiving P1.23 billion worth of goods, or 37.1 percent of the total. The United Arab Emirates, China and India were the top destinations, accounting for 11.2 percent, 10.4 percent and 10.2 percent of exports, respectively, with diamonds and copper dominating.
The Southern African Customs Union (SACU) absorbed exports worth P735.6 million (22.2 percent of the total), of which South Africa accounted for P577.6 million (17.4 percent). The European Union received P644.6 million (19.5 percent), with Belgium alone taking in P641 million – almost entirely diamonds. Australia received P321.6 million (9.7 percent), all in copper.
On the import side, SACU remained Botswana’s largest source of goods, supplying P3.16 billion or 62.8 percent of the national total. South Africa supplied P2.58 billion – more than half of all imports – followed by Namibia at P552.3 million, China at P379.2 million, and India at P238.7 million.
