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Diamond slump causes P3 billion trade deficit

Wednesday, November 29, 2023 | 1090 Views |

Under pressure: Producers such as Debswana are hoping higher holiday season demand will clear the glut in the retail market and support a return to stable fundamentals next year

Diamond exports fell by about 61% in September, causing the country’s trade balance to break a six-month streak of surpluses and slip to a P3.9 billion deficit, Statistics Botswana figures show.

Diamond exports as recorded by the data agency, fell to P2.4 billion in September, from P6.2 billion in August, underlining the sharp drop in both demand and prices for the precious stones seen this year.

The country’s trade balance or the relationship between imports and exports of goods, was in surplus between March and August, held up generally by strong copper exports and the residual robust diamond performance from 2021 and 2022.

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