Mmegi

Trade deficit reaches P37bn in 2024

Slowing down: Debswana cut back production at Orapa and Jwaneng to restore demand in the midstream and retail ends of the market PIC. THALEFANG CHARLES
Slowing down: Debswana cut back production at Orapa and Jwaneng to restore demand in the midstream and retail ends of the market PIC. THALEFANG CHARLES

The country recorded a trade deficit of P37.3 billion last year – possibly the worst ever performance according to available records – eating into the foreign reserves as the downturn in diamonds collapsed exports.

The trade balance, or the relationship between imports and exports of goods, has been in negative territory since at least September 2023 when diamond sales began to slow down and eventually sank due to factors including Chinese market weakness and the encroachment of synthetics.

According to a Statistics Botswana report released recently, imports for 2024 reached P96.9 billion against exports of about P59.7 billion, resulting in the record deficit. By comparison, in 2023, imports were estimated at P88.2 billion versus exports of P77.9 billion, resulting in a deficit of P10.3 billion.

Editor's Comment
Gov't must guard against cadre deployment

As the Botswana National Front (BNF) discusses a policy to place suitably qualified members in strategic positions, the guiding consideration should remain whether an individual is the best person to serve the country. There is nothing wrong with qualified party members applying for public positions. Political affiliation should neither disqualify a capable candidate nor give them an advantage over others. Every Motswana deserves a fair...

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