Diamond exports rise in February
Isaac Pinielo | Thursday June 15, 2017 15:52
In February this year, the country exported P6.35 billion worth of diamonds, indicating a 16.4% increase from P5.45 billion over the corresponding month last year, according to recent data from Statistics Botswana (SB).
More telling, however, is that February diamond exports increased 7.2% or P424.2 million to P6.35 billion from P5.92 billion in January 2017.
On the other hand, imports of diamonds during February were P902.3 million, a 62.9% decline in value terms compared to P2.43 billion imported during the previous February. This, however, marks a 16.9% increase over January (P771.8 million).
Meanwhile, the country recorded a trade surplus of P2.6 billion in February 2017. This follows another trade surplus in January 2017, which was higher as compared to the current one at P3.17 billion.
Figures show that during the same month, total exports were valued at P6.76 billion, showing an increase of 6.1% or P389.4 million from the January value of P6.37 billion.
The total exports value for February compared to that of the same month in 2016 shows an increase of five percent or P324.4 million from P6.44 billion to P6.76 billion.
In addition, total imports for February 2017 were valued at P4.2 billion, showing an increase of 31.3% (P1bn) from the January value of P3.2 billion.
Comparison of import figures for February 2017 and February 2016 shows a decrease of 28.9% from P5.9 billion recorded during February 2016 to P4.2 billion recorded during the reference month.
Diamonds contributed the most to total imports at P4.2 billion, with 21.5%, followed by fuel with 15.5%. Machinery and electrical equipment, and food, beverages and tobacco, contributed 15% and 13.8% respectively.
Asia as a block, received exports valued at P4.29 billion, representing 63.4% of total exports during February 2017. Exports destined to the United Arab Emirates (UAE) and India accounted for 31.7% and 12.7% respectively, of total exports during the month under review.
Israel, Singapore and Hong Kong respectively received 9.3%, 6.7% and 1.8% of total exports during the period under review.
The major commodity exported to the UAE and India was diamonds at values of P2.15 billion and P855.6 million respectively. Exports to Israel, Singapore and Hong Kong comprised diamonds only at values of P628 million, P455.4 million and P123.2 million respectively.
Exports destined to the European Union (EU) were valued at P1.48 billion, representing 21.9% of total exports during the period under review. Belgium was the main destination of exports to the EU, having received 21.8% of total exports during the month, wholly attributed to exports of diamond.
The Southern African Customs Union region received exports valued at P693.1 million, representing 10.2% of total exports during February 2017.
Exports destined to South Africa were valued at P421.1 million, accounting for 6.2% of total exports, followed by Namibia with a value of P271.7 million, representing four percent of total exports during the month under review. Exports to Namibia comprised mainly diamonds at 93.8% of total exports to that country.
Other countries that received significant exports from Botswana during February 2017 were Canada and the USA, having received 1.9% and 1.1% respectively, of total exports.