This is amid ongoing export market challenges
In the first nine months of 2024, Botswana’s trade balance registered a significant deficit of P31.5 billion, highlighting ongoing challenges in the country’s export markets. This marks the thirteenth consecutive month of trade deficits since September 2023, with the latest data revealing a P4.4 billion deficit recorded in September 2024 alone.
The persistent trade deficit in September 2024 can be attributed to the disparity between export revenues and the import bill. During this month, Botswana’s exports totaled P3.43 billion, substantially lower than the P7.87 billion import expenses. Despite the overall deficit, the country saw an 8.9% increase in export revenues, rising by P282.0 million from August’s revised figure of P3.15 billion to P3.43 billion in September.
The export landscape was notably driven by diamonds, which surged by 29.7% (P447.4 million) from an adjusted August figure of P1.5 billion to P1.95 billion in September 2024. Diamonds remained the leading export, comprising 56.8% (P1.95 billion) of total export revenues. Other significant contributors included copper (24.0%, P823.4 million) and machinery & electrical equipment (6.4%, P221.4 million). Additional exports encompassed salt & soda ash (3.0%), other goods (2.9%), meat & meat products (1.2%), and live cattle (1.1%). Categories such as textiles, plastic products, iron & steel, and coal each contributed 1.0%, while vehicle & transport equipment accounted for 0.6%.
Asia emerged as Botswana’s primary export market in September 2024, with goods valued at P1.35 billion directed to the region. Key destinations included the United Arab Emirates (UAE) and China, with exports valued at P723.7 million and P381.6 million, respectively. Diamonds and copper dominated exports to Asia, with diamond sales reaching approximately P971.1 million and copper at P359.3 million.
Export revenues from the Southern African Customs Union (SACU) region totaled P1 billion, with diamonds, machinery & electrical equipment, and salt & soda ash being the principal exports, valued at P507.8 million, P188.6 million, and P77.7 million, respectively. South Africa was the primary recipient within SACU, followed by Namibia (P218.6 million) and Zimbabwe.
The European Union (EU) imported Botswana goods worth P428.9 million, with Belgium receiving the majority. Diamonds were the predominant export to the EU, generating P425.4 million. Meanwhile, Australia received exports valued at P402.5 million, with copper being the sole commodity.
Botswana’s top imports in September 2024 included diamonds (P1.54 billion), fuel (P1.38 billion), food, beverages & tobacco (P1.2 billion), machinery & electrical equipment (P1 billion), and chemicals & rubber products (P860.3 million). The SACU region was Botswana’s primary import supplier, contributing P6.1 billion, or 77.9% of total imports. Principal imports from SACU included diamonds, food, beverages & tobacco, fuel, chemicals & rubber products, and machinery & electrical equipment, with South Africa and Namibia as key contributors.
Asia supplied imports worth P615 million, primarily machinery & electrical equipment and diamonds, predominantly from China and India. The European Union contributed P227.3 million in imports, accounting for 2.9% of total imports. Machinery & electrical equipment (P87.2 million) and chemicals and rubber products (P66.8 million) were major imports from the EU, with Germany contributing 0.9% (P72.4 million) to total imports.
During this period, Botswana spent P355.6 million on imports from Mozambique, with fuel comprising 98.1% (P348.6 million). Canada supplied imports worth P247.0 million, representing 3.0% of total imports, with diamonds being the primary import from Canada.
