{"id":39718,"date":"2023-12-01T07:11:52","date_gmt":"2023-12-01T07:11:52","guid":{"rendered":"https:\/\/www.africa-press.net\/botswana\/?p=39718"},"modified":"2023-12-01T04:31:39","modified_gmt":"2023-12-01T04:31:39","slug":"diamond-slump-causes-p3-billion-trade-deficit","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/botswana\/all-news\/diamond-slump-causes-p3-billion-trade-deficit","title":{"rendered":"Diamond slump causes P3 billion trade deficit"},"content":{"rendered":"

Africa-Press – Botswana. <\/strong><\/span>Diamond exports fell by about 61% in September, causing the country\u2019s trade balance to break a six-month streak of surpluses and slip to a P3.9 billion deficit, Statistics Botswana figures show.<\/b><\/p>\n

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.<\/p>\n

The country\u2019s 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.<\/p>\n

However, the latest Statistics Botswana figures show that the diamond downturn is now reflecting on the trade figures. The poor diamond export figures in September led to a P2.6 billion deficit for the third quarter, the first quarterly negative this year.<\/p>\n

Diamond sales are under pressure this year from global economic weaknesses, a softer than forecast rebound in China and industry reputational concerns amongst consumers due to Russia\/Ukraine conflict. The strong demand of 2021 and 2022 has met these factors and resulted in a glut or oversupply in the market at retail level.<\/p>\n

Economists associate prolonged trade deficits with depletion of countries\u2019 foreign reserves, weakening of currencies and stronger need for external debt.<\/p>\n

The latest figures however also show that copper continues to enjoy a sterling year, with exports up to the third quarter amounting to P4.8 billion, about 20% above the full year figures recorded last year. Exports of the base metal have been helped by the mainstreaming of production at Khoemacau since it produced its first concentrate in July 2021, as well as the commissioning this year of Sandfire\u2019s Motheo Mine.<\/p>\n

For More News And Analysis About Botswana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Botswana. Diamond exports fell by about 61% in September, causing the country\u2019s 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 […]<\/p>\n","protected":false},"author":84,"featured_media":39716,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,244],"tags":[233,237,234],"class_list":["post-39718","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-to-homepage","tag-africa-press","tag-africa-press-botswana","tag-botswana"],"yoast_head":"\nDiamond slump causes P3 billion trade deficit - Botswana<\/title>\n<meta name=\"description\" content=\"Diamond exports fell by about 61% in September, causing the country\u2019s trade balance to break a six-month streak of su ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/botswana\/all-news\/diamond-slump-causes-p3-billion-trade-deficit\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Diamond slump causes P3 billion trade deficit\" \/>\n<meta property=\"og:description\" content=\"Diamond exports fell by about 61% in September, causing the country\u2019s trade balance to break a six-month streak of su ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/botswana\/all-news\/diamond-slump-causes-p3-billion-trade-deficit\" \/>\n<meta property=\"og:site_name\" content=\"Botswana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-01T07:11:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/botswana\/sites\/38\/2023\/12\/sm_1701392393.67725.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/diamond-slump-causes-p3-billion-trade-deficit#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/diamond-slump-causes-p3-billion-trade-deficit\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Diamond slump causes P3 billion trade deficit\",\"datePublished\":\"2023-12-01T07:11:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/diamond-slump-causes-p3-billion-trade-deficit\"},\"wordCount\":302,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/diamond-slump-causes-p3-billion-trade-deficit#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/botswana\/sites\/38\/2023\/12\/sm_1701392393.67725.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Botswana\",\"Botswana\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\",\"to-homepage\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/botswana\/all-news\/diamond-slump-causes-p3-billion-trade-deficit#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/diamond-slump-causes-p3-billion-trade-deficit\",\"url\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/diamond-slump-causes-p3-billion-trade-deficit\",\"name\":\"Diamond slump causes P3 billion trade deficit - 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