GDP Growth of Botswana in 2023

The Republic of Botswana in Southern Africa occupying a land area of 581,730 square kilometers is a globally growing nation with a wide variety of imports and exports contributing in a substantial amount to the nation’s economy accompanying the finance and tourism sector. The country is rich in a plethora of cultural heritages mostly influenced by the Tswana people who make up around 80% of the total population residing there. Accompanying the Tswana the other ethnic groups contributing to the rich culture and traditions of the nation are the Kalanga, Basarwa, Herero, and other minor groups. The top languages practiced by the population residing there are Setswana, Ikalanga, Herero, and Khoisan.



Botswana with its strong grip over the advanced technologies facilitating the production rates of industries is facing tremendous growth in its trade rates mainly because of the Diamond Industry Dominance, Economic Diversification Efforts, Political Stability and Governance, Favorable Trade Agreements, Investment in Infrastructure and Connectivity, Strategic Location, Education and Workforce Development. All these attributing factors along with the increased investment of the government have recorded a GDP of 22.8 billion US dollars in 2023. The country with a population of 2.3 million is the 48th largest country in the world in terms of land area and population.

Top 10 Government Initiatives Behind the Growing Economy of Botswana

The increasing focus of the government on the trade rates of the nation has recorded a significant increase in the country’s global trade. There are certain initiatives that facilitate and foster both the import and export rates by balancing the consumer consumption rate and the effective production rate. According to the Botswana Trade Data, the top 10 government initiatives behind the growing economy of the nation are discussed below,

 

  • Economic Diversification Drive (EDD)
  • National Development Plan (NDP)
  • Vision 2036
  • Botswana Investment and Trade Centre (BITC)
  • Special Economic Zones (SEZs)
  • Development of the Financial Services Sector
  • Citizen Economic Empowerment Policy
  • Privatization and Public-Private Partnerships (PPPs)
  • Tourism Development Strategy
  • Educational and Workforce Development Initiatives

Valuation of Botswana Import Trades

As per the Botswana Import Data, the valuations of the top 10 imported products of the nation in 2023 with its import variations are discussed below,

 

  • Refined petroleum(HS code - 27) – Revenue rates of Refined petroleum imports 2023 – 1.5 billion US dollars, Total share – 9.7%

IMPORT VARIATIONS

1.      Diesel

2.      Petrol

3.      Aviation Fuel

4.      Liquefied Petroleum Gas

5.      Kerosene

  • Cars(HS code - 87) – Revenue rates of Cars imports 2023 –  880 million US dollars, Total share – 6.9%

IMPORT VARIATIONS

1.      Sedans

2.      SUVs

3.      Pick-Up Trucks

4.      Hatchbacks

5.      Luxury Vehicles

  • Packaged medicaments(HS code - 30) – Revenue rates of Packaged medicaments imports 2023 – 750 million US dollars, Total share – 5.6%

IMPORT VARIATIONS

1.      Antiretroviral Drugs

2.      Antibiotics

3.      Vaccines

4.      Analgesics and Pain Relievers

5.      Antihypertensives

  • Diamonds(HS code - 71) – Revenue rates of Diamonds imports 2023 – 650 million US dollars, Total share – 4.2%

IMPORT VARIATIONS

1.      Rough Diamonds

2.      Polished Diamonds

3.      Industrial Diamonds

4.      Lab-Grown Diamonds

5.      Fancy Colored Diamonds

  • Delivery Trucks(HS code - 84) – Revenue rates of Delivery Trucks imports 2023 – 590 million US dollars, Total share – 3.5%

IMPORT VARIATIONS

1.      Light-Duty Delivery Trucks

2.      Medium-Duty Delivery Trucks

3.      Heavy-Duty Trucks

4.      Refrigerated Delivery Trucks

5.      Tipper Trucks

Valuations of Botswana Export Trades

As per the Botswana Export Data, the top 10 export commodities of the nation in 2023 with its export variations are discussed below,

 

  • Diamonds (HS code - 71)– Revenue rates of Diamonds exports 2023 – 4 billion US dollars, Total share in trade – 9.8%

EXPORT VARIATIONS

1.      Rough Diamonds

2.      Polished Diamonds

3.      Industrial Diamonds

4.      Fancy Colored Diamonds

5.      Lab-Grown Diamonds

  • Copper-nickel (HS code - 74)– Revenue rates of Copper-nickel exports 2023 –  450 million US dollars, Total share in trade – 9%

EXPORT VARIATIONS

1.      Copper-Nickel Concentrate

2.      Refined Copper

3.      Nickel Matte

4.      Copper-Nickel Alloys

5.      Nickel Sulfate

  • Beef (HS code - 02)– Revenue rates of Beef exports 2023 – 350 million US dollars, Total share in trade – 7%

EXPORT VARIATIONS

1.      Frozen Beef

2.      Chilled Beef

3.      Canned Beef

4.      Beef Offal

5.      Halal Beef

  • Soda Ash (HS code - 28)– Revenue rates of Soda Ash exports 2023 – 200 million US dollars, Total share in trade – 3%

EXPORT VARIATIONS

1.      Dense Soda Ash

2.      Light Soda Ash

3.      Sodium Bicarbonate

4.      Soda Ash for Water Treatment

5.      Soda Ash for Metallurgy

  • Textiles(HS code - 52) – Revenue rates of Textiles exports 2023 – 150 million US dollars, Total share in trade – 2%

EXPORT VARIATIONS

 

1.      Cotton Fabrics

2.      Wool and Mohair Products

3.      Traditional Woven Textiles

4.      Knitted Apparel and Garments

5.      Industrial and Technical Textiles

Top Producers of Botswana 2023

The entire import and export trade rate of the nation is regulated by the production rate of the top producers. The global growth of the economy is facilitated by the efficient productivity of skilled working professionals. According to the Botswana Customs Data, the top producers of the nation in 2023 are discussed below,

  • Debswana Diamond Company – Market value of Debswana Diamond Company 2023 – 5 billion US dollars
  • Lucara Diamond Corp – Market value of Lucara Diamond Corp 2023 – 1 billion
  • BCL Limited – Market value of BCL Limited 2023 – 800 million
  • Tati Nickel Mining Company – Market value of Tati Nickel Mining Company 2023 – 800 million
  • Minergy Limited – Market value of Minergy Limited 2023 – 700 million
  • Cresta Marakanelo Limited – Market value of Cresta Marakanelo Limited 2023 – 600 million
  • Kgalagadi Breweries Limited – Market value of Kgalagadi Breweries Limited 2023 – 500 million
  • Choppies Enterprises Limited – Market value of Choppies Enterprises Limited 2023 – 400 million
  • Sechaba Brewery Holdings Limited – Market value of Sechaba Brewery Holdings Limited 2023 – 300 million
  • Letshego Holdings Limited – Market value of Letshego Holdings Limited 2023 – 200 million

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