Rough diamonds export earnings surge in 1Q

Rough diamonds export receipts rose to N$4.3 billion during the first quarter of 2023 from N$1.9 billion in the corresponding quarter of 2022, according to the Bank of Namibia (BoN).The increase reflected a rise in volumes exported on the back of an expansion in marine output due to the additional production from the new Benguela Gem vessel, further reinforced by the currency depreciation. On a quarterly basis, however, rough diamonds export earnings fell by 24.8%, attributed to lower exported volumes resulting from the normal pattern of sales break during January. Prices in US Dollar terms also receded somewhat reflecting a deteriorating global demand and consumer spending amid higher inflation and interest rates together with mounting geo-political concerns.In addition, a notable increase in uranium export earnings was observed on an annual basis during the first quarter of 2023 supported by an increase in the volumes exported, whilst declining on a quarterly basis. Uranium export earnings surged to N$3.5 billion from N$1.0 billion recorded in the same period in 2022, due to stronger uranium export volumes, the depreciation of the domestic currency, and higher US Dollar prices. The higher export volumes were triggered by a low base effect, as shipping vessels were unavailable during the corresponding quarter of 2022. On a quarterly basis, however, uranium export receipts declined by 28.4% to N$3.5 billion, explained by the lower volumes exported. In the spot market, the average international price of uranium rose by 1.3% and 1.5% on an annual and quarterly basis respectively to US$50.68 per pound as demand for nuclear energy increased, BoN said.The export revenue realised from other minerals increased on an annual and quarterly basis, primarily ascribed to developments in the volumes of gold exported. Export earnings from other minerals increased by 29.8% and 11.7%, on an annual and quarterly basis, respectively, to N$3.4 billion. The increase was largely due to higher gold volumes exported, a weaker local currency and higher US Dollar gold price. Gold prices rose, aided by persistent inflation concerns, strong buying by central banks as well as fears of a global economic slowdown and banking crisis.Zinc concentrate proceeds declined by 16.8% and 18.7%, on an annual and quarterly basis, respectively, to N$291 million, mainly attributed to lower zinc prices as the subdued global economy stalled demand, the central bank said.

Rough diamonds export earnings surge in 1Q

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Rough diamonds export earnings surge in 1Q

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