The rough diamond export earnings declined by 3.6 per cent during the first quarter of 2021, driven by lower global demand for diamonds, the recently released Bank of Namibia Quarterly Bulletin report indicates.
It states that the value for rough diamond exports declined by 36 per cent, year-on-year (y/y) and 39.5 per cent quarter-on-quarter (q/q) to N.dollars 1.1 million due to lower global demand driven by the COVID-19 pandemic impacts.
“Volumes exported declined by 4.2 per cent (y/y) and 56.8 per cent q/q. During the first quarter, export earnings from uranium improved provided on annual basis due to the high volume of export while it declined every quarter as a result of case effects. On annual basis, export earnings from uranium increased by 11.9 per cent to N.dollars 722 million. The increase was mainly attributed to higher volume exporters alongside slightly better prices. The rise in volumes exported was attributed to improved plant performance following stable water supply,” the report reads.
On quarterly basis, export earnings from uranium declined significantly by 83.3 per cent from N.dollars 4.5 billion recorded in the fourth quarter of 2020 mainly as a result of base effects as shipments were uneven with a very high level of exports realised in the final quarter of 2020, ensuring a fall of 84 per cent in the volumes exported during the period under review.
Export earnings from other minerals declined on both an annual and quarterly basis mainly on account of decreased earnings from gold.
“During the first quarter of 2021, foreign earnings from other minerals amount to N.dollars 1.6 billion representing a decline of 2.4 per cent (y/y) and 21.4 per cent (q/q). The decline in receipts from other minerals was primarily driven by a decrease in proceeds from gold. In this regard export receipts from gold declined by 15.8 per cent (y/y) and 26.0 per cent (q/q) to a level of N.dollars 1.1 billion. Foreign earnings from zinc concentrate rose by N.dollars 157 million (y/y),” states the report.
Source: Namibia Press Agency
