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Foreign trade of South Africa

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Since the end of apartheid,foreign trade in South Africahas increased, following the lifting of several sanctions and boycotts which were imposed as a means of ending apartheid.

South Africa is the second largest producer of gold in Africa[1]and is the world's largest producer ofchrome,manganese,platinum,vanadiumandvermiculite,the second largest producer ofilmenite,palladium,rutileandzirconium.[2]It is also the world's third largest coal exporter.[3]Although, mining only accounts for 3% of the GDP, down from around 14% in the 1980s.[4]South Africa also has a large agricultural sector and is a net exporter of farming products.

Principal international trading partners of South Africa—besides other African countries—include Germany, the United States, China, Japan, the United Kingdom and Spain.[5]Chief exports includecorn,diamonds, fruits, gold, metals and minerals, sugar,coal, andwool.Machineryand transportation equipment make up more than one-third of the value of the country's imports. Other imports includechemicals,manufactured goods, and lots more, mainly found in other hot country mainly Spanish countries.

History

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Main article:Disinvestment from South Africa
Thisbubble mapshows the global distribution of South African exports in 2006 as a percentage of the top market (Japan - $6,234,170,000).

Duringapartheid,South Africa's foreign trade and investment were affected by sanctions and boycotts by other countries ideologically opposed to apartheid. In 1970, theUnited Nations Security Council,adoptedresolution 282imposing a voluntaryarms embargoupon South Africa, which was extended by subsequent resolutions418and591,declaring the embargo mandatory. In 1978, South Africa was prohibited loans from theExport-Import Bank of the United Stateswhich was later followed by a prohibition onIMFloans in 1983. An oil embargo was imposed byOPECin 1983 which was strengthened by Iran in 1979.

Imports and exports

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Value of South Africa's balance of trade[6]

South Africa's main export trading partners are the European Union, the United States, Japan. China's share in exports is increasing, and has risen from 1.7% in 1994 to nearly 11% in 2007.[citation needed]

A tree graph illustrating the percentage distribution of product exports from South Africa. A total of US$ 109 billion worth of products were exported in 2019.
Top ten export markets in 2021[7]
Country Value(billion of Rands) Value inUS$(billion of Dollars) Percentage of total exports
ChinaChina
R 199.97
$ 13.31[8]
11.79%
United StatesUnited States
R 193.00
$ 12.87
11.37%
GermanyGermany
R 155.05
$ 10.34
9.14%
JapanJapan
R 121.45
$ 8.09
7.16%
United KingdomUnited Kingdom
R 120.85
$ 8.06
7.12%
BotswanaBotswana
R 64.47
$ 4.29
3.8%
MozambiqueMozambique
R 63.92
$ 4.26
3.77%
IndiaIndia
R 61.38
$ 4.09
3.62%
NetherlandsNetherlands
R 61.31
$ 4.09
3.61%
BelgiumBelgium
R 52.31
$ 3.49
3.08%
Top ten import source countries in 2021[7]The percentages below are incorrect (same as above!)
Country Value(billions of Rands) Value in US$(billions of Dollars) Percentage of total imports
ChinaChina
R 283.97
$ 18.93[8]
11.79%
GermanyGermany
R 111.46
$ 7.43
11.37%
United StatesUnited States
R 96.86
$ 6.46
9.14%
IndiaIndia
R 78.92
$ 5.26
7.16%
Saudi ArabiaSaudi Arabia
R 60.61
$ 4.04
7.12%
ThailandThailand
R 43.92
$ 2.93
3.8%
JapanJapan
R 38.44
$ 2.56
3.77%
ItalyItaly
R 38.08
$ 2.54
3.62%
NigeriaNigeria
R 33.09
$ 2.21
3.61%
FranceFrance
R 29.03
$ 1.93
3.08%

African trade

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Almost 90% of South Africa's exports to the rest of Africa go to the SADC economies. In 2018, South Africa exported and imported goods to and from the rest of Africa to the value of US$25 billion and US$11.5 billion, respectively. Intra-Africa exports account for 26% of South Africa's total exports and imports for 12% of total imports for 2018. South African exports to the rest of Africa are predominantly of value-added goods. In terms of South Africa's total trade (exports + imports) with the rest of the continent; Namibia (13%), Botswana (12%), Nigeria (12%) and Mozambique (12%) are South Africa's main African trading partners.[9]

Trade agreements

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The following includes a list of existing trade agreements signed by South Africa:[10]

Regional agreements

Multilateral agreements

Bilateral agreements

See also

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References

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  1. ^"Ghana beats South Africa to continent's gold production crown | Automation & AI | Mining Global".miningglobal.Retrieved11 November2020.
  2. ^Mineral Commodity summaries
  3. ^South Africa looks bright
  4. ^South Africa, Jobless growth – The Economist
  5. ^"South Africa".The World Factbook.CIA.
  6. ^"Trade Balance Graph for 2014 – 2022".South African Revenue Service.Retrieved21 April2022.
  7. ^ab"Cumulative Bilateral Trade by Country 2021".Retrieved22 April2022.
  8. ^ab"Rand/US$ exchange value in 2022".Retrieved22 April2022.
  9. ^Tralac Center (June 2018)."South Africa: Intra-Africa trade and tariff profile".Tralac.Retrieved23 October2019.
  10. ^"South Africa - Country Commercial Guide".International Trade Administration.11 September 2021.Retrieved26 April2022.
  11. ^abcdefg"Trade Agreements | South African Revenue Service".3 February 2021.Retrieved12 December2022.
  12. ^"South Africa-UK trade: comparing January-October 2019 and 2020 - tralac trade law centre".tralac.org.Retrieved26 April2022.

https:// cia.gov/the-world-factbook/countries/south-africa/

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