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Trade Stats. UNCTADstat - General Profile. South Africa - Market Overview. General South Africa is the most advanced, diversified, and productive economy in Africa. Boasting one of the most pro-business environments on the continent, South Africa is a logical and attractive option for U.S. companies seeking to enter the Sub-Saharan Africa marketplace. The country has a population of over 58 million covers 1.22 million square kilometers and is the world’s largest producer of platinum, vanadium, chromium, and manganese. Economy South Africa has enjoyed relative macroeconomic stability but is facing increasingly strong headwinds due to the 2020 COVID-19 pandemic. The economy expanded by 0.8 percent in 2018 and by 0.2 percent to $350 billion in 2019.
However, the Covid-19 pandemic has led to a 7 percent contraction to $302 billion in 2020; as a result, GDP per capita has dropped to 2005 levels. Inflation is low and interest rates are at record lows. The maturity of the South African economy is reflected in the mix of economic sectors: U.S. South Africa - Trade Agreements. World-wide There is duty-free trade between South Africa and the other four countries (Botswana, Lesotho, Namibia, and eSwatini) that comprise the Southern African Customs Union (SACU).
The Southern African Development Community (SADC) Free Trade Agreement, as of 2012, allows duty-free trade among 12 of the 15 members. The European Union-South African Trade and Development Cooperation Agreement that came into effect in 2000, has as a progressive Free Trade Agreement (FTA) that has become the cornerstone of the regional trading landscape. South Africa has also negotiated agreements with the European Free Trade Association, the United Kingdom and Mercosur. South Africa, through SADC, has finalized negotiations on Phase I of the Tripartite Free Trade Agreement, which link SADC, the East Africa Community (EAC) and the Common Market of Eastern and Southern Africa (COMESA) into a free trade area.
The South African Reserve Bank approves currency exchanges. South Africa - Trade Barriers. Tariffs & NTB’s U.S. companies have cited protective tariffs as a barrier to trade in South Africa. Non-tariff barriers (NTBs) to trade include port congestion, technical standards, customs valuation above invoice prices, theft of goods, import permits, antidumping measures, violations of intellectual property rights (IPR), an inefficient bureaucracy, and excessive regulation, and requirements to localize supply chains. Chicken restrictions In 2015, South Africa agreed to a Tariff-Rate Quota (TRQ) with the United States to allow the import of 65,000 tons per year of bone-in chicken leg quarters free of the anti-dumping duties. Half of the quota is reserved for historically disadvantaged importers (HDIs).
All imports of U.S. chicken require a health certificate from the Department of Agriculture, Forestry, and Fisheries, and bone-in leg quarters require a quota permit from the International Trade Administration Commission (ITAC). Why Is Informal Trading Important In South Africa? Informal trading is a form of good development for small businesses as it leads to more jobs. These businesses also have the potential to further expand the city’s economic base. Informal trading exists only in Cape Town, Tygerberg, and the Southern Peninsula. Informal trading is quite common in these areas. These businesses can also conduct it by law according to the Business Act NO. 71 of 1991. If you want to learn more about informal trading and why it is important in South Africa, read further. The Importance of Informal Trading in South Africa Informal trade is essential to fill the unemployment gap in South Africa, as it provides many informal jobs.
Some of the informal markets in South Africa give jobs to those who are unable to work in the formal sector. Gaining experience in the informal sector helps untrained individuals learn new skills. The National Informal Business Upliftment Strategy was introduced in 2014. Types of Informal Trading That Takes Place in South Africa. South Africa Balance of Trade - January 2023 Data - 1957-2022 Historical. South Africa recorded a trade surplus of ZAR 5.4 billion in December of 2022, smaller than market expectations of ZAR 5.5 billion and a downwardly revised surplus of ZAR 7.3 billion in the prior month.
Exports slumped by 5.1% over a month to ZAR 163.3 billion, on reduced shipments of base metals (-25%), machinery & electronics (-21%) and chemical products (-18%). Top export partners were the US (10.2% of total overseas sales), China (9.7%) and Germany (7.5%). Meanwhile, imports fell at a softer 4.2% to ZAR 157.8 billion, as sharp declines in purchases of chemical products (-23%) and mineral products (-23%) were partly offset by increases in those of vehicles & transport equipment (27%), mineral products (5%) and machinery & electronics (4%). The main import partners were China (23.9% of total purchases), the US (8.5%) and Germany (7.1%). South Africa (ZAF) Exports, Imports, and Trade Partners.
Overview In November 2022 South Africa exported ZAR164B and imported ZAR165B, resulting in a negative trade balance of ZAR151M. Between November 2021 and November 2022 the exports of South Africa have increased by ZAR7.93B (5.07%) from ZAR156B to ZAR164B, while imports increased by ZAR37.7B (29.7%) from ZAR127B to ZAR165B. Trade In November 2022, the top exports of South Africa were Platinum (ZAR20.8B), Coal Briquettes (ZAR16.7B), Cars (ZAR7.95B), Gold (ZAR6.3B), and Ferroalloys (ZAR6.09B). In November 2022 the top imports of South Africa were Refined Petroleum (ZAR27.3B), Commodities not elsewhere specified (ZAR10.5B), Cars (ZAR7.7B), Telephones (ZAR5.58B), and Crude Petroleum (ZAR4.28B). Origins In November 2022 the exports of South Africa were mainly from O.R. Southern African Development Community :: Statistics. Relevant, timely and accurate statistical information is essential for effective planning, policy formulation, protocol monitoring and decision-making in the Southern African Development Community (SADC) region.
The overall aim of the SADC Regional Statistical Programme is to bring together comparable and current data and information focusing on economic, social and other cross-cutting issues pertaining to the SADC region. A Regional Strategy for Development of Statistics has been developed to serve as a tool for the coordination, harmonisation and dissemination of statistics using best practice and for mobilisation of requisite resources. In order to gather statistics on important themes at the desired level of accuracy the following initiatives are in place through the Regional Statistical Programme: The implementation of the SADC Statistics Programme is generally overseen and guided by the SADC Statistics Committee.
Taking Action on Statistics Training Relevant Documents. South Africa Trade Statistics | WITS. South Africa had a total export of 93,597,046.86 in thousands of US$ and total imports of 92,615,924.57 in thousands of US$ leading to a positive trade balance of 981,122.29 in thousands of US$ The Effectively Applied Tariff Weighted Average (customs duty) for South Africa is 4.32% and the Most Favored Nation (MFN) Weighted Average tariff is 6.29%.The trade growth is 3.65% compared to a world growth of 3.50%. GDP of South Africa is 368,288,939,770 in current US$. South Africa services export is 15,968,936,313 in BoP, current US$ and services import is 16,502,462,719 in Bop, current US$.South Africa exports of goods and services as percentage of GDP is 29.91% and imports of goods and services as percentage of GDP is 29.56%.
DTi Trade Statistics.