September 4, 2024
International Trade and Trade Balance
The country primarily exports raw materials, including base metals, gold, precious metals, and mineral products, while importing finished (value-added) goods such as vehicles, chemical products, and machinery.
Recently, South Africa recorded a trade balance surplus of R17.6 billion, indicating that exports exceed imports. In July, imports decreased from June in Rand value, suggesting subdued demand for imports. Conversely, exports increased both monthly and annually in terms of growth and Rand value. This trend indicates that South Africa’s economy is slowly recovering, bolstered by early signs of cautious confidence and fewer electricity supply shortages. Additionally, a 9.6% growth in machinery and equipment supports the outlook for continued economic growth, while advancements in the mining sector further enhance this positive sentiment.