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Johannesburg - Despite the global recession, South
Africa's foreign trade with Asia remains robust and China is now the number one
export destination after being fifth a year ago. It replaces the United States,
which moves into second place.
Updated data from the Department of Trade and Industry (DTI) shows that for
the first half of 2009, China is the number one export destination with annual
growth of a stellar 53.9%, while the US has seen an annual decrease of 42.6% in
exports. China takes 11.9% of the total market, the US 8.3% and Japan 7.5%.
In 2008, Japan, the United States, and Germany were, in descending order,
the country's top export markets according to customs data, while top import
markets were Germany, China, and the US.
China is now the biggest import market, pipping Germany, according to the
latest DTI statistics.
Trade in South Africa has picked up markedly over the past decade. In 1998
exports only added up to R144.9bn and they ended 2008 at a very
healthy R663.099bn by comparison, although an overall deficit of R64.5bn was seen.
South Africa's bulk export volumes have surprised once again as they surged
29.01% year-on-year (y/y) in August from the whopping 36.82% jump in July, data
supplied by the National Ports Authority of South Africa shows.
The current recession, though, has crimped back strongly on the level of
trade, and exports are down 19.2% y/y (July data). However, the fall in imports
has exceeded this at ?24.3% y/y.
However, data this year has shows a number of surprise trade surpluses.
South Africa recorded a trade surplus of R446.758m for its trade
with non-Southern African Customs Union trading partners in July after the
R3.221bn surplus of June.
For the first half of 2009, the largest growth (relative to 2008) for
significant export sectors apart from unclassified goods was for fruit and nuts
(11%), but the number one sector was precious or semi-precious stones at 24% of
the cumulative total, according to the DTI data. The largest import growth
among the major goods took place for pharmaceutical products (6.3%), with the
biggest sector being mineral fuels and oil at 20.3% of the total.
- I-Net Bridge