Trade policy

摘要

The Economist Intelligence Unit estimates that merchandise exports (free on board-fob) from South Africa stood at US$85.5bn in 2020, down from US$90.1bn in 2019. Merchandise imports (fob) amounted to US$68bn in 2020 to yield a trade surplus of US$17.4bn, compared with imports of US$87.4bn in 2019 and a US$2.7bn surplus. The large trade surplus in 2020 reflected the onset of the coronavirus (Covid-19) pandemic and resulting economic crisis, which dramatically hemmed in import activity. The surplus is likely to narrow in 2021 as the economy recovers and imports rise, though strong external demand and prices for gold and platinum-group metals will help boost exports. In 2020 the services balance remained in deficit at US$2.3bn, compared with a US$946m deficit in 2019. According to the Department of Trade, Industry and Competition, China received the single largest share of South African exports in 2020, followed by the US, Germany, the UK and Japan. The top export was mineral products, followed by precious stones and metals, vehicles and aircraft, base metals, and vegetable products. China was the single largest source of imports into South Africa in 2020, followed by Germany, the US, India and Saudi Arabia. The top import was machinery, followed by mineral products, chemicals, motor vehicle parts, and vehicles and aircraft.