South African export boom
South African agricultural exports rose 10% in the first quarter to $3.36 billion (R60.2 billion) from a year earlier as port performance improved and shipments to the US climbed, an industry body said.
The 14% increase in trade to the US, which totalled $202 million, comes as South Africa braces for the imposition of a 30% tariff on exports to the country by the Trump administration when a 90-day grace period expires in July.
“From now on, a great deal hinges on whether South Africa succeeds in securing favourable terms with the US,” Wandile Sihlobo, chief economist of the Agricultural Business Chamber of South Africa, said in a note to clients on Monday.
South African farming exports rose for a sixth consecutive year in 2024 to a record $13.7 billion, as the industry expanded output of crops such as citrus, avocados and nuts, and sought new markets.
While it account for only 2% of total gross domestic product, the sector is a important source of employment for unskilled workers. The statistics office will release first-quarter GDP data on Tuesday.
In the three months through March, other African countries accounted for 45% of farm exports, the European Union 23% and Asia and the Middle East 16%. The US received 4% of shipments, mainly citrus, wine, fruit juice and grapes.
Farming imports rose 19% to $1.94 billion, resulting in a $1.42 billion agricultural trade surplus.
The 14% increase in trade to the US, which totalled $202 million, comes as South Africa braces for the imposition of a 30% tariff on exports to the country by the Trump administration when a 90-day grace period expires in July.
“From now on, a great deal hinges on whether South Africa succeeds in securing favourable terms with the US,” Wandile Sihlobo, chief economist of the Agricultural Business Chamber of South Africa, said in a note to clients on Monday.
South African farming exports rose for a sixth consecutive year in 2024 to a record $13.7 billion, as the industry expanded output of crops such as citrus, avocados and nuts, and sought new markets.
While it account for only 2% of total gross domestic product, the sector is a important source of employment for unskilled workers. The statistics office will release first-quarter GDP data on Tuesday.
In the three months through March, other African countries accounted for 45% of farm exports, the European Union 23% and Asia and the Middle East 16%. The US received 4% of shipments, mainly citrus, wine, fruit juice and grapes.
Farming imports rose 19% to $1.94 billion, resulting in a $1.42 billion agricultural trade surplus.
