South Africa’s trade with other Brics countries is expanding but is not balanced, according to a recently released report ‘Brics Trade Performance focusing on South Africa' by the Industrial Development Corporation (IDC). Exports are dominated by commodities shipped in bulk vessels, while imports of finished goods arrive in containers. One of the reasons for the imbalance is that South Africa has the “most open and accessible market”. South Africa’s trade deficit with Brazil widened from US$636 million in 2010 to US$881 million in 2012. Brazilian imports from South Africa amounted to US$790 million compared to an import basket from Brazil valued at almost US$1.7 billion. A trade surplus was recorded with Russia over the three-year period to 2012, rising from US$126.8 million to US$208 million. South Africa’s exports to Russia totalled US$412 million in 2012, compared to imports valued at approximately US$204 million. Trade with India is in the red following surpluses between 2008 and 2010. In 2012 the trade deficit with India rose to almost US$923m – although South African exports to India rose to US$3.7 billion in 2012. After narrowing between 2009 and 2011, the trade deficit with China widened in 2012 to almost US$4.5 billion. Exports to China amounted to US$10.1 billion in 2012, whilst import demand totalled US$14.6 billion. The IDC has called for the Brics partners “in the spirit of increased commercial cooperation” to facilitate market access by effectively addressing hurdles standing in the way of trade development, such as bureaucratic procedures, regulations and standards (eg, phytosanitary), import protection, as well as public sector procurement criteria. INSERT $4.5bn The trade deficit with China.
