Although there has been recent growth in two-way trade between the United States and South Africa, it has a long way to go to return to 2021 levels, according to official statistics.They show that US goods exports to SA in 2022, at $6.5 billion, were 14% lower than in 2012, but 19.1% higher than in 2021, the third year of growth, according to the US Department of Commerce.In contrast, SA goods exports to the US, at $14.6bn in 2022, were up by 68% from 2012. The bad news is that SA goods exports were down by 7.3% ($1.2bn) from 2021.Car exports, which would have been hardest hit by the exclusion of SA from Agoa preferential trade tariffs, were valued at $1bn.In April, a bipartisan group of senators tabled a bill which will see the provisions of the African Growth and Opportunity Act (Agoa) extended to 2041.Expected moves to disqualify South Africa due to its foreign relations policies did not materialise.This provided relief for the South African manufacturing sector, particularly the Eastern Cape, which is heavily reliant on the automotive industry. There is a basket of over 6 000 US tariff-free products through Agoa, but sectors outside automotive and citrus have not grabbed the opportunity. Unlike vehicles, no value was added to SA’s major exports of platinum ($3.97bn), and gold ($497m) in 2022.As a result, the US goods trade deficit with SA dropped by 21.4% ($2.2bn) to $8.1bn in 2022, a 21.4% decrease ($2.2bn) over 2021.In the first quarter of 2024, vehicle exports accounted for 17.5% of the total, at $357m.Precious metals continued to dominate, at $720m. According to Canadian government statistics, across the northern border, merchandise trade between Canada and SA was valued at $27bn in 2023, with SA exports of $2.3bn overshadowing Canada’s $473.3m to SA.Over the past 27 years SA exports to Canada have grown by 5.73% a year, and Canadian exports to SA by 0.67%, according to OEC figures.SA’s main exports to Canada are platinum ($852m in 2022), gold ($174m) and citrus ($91.5m).The mix is different during the first three months of 2024, when SA’s top exports to Canada were vegetables ($57.3m) followed by chemicals at $26m and iron and steel products $7.3m.Canada’s main exports to SA in 2022 were planes, helicopters, and/or spacecraft ($48.5m), gas turbines ($28.6m), and potassic fertilisers ($20.8m).
