Exports to US continue to ride the commodities rocket
20 Dec '06
2 min read
The commodity price boom continues to boost South Africa's exports to the US, as well as those of major energy exporters such as Nigeria and Angola.
In the nine months to September, South Africa exported $5.6 billion (R39.3 billion) worth of goods to the US, almost as much in value as total exports in 2005.
The pace of growth over the comparable period last year accelerated to 30 percent from 29 percent in the eight months to August and 25 percent in the six months to June.
Eckart Naumann, an economist and associate of the Trade Law Centre of Southern Africa, describes the $392 million worth of exports in the nine months as "excellent - exceeding comparative figures for 2005 by 84 percent and even full-year 2005 figures by 36 percent".
However, not all sectors flourished. Exports of "textiles and apparel" shrank from $81 million to $64 million, although around "half of these products benefit from duty-free access under AGOA", said Naumann.
According to Naumann, countries whose textile and apparel exports have benefited most are Lesotho, Kenya, Madagascar and Swaziland.
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