South Africa recorded a positive trade balance of R1. 7 billion during May 2019 with the rest of the world. The summary below shows the top 5 export destinations for South African exports during May 2019: China (11.0%)
How is South Africa’s trade balance?
A positive trade balance signifies a trade surplus, while a negative value signifies a trade deficit. In 2019, South Africa’s trade deficit amounted to around 17.52 billion U.S. dollars.
South Africa: Trade balance from 2009 to 2019 (in billion U.S. dollars)
|Trade balance in billion U.S. dollars|
What does South Africa trade with China?
The top five products that were exported to China during the second quarter were ores, iron and steel, wood pulp, copper and fruit and nuts, altogether accounting for 88% of South Africa’s total exports to China by value.
Is trade positive or negative?
If a country exports a greater value than it imports, it has a trade surplus or positive trade balance, and conversely, if a country imports a greater value than it exports, it has a trade deficit or negative trade balance.
Which is a positive balance of trade for a country?
A positive trade balance (surplus) is when exports exceed imports. A negative trade balance (deficit) is when exports are less than imports. Use the balance of trade to compare a country’s economy to its trading partners. A trade surplus is harmful only when the government uses protectionism.
What is South Africa’s biggest export?
Searchable List of South Africa’s Most Valuable Export Products
|Rank||South African Export Product||Change|
|3||Iron ores, concentrates||+7.1%|
What is South Africa’s biggest import?
South Africa main imports are: machinery (23.5 percent of total imports), mineral products (15.1 percent), vehicles and aircraft vessels (10 percent), chemicals (10.9 percent), equipment components (8.1 percent) and iron and steel products (5.3 percent).
Who is South Africa’s largest trading partner?
South Africa’s top trading partners are China, Germany, the United States, the UK, India and Japan. South Africa is the EU’s largest trading partner in Africa.
Main Partner Countries.
|Main Customers (% of Exports)||2019|
What is the relationship between South Africa and China?
In 2010, China was South Africa’s largest trading partner. Since 2007 Sino-South African relations have become increasingly close with increasing trade, policy and political ties.
Are South Africa and China allies?
South Africa established formal diplomatic ties with the People’s Republic of China on the 1st of January 1998. Thereafter relations with the Chinese Mainland developed rapidly, in terms of political engagement, economic ties and social or cultural exchanges.
Why a trade deficit is bad?
Trade deficits are the difference between how much a country imports and how much it exports. When done right, they can let trading partners specialize in their strengths and create wealth for all consumers. Gone wrong, they can harm labor markets and create problems of savings and investment.
What is balance of trade answer in one sentence?
The balance of trade is the difference between the value of a country’s import and its export for a given period.
What are the positive and negative effects of tariffs?
Tariffs make imported goods more expensive, which obviously makes consumers unhappy if those costs result in higher prices. Domestic companies that may rely on imported materials to produce their goods could see tariffs reducing their profits and raise prices to make up the difference, which also hurts consumers.
Is a positive trade balance good?
Economists generally agree that neither trade surpluses or trade deficits are inherently “bad” or “good” for the economy. A positive balance occurs when exports > imports and is referred to as a trade surplus. A negative trade balance occurs when exports < imports and is referred to as a trade deficit.
What is trade balance of a country?
Balance of trade (BOT) is the difference between the value of a country’s exports and the value of a country’s imports for a given period. … The balance of trade is also referred to as the trade balance, the international trade balance, commercial balance, or the net exports.
Does the balance of trade always balance?
The balance of payments always balances. Goods, services, and resources traded internationally are paid for; thus every movement of products is offset by a balancing movement of money or some other financial asset.