SA's exports to the US rose 30% in value during April compared with the same month last year, with the trade balance between the two countries continuing to grow into a healthy surplus in SA's favour.

"The trade balance for April this year at $245m was 80% higher than April last year, in SA's favour," said the South African Chamber of Business (Sacob) in its monthly report on SA-US trade released at the weekend.

The chamber attributed the strong rise in April exports to about $478000 to continued growth in exports of precious metals and stones, "a good month for automotive exports", and strong performances in iron and steel, ores and aluminium products.

However, clothing exports continued to decline, with year-to-date exports 24% down on the corresponding period last year.

Total South African imports from the US also rose strongly at 21%. Imports for April were valued at just over $233000. Motor vehicle and aircraft products were among the top products imported into SA, increasing 25% and 125% respectively.

The trade balance for the year to date at $809m was 14%, or $100m, higher than the corresponding period in 2003, said Sacob.

Growth in trade was expected to intensify once the free trade agreement being negotiated between the two countries was concluded. This was scheduled for December.

Much of the growth in trade over the past three years was attributed to the US's preferential trade agreement with selected African countries, the African Growth and Opportunity Act (Agoa).

Sacob said the third instalment of Agoa was welcome. "The proposed extension of Agoa to 2015 and the third country fabric provision to 2008 will provide a more predictable, if not secure, market access for eligible countries, which should encourage investment."

Latest AGOA Trade Data on AGOA.info


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