At just under $6-billion, 2004 was another record year for the value of exports from South Africa to the US, the South African Chamber of Business (Sacob) reported last week.

Sacob said the 21% year-on-year growth in the value of exports was primarily due to excellent increases in exports of precious metals and stones, and iron and steel products.

“The above two product groups accounted for 56% of the total value of exports,” Sacob said in a statement.

Platinum and diamonds accounted for 97% of precious metals and stones exports while ferroalloys accounted for 67% of iron and steel exports, the chamber reported.

Sacob said global demand and the resultant increase in prices for commodities caused by China's continued robust economic growth underpinned the growth in exports.

The total value of exports to the US for the year ending December 31, 2004, was $5,92-billion, $1,03-billion higher than 2003.

The top ten export product categories for 2004 were precious metals and stones; iron and steel; automotive, parts and accessories; ores, slag and ash; machinery and mechanical; aluminium; organic chemicals; inorganic chemicals; articles of apparel; and edible fruit and nuts.

During the month of December, the value of exports to the US, at $584-million, was the second highest ever, increasing by 38,2% or $161-million than December 2003.

The top ten export product groups for December were precious metals and stones; iron and steel; vehicles, parts and accessories; ores, slag and ash; machinery and mechanical; organic chemicals; aluminium; inorganic chemicals; miscellaneous chemical products; and articles of iron and steel.

The value of imports from the US for the year ended December 31, 2004, at $3,17-billion was 12,4% or $350,8-million higher than 2003, Sacob reported. This is the first time that this figure has been over $3-billion since 2000, and is also an all time high.

The chamber said that the bulk of imports were manufactured goods with vehicles, parts and accessories growing by over 33% for the year.

The top ten import product categories for 2004 were machinery and mechanical; vehicles, parts and accessories; aircraft and parts; electrical machinery and equipment; optical and photographic; organic chemicals; plastics; mineral fuels and oils; miscellaneous chemical; and precious metals and stones.

However, the value of imports from the US for December 2004, at $286,3-million was 14,1% or $46,9-million less than December 2003, Sacob said, and attributed this decline to a reduced level of machinery and mechanical; and vehicles, parts and accessories imports.

The top ten import product groups for the period were machinery and mechanical; aircraft and parts; vehicles, parts and accessories; electrical machinery and equipment; optical and photographic; organic chemicals; plastics; mineral fuels and oils; miscellaneous chemical; and cereals.

Sacob reported that the trade balance for calendar year 2004 at $2,8-billion in South Africa's favour, was 33,2% or $686-million more than 2003. This was despite the surplus for vehicles, parts and accessories declining by 74%.

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