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South Africa

South Africa needs to increase value-added exports

CAPE TOWN: Amid growing global economic uncertainty and volatility, it has become ever more imperative for South Africa to industrialise, diversify and break its dependence on exporting its raw resources. Even if the country faced a better economic climate, there was an urgent need to deal with the deep-seated challenge of the country being a producer and exporter of primary ... Read More »

South Africa’s Transnet lifts FY revenue as container volumes rise

CAPE TOWN: South African state-owned logistics firm Transnet reported a slight rise in full-year revenue on Monday, due to a jump in railed cargo, offsetting a slump in commodity prices. Transnet, which operates nearly three quarters of all Africa’s rail network, is embarking on a major expansion drive in the rest of the continent after struggling with declining commodity exports ... Read More »

South Africa, Vietnam businesses look to boost trade

CAPE TOWN: Representatives of 20 businesses from South Africa and 60 Vietnamese businesses on Thursday attended a seminar and business matching event in Ho Chi Minh City to seek cooperation opportunities. Kabelo Kenneth Malatsi, deputy head of export promotion at the South African Department of Trade and Industry, said that his country has a number of investment incentive schemes in advanced ... Read More »

South Africa Shipping Container Trade: Weak economy takes toll on container imports, exports

CAPE TOWN: The economic slowdown in China, declining demand for mining commodities, dwindling consumer spending power and the persistent drought in Southern Africa have all negatively impacted shipping container trade in South Africa in the first quarter of the year, with import and export markets declining by 8% and 12%, year-on-year, respectively, says Maersk Line Southern Africa trade manager Matthew ... Read More »

South Africa’s Eskom raises wage offer to union to 7%

JOHANNESBURG: South African power utility Eskom has raised its wage offer to 7 percent from 5.75 in negotiations with workers, the National Union of Mineworkers (NUM) spokesman said on Wednesday. “NUM is going to seek a mandate from its members about Eskom’s latest offer, then we will respond to the management,” Livhuwani Mammburu said. The offer was still below NUM’s ... Read More »

Poland signs poultry deal with South Africa

WARSAW: Poland’s deputy main animal health inspector Krzysztof Jazdzewski concluded the deal with his South African counterparts in Pretoria this week, said Andrzej Krezel, head of Poland’s trade and investment promotion section in Johannesburg. Jazdzewski was visiting South Africa as part of a delegation headed by Poland’s deputy minister of agriculture and rural development Jacek Bogucki, to promote agricultural commerce ... Read More »

Imports decline 12% in 5 months to May

CAPE TOWN: Total imports in the five months to May amounted to $2,07 billion, a decline of 12 percent compared to the same period last year. According to the latest data released by Zimstat, there was, however, an increase of 16 percent in month on month imports in May to $413,6 million from $356,4 million in April when the payment ... Read More »

Davies seeks free trade deal for Africa

JOHANNESBURG: South Africa had prioritised signing free trade agreements with other African countries as part of a wider agenda to encourage regional integration, Trade and Industry Minister Rob Davies said on Friday. Following the recent signing of the Economic Partnership Agreement (EPA) between six southern African countries and the EU, Davies said that South Africa wanted to seal trade agreements ... Read More »

Africa’s productivity growth drops

CAPE TOWN: Over the last 15 years trade and investment have buffered the continent against the global financial crisis. However, according to the accountancy and finance body, this has hidden low productivity figures – despite much greater potential for economic ‘catch up’. ICAEW is a world leading professional membership organisation that promotes, develops and supports over 145,000 chartered accountants worldwide. ... Read More »

South Africa plans multibillion port expansion to meet demand

CAPE TOWN: South Africa plans to invest around 48.4 billion rand ($3.2 billion) in capacity expansion at its major commercial ports over the next seven years to support a projected 4 percent annual increase in cargo volumes over the period. Capacity demand at the nine major ports will reach 314 million tons per year by 2022, up from 255 million ... Read More »

EU takes more southern African citrus

CAPE TOWN: Southern Africa has shipped “substantially more” citrus to the EU this season compared with the same period of 2015, according to new figures published by the country’s Citrus Growers’ Assocation. With roughly 20 per cent of total southern African citrus now packed and shipped, the early season had apparently seen 9.3m cartons shipped as of early June, around ... Read More »

South Africa’s Q1 current account deficit widens to 5% of GDP

PRETORIA: South Africa’s current account deficit widened to 5 percent of gross domestic product in the first quarter of this year from a revised shortfall of 4.6 percent in the final quarter of 2015, the central bank said on Tuesday. Economists surveyed by Reuters had expected a 4.25 percent gap For the first quarter. Exports slumped during the quarter, resulting ... Read More »

South Africa to double tax-free wine exports to EU in asymmetrical deal

CAPE TOWN: South Africa’s wine quota has doubled to its biggest export market — the European Union — thanks to a new agreement between the E.U. and the Southern African Customs Union (SACU). The Economic Partnership Agreement will allow South Africa to export 110-million liters of wine tax free to Europe — up from the current annual duty-free quota of ... Read More »

Exim Bank’s African credit to boost services exports

CAPE TOWN: The country’s premier export finance institution Exim Bank, which is looking to disburse $10 billion to Africa in the next three years, wants the credit which has a mix of concessional and commercial rates to be used for boosting India’s services exports to that continent. This is a shift from Exim Bank’s credit disbursal strategy to Africa — which ... Read More »

Vietnam, South Africa aim for $3b in trade, investment

PRETORIA: Việt Nam and South Africa agreed to redouble efforts to raise bilateral trade revenues to US$3 billion by 2020. The decision was made at the third meeting of their joint trade committee, convened earlier this week in South Africa’s capital, Pretoria. Trade revenue hit approximately $1.15 billion in 2015, more than doubling the 2010 figure. Vietnamese Deputy Minister of Industry ... Read More »

Nampak revenue up 10% to R9.4 bln

CAPE TOWN: Nampak reported a solid 21% increase in adjusted headline earnings per share for the six months to March 2016 before foreign currency translation effects. After taking into account a R114 million ($7.6 million) foreign exchange rate translation loss, HEPS increased by 4%. Trading performance significantly improved over the previous half-year, with group trading profit increasing by 17%. Packaging ... Read More »

Exports and imports shrink by 7.1%

CAPE TOWN: Exports and imports both shrunk by 7.1% in the first quarter of 2016, according to the latest gross domestic product (GDP) figures released by Statistics SA on Wednesday. The export of mineral products, precious metals and transport equipment was mainly responsible for the decline in exports, which made a negative contribution of -2.2% to GDP in the first ... Read More »

South Africa business confidence lowest in over two decades

CAPE TOWN: South African business confidence fell to the lowest since the end of white minority rule in May as the rand weakened and the nation risked being downgraded to junk, according to the chamber of commerce. The sentiment index declined by 3.2 basis points to 79.3 last month, the Johannesburg-based South African Chamber of Commerce and Industry said in ... Read More »

South Africa crude-refinery upgrades seen costing $2.7 bln

CAPE TOWN: The cost to upgrade South Africa’s six crude refineries to produce lower-sulfur fuel will be about 40 billion rand ($2.7 billion) and this still may not be sufficient to supply the domestic market, Strategic Fuel Fund Chief Executive Officer Sibusiso Gamede said. “South Africa’s oil refineries are not ready and will not be ready to produce Euro 4 ... Read More »

Telkom profit drops 27%

JOHANNESBURG: Telkom said full-year profit fell 27 percent as South Africa’s biggest landline provider cut jobs and embarked on the last financial year of its turnaround plan. Net income was R2.25 billion ($149 million) in the year through March, compared with R3.1 billion the previous year, the Pretoria-based company said in a statement on Monday. Operating revenue gained 14 percent ... Read More »