Analysis and Studies - Country Analysis
South Africa: a look at the market
May 22nd 2023
South Africa is a country located in the southern part of the African continent which borders with Namibia, Zambia, Eswatini, Zimbabwe, Lesotho and Mozambique. The country is bathed by the Indian Ocean and the South Atlantic Ocean.
The country is a former British colony which obtained its independence in 1934 following the Union Act. Furthermore, it became a republic in the 1960s following a referendum which was only open to white citizens. Indeed, the country is notoriously known for the apartheid, which was a system of institutionalized racial segregation that existed from 1948 to the early 1990s. The economic legacy and social effects of apartheid continue to the present day, particularly inequality.
The country is home to more than 58 million people, and it has eleven official language: English and Afrikaans, and among others ethnic languages.
The Economy of South Africa
South Africa is regarded as a middle-income African economy with a huge income inequality within its citizens. It is rich in raw materials and precious stones although its economy was severely impacted by COVID-19. It has a total GDP of $790.625 billion, as such is ranked at number 32nd in the world.
As a country rich in raw materials, South Africa is one of the main exporters of precious metals like gold and platinum. Indeed, the country exports platinum ($24.5B), gold ($20.1B), iron ore ($7.68B), diamonds ($7.02B), and coal briquettes ($6.72B). Its major export partners are China ($20.6B), followed by the USA ($14B), Germany ($10.4B), United Kingdom ($10.1B), and lastly by India ($9.5B).
On the other hand, South Africa is a major importer of refined petroleum ($7.85B), crude petroleum ($5.42B), motor vehicles ($3.44B), cars ($3.25B), and broadcasting equipment ($2.43B). its major import partners are China ($20.5B), Germany ($8.89B), India ($6.01B), the USA ($5.2B), and Saudi Arabia ($4.16B).
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