WEDNESDAY, 2.00PM
AFRICA’S internal and external trade declined in 1996 due to weaker external demand and high tariffs.
Africa Export and Import (Afrexim) Bank President Christopher Edordu said in Harare that total African trade fell by about 2% to $235-billion, and intra-African trade declined by 5% to $20,7-billion.
He attributed the fall in exports to low demand and reduced commodity prices. Africa’s trade as a proportion of global trade decline to 2,4%.
“Imports fell significantly as a result of protective measures in the form of higher tariff and non-tariff barriers, which stood at an average of over 27%,” Edordu said.
The tariff level in Africa was higher than recorded in industrial countries as well as in newly industrialising countries of South-East Asia.
However, Edordu said overall economic conditions were relatively favourable, and significant increases in exports had moderated the effect of lower commodity prices.
“The year also witnessed continuing improvement in the capacity for economic management in Africa, especially the capacity to manage external shocks,” he said.
BUSINESS BRIEFS
JCI, NUM AGREE MINING group Johannesburg Consolidated Investments said on Wednesday it had reached agreement with the National Union of Mineworkers on the retrenchment of about 3 500 workers at Randfontein Estates gold mine. The two parties have engaged in a public slanging match since JCI first announced the cutbacks earlier this month.
SWAZI SUGAR DUMPING SOUTH Africa should stop providing cane varieties, training, milling research and export terminal facilities to Swaziland if it continues to dump its product on the local market, SA Sugar Millers’ Association chairman Don MacLeod told the organisation’s annual general meeting on Wednesday.
METAL TALKS RESUME EMPLOYERS and unions in the metal industry agreed on Wednesday to resume stalled wage negotiations, the Steel and Engineering Industries Federation said on Wednesday. The parties will meet again on July 1 for the first time since talks deadlocked earlier this month.