Two-way trade between South Africa and the European Union showed a ”noteworthy” increase last year despite an overall slowdown in EU trade with the rest of the world.
The EU said in a statement released in Pretoria on Tuesday that South Africa had overtaken Algeria, Saudi Arabia, Malaysia and Singapore in overall trade with the EU.
”Against a backdrop of a slowing global economy in 2001 which resulted in a 0,3% drop in EU imports from the rest of the world, South African exports to the EU grew by a further 11% (over and above the growth for the year 2000),” the EU said.
Since the signing of the Trade, Development and Co-operation Agreement between South Africa and the EU in 2000, South African exports to the bloc increased by 50%.
”A similar, albeit slower growth pattern is evident for EU exports to South Africa. EU exports to SA grew by 20% in 2000 over those of the previous year and by a further six percent in 2001 over the preceding 12 months.”
According to the EU, South Africa’s trade surplus with the bloc rose from R6-billion in 1999 to R30-billion at the end of 2001.
”The EU remains South Africa’s most important economic trade partner, accounting for over 40% of its imports and exports, as well as 70% of foreign direct investment.”
The EU added that by the end of last year South African wine exports to the European bloc increased by R700-million to reach R2,6-billion in total. South Africa also accounted for 15% of wine imported into the EU. ? Reuters