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Reaping the Fruits of Joining BRICS: South Africa Activates Preferential Trade with Egypt
Egyptian media reported that Egypt had reaped the first fruits of joining the BRICS group after South Africa announced the activation of preferential trade within the free trade agreement with Egypt.
Economic Cooperation and Trade Volume
She explained that this matter adds a new chapter of economic cooperation and opens the door to enhancing the volume of trade between Egypt and South Africa, which witnesses great opportunities for cooperation, especially with Egypt’s accession to the BRICS countries this year.
Trade Exchange Figures
Referring to the official figures, data from the Central Agency for Public Mobilization and Statistics monitored the development of the volume of trade exchange between Egypt and South Africa, reaching about 217.1 million dollars by the end of 2021, compared to 158.5 million dollars during the year 2020, an increase of 58.6 million dollars, with an increase rate of 37%. Distributed among Egyptian exports to South Africa worth $128.9 million during the year 2021 compared to $75.2 million during the year 2020, an increase amounting to $53.7 million, an increase of 71.5%, while the value of Egyptian imports from South Africa recorded about $88.2 million during the year 2021 compared to $83.3 million during the year 2020, an increase of about $4.9 million, an increase of 5.8%.
Investment from South Africa
On the investment level, the value of South African investments in Egypt recorded about $74.6 million during the fiscal year 2019/2020, compared to $10.6 million during the fiscal year 2018/2019, an increase of about $64 million, an increase of 600.5%.
List of Traded Goods
The list of goods exchanged between Egypt and South Africa includes about 5 commodities that are the most important in trade exchange between the two sides. The list of Egypt’s exports to South Africa included plastics and their products, followed by Egypt’s exports of fruits, inorganic chemical products, exports of sugar and sugar products, and finally vegetable preparations. On the other hand, Egypt’s list of imports from South Africa included cars, tractors, and bicycles, followed by imports of copper and its products, imports of cast iron “Zhahr,” various chemical products, and finally imports of boilers and machinery.
Continental Free Trade Area Launch
January 31 is scheduled to witness the launch of the African Continental Free Trade Area, in a historic step and an effective tool in achieving meaningful trade on the African continent through shipping products made in South Africa to the party states of the African Continental Free Trade Area participating in the Directed Trade Initiative, including Ghana. Egypt, Rwanda and Tunisia, where South Africa is launching a “preferential trade” initiative under the African Continental Free Trade Agreement at the port of Durban.
