According to Trade and Industry Minister Rob Davies, India is an important trade partner for South Africa, but the trade imbalance with the country needs to be addressed. Statistics indicate that India's exports to South Africa (SA) are estimated at R54 billion, while SA's exports to India are estimated at R 41 billion.
“At the moment India is our sixth largest trading partner so it is in fact higher than a number of other traditional trading partners. I think we mentioned before in another context that the UK for example is eighth, so India is very significant. In 2015 our total trade was valued at R 95 billion and that was 4.9 % of SA's imports and 4.1 % of SA's exports and the growth has been quite phenomenal.”
Meanwhile, President Jacob Zuma will be on an official visit to France next week. Davies says the visit is to promote South Africa's exports and attract investment in sectors such as agro-processing.
Davies says the quality of trade with France is good, but the quantity is small.
“There is a sizeable imbalance in favour of France. The imports from France are R24 billion and our exports to France are about R 9.6 billion and if we look at the exports that we have they are dominated by value added products which is a good thing- vehicles, aircrafts, machinery, edible nuts and citrus fruit but good quality of trade but small quantity.”
Source: sabc.co.za
