Agri sector achieves 26% increase in export value in the second quarter
Despite the immense uncertainty having been created by the US announcing impending import tariffs on South African goods earlier this year, the agriculture sector has recorded 26% higher exports year-on-year in the second quarter, reaching $161-million.
Agriculture Minister John Steenhuisen says the local agriculture sector has demonstrated remarkable growth and resilience in the face of significant global trade headwinds.
However, the imposition of the 30% import tariff in the US, from August 7, has brought to light the urgent need to diversify the country's export markets and enhance its competitiveness to mitigate the economic impact of losing preferential trade access, Steenhuisen states.
The Minister says the South African agriculture export results for the second quarter highlight how urgent it is to resolve the ongoing tariff talks with the US, since the country’s capacity to gain steady, long-term access to this important market continues to be a top priority.
While the US only accounts for between 4% and 6% of South Africa’s agriculture exports, it is a key market for higher-value goods such as macadamia nuts, wine and citrus.
In the first quarter of the year, South Africa exported $118-million worth of produce to the US, which marked a 19% year-on-year increase.
“As we continue to engage in diplomatic negotiations and work towards a more favourable trade agreement, the focus remains on ensuring that our farmers and exporters can continue to thrive in the global marketplace, securing the future of our agricultural sector,” Steenhuisen concludes.
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