South African rand weakens as manufacturing beat fails to offset tariff nerves
The South African rand was weaker on Monday as better-than-expected domestic manufacturing data failed to offset trade concerns, with the country scrambling to secure a lower tariff rate on its exports to the United States.
US imports from South Africa face a 30% duty, the highest rate among sub-Saharan African countries, but President Cyril Ramaphosa's office said last week he had spoken with US President Donald Trump and that the two countries' trade negotiating teams would hold more detailed talks.
At 1235 GMT, the rand traded at 17.7825 against the dollar, about 0.2% weaker than Friday's close.
South Africa's manufacturing output rose 1.9% year on year in June, after rising by a revised 0.7% in May, statistics agency data showed on Monday.
Analysts polled by Reuters and Nedbank economists expected production to have risen 1% and 0.8%, respectively.
This week's releases also include mining output and unemployment figures on Tuesday and retail sales data on Wednesday.
The Johannesburg Stock Exchange's Top-40 index was last down 0.5%.
South Africa's benchmark 2035 government bond was weak, as the yield rose two basis points to 9.65%.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation