ESWATINI EXPORTS WORTH E25.28BN TO SA

MBABANE – Trade flows between South Africa and Eswatini not inconsequential as in 2023, Eswatini exported goods worth E25.28 billion to South Africa.

This was highlighted by the Commissioner for the South African Revenue Service (SARS), Edward Kieswetter, during the Time Release Study (TRS) report launch held at Badplaas, A Forever Resort in South Africa yesterday. Kieswetter stated that South Africa’s main imports from Eswatini were mixtures of resins, beverage syrup, sugars and binders for foundry moulds.

He highlighted that during the same period, South Africa’s exports to Eswatini reached R29.63 billion, with refined petroleum products, being the leading export commodity, followed by electricity and maize. He said total trade between the two countries increased by E7.44 billion (15.7 per cent) in 2023, due to an increase in exports of E4.22 billion (16.6 per cent) and an increase in imports of R3.22 billion (14.6 per cent). The commissioner revealed that Eswatini was now ranked as SA’s 21st  largest trading partner compared to being 20th ranked in 2019, with South Africa maintaining a trade balance surplus with over the past five years. Kieswetter further stated that the importance of the African Continental Free Trade Area (AfCFTA) agreement could not be over-emphasised as it seeks to bring relief to 30 million Africans experiencing extreme poverty and boost the incomes of nearly 68 million others who live on less than US$5.50 a day.  

Context

He said in the context of the audience gathered here today, it is noteworthy that US$292 billion of the estimated US$450 billion in potential income gains from the AfCFTA, would come from stronger trade facilitation measures - in other words, from measures to reduce red tape and simplify cross-border procedures to make it easier for African businesses to integrate into global supply chains. He said it was vital to understand and to take collective responsibility for, the fact that these gains would require major efforts to reduce the burden on businesses and traders to cross borders, quickly, safely and with minimal interference by officials. Kieswette also said along with their partner’s agencies within government, SARS was committed to the modernisation of cross-border processes to improve the facilitation of legitimate trade cost-effectively and securely.

“We do this in the interest of supporting trade, attracting investment and enhancing the competitiveness of our trade corridors within the Southern African Customs Union (SACU) and contributing to the growth of our local economies within the empowering framework provided by the African Continental Free Trade Area (AfCFTA) agreement,” said the commissioner.  He said this was completely aligned with their sense of higher purpose, mindful of the transformative impact our work has on the lives of millions of the most vulnerable Africans.

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