Times Of Swaziland: ESWATINI EXPORTS WORTH E25.28BN TO SA

ESWATINI EXPORTS WORTH E25.28BN TO SA
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Nhlanganiso Mkhonta on 21/05/2024 06:48:00


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.