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South Africa's Trade surplus with the U.S. hits a record high

Special report by Simon Barber and Sibusiso Bubesi in Washington D.C.

South Africa's trade surplus with the U.S. reached new highs as President Bill Clinton announced that the U.S. would be scrapping virtually all of its remaining tariffs on South Africa imports. For the year up to October, the surplus in South Africa's favour reached $1.2billion, according to commerce department statistics.

The overall value of U.S.-South Africa trade $5.8bn for the first 10 months is at a record high, with South Africa exports to the U.S. hitting 3,5bn. Imports from the U.S. rose to $2.3bn, thanks mainly to orders for passenger aircraft. "We think that with the implementation of the African Growth and Opportunity Act, U.S. -South Africa trade is going to grow by 28 percent next year," Philip Bird, head of the Atlanta-based American Importers Association, said.

The act's removal of most remaining tariffs on the exports of SA and 33 other qualifying African countries is designed to attract export- oriented investment to the region and encourage export diversification. South Africa's record trade with the U.S. this year has been driven by strong platinum prices, but other sectors played an increasing role. U.S. imports of South Africa clothing, car components, chemicals, beverages and jewellery are all at historic highs.

South Africa Chamber of Business (South africacob) spokesman James Lennox has said that the wide range of products covered by the act would afford most sectors of the South Africa economy enormous opportunities to identify and satisfy niche markets in the U.S.

The announcement was in line with the spirit of the act. "Challenges posed to South Africa busiiness by these opportunities are substantial but not insurmountable and could be well worth the effort. "South Africacob looks forward to the positive spin-offs to the country and the region as a whole that any exports bring," South Africaid Lennox.

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