ADDRESSING THE NATION JULY 2021
Ensuring Economic Survival Some good news for our road to recovery
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n his letter to the nation during the first week of July, President Ramaphosa shared some good news concerning the country’s economic recovery. Trade Surplus News Last week, the South African Revenue Service (SARS) announced that South Africa recorded another record trade surplus in May, to the value of R54.6-billion - due to a 1.5% increase in exports between April and May. This means that our trade balance surplus has been increasing year on year.
10 | Public Sector Leaders | July 2021
South Africa’s trade surplus is primarily driven by mineral and precious metal exports, as well as exports of vehicle and transport equipment, chemical products and agricultural products. High commodity prices and rising global demand is good for our economy, particularly the mining sector. What is also good for our economic recovery, is the rise in global metals prices – which in turn will bring new opportunities in the mining value chain – particularly for beneficiation.
Mining Making An Impact The President continued this good news with an analysis of the dual role mining has played in our economy and society. “On the one hand, mining contributes over half of our goods exports, around 10% of GDP and 5% of employment. It is a pillar of our capital goods industry. “It is not a coincidence that when global metals prices peak, our economy and job creation also surge.
