The trade account of South Africa is currently in deficit, it as $391m as March 2007, slightly lower than expected, as both its import and export have risen. However, the growth pace of exports has been faster than imports. The leading export industries have been semi precious and precious stones and mechanical equipment.
The trade issues concerning South Africa are the conditions on trade agreements with European Union and other countries. One prime example is European Union; European Union can access 90% of South African markets as opposed to 50% of South Africa’s access to its markets applying strict regulations and laws that even 50% market is inaccessible. Furthermore, European Union imports raw materials from South Africa and not its value added goods decreasing South Africa’s amount of exports.
The trade agreements with United States, European Union and other developed countries is allowing them access to South African land and resources in return for minimum concessions and since majority of land is owned by the white minority, these agreements will further decrease the chances of black locals owning the land and having their dreams come true of equal rights.
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