JOHANNESBURG, Oct. 14 (Xinhua) -- South Africa should strengthen diversification and resilience in its export base as the 30 percent import tariff imposed by the United States in August has disrupted the country's trade, a South African official said Tuesday.
"We gather today at one of the most pivotal moments in our nation's economic trajectory. The recent imposition of a 30 percent tariff by the United States has threatened approximately 30,000 jobs and disrupted trade relationships built over decades," said Zuko Godlimpi, deputy minister of trade, industry and competition.
Speaking at the Export Symposium and Expo in Midrand, Johannesburg, where 140 exhibitors from various sectors have gathered for a three-day event to explore new business and market opportunities, Godlimpi said the recent developments underscored the need for diversification and resilience in South Africa's export base.
"This is our wake-up call, a moment demanding that we fundamentally reimagine our approach to international trade, market diversification, and economic resilience," he said.
He said that BRICS markets, emerging economies in the Gulf region, and deeper intra-African trade through the African Continental Free Trade Area present key opportunities alongside traditional European markets.
Last month, senior South African government officials traveled to the United States to continue negotiations following the tariff imposition in early August. However, no announcement has yet been made regarding the outcome of those discussions.
With exports, particularly in the agriculture and automotive sectors, valued in the billions of dollars, it is widely expected that the tariffs, if not reversed, will have the greatest impact on these key industries. "We will navigate this moment too, not by retreating, but by boldly stepping forward into new markets, partnerships, and opportunities," said the deputy minister.
According to Godlimpi, South Africa's exports totaled 184.3 billion rand (about 10.66 billion U.S. dollars) in July, up from 170.7 billion rand in June. "And we recorded a trade surplus of nearly 4 billion rand in August," he added.
