South Africa remained a net exporter of agricultural goods in the fourth quarter of 2024, but the country’s trade balance with its BRIC+ partners weakened substantially.
Agriculture contributed nearly 20% of the total exports in the fourth quarter of 2024, remaining a net exporter, with quarterly imports remaining below R40 billion throughout the period. Yet the sector’s trade surplus declined by 18% from the last quarter of 2023 to last quarter of 2024 due to a 13% increase in imports.
This is according to an analysis by the Bureau for Food and Agriculture Policy (BFAP), which also shows a decline of 35% in exports to the BRIC+ nations (Brazil, Russia, India, China, Egypt, Ethiopia, Iran and UAE). The biggest contributors to this decline were China (-20%) India (-34%), and Russia (-76%).
The SADC region absorbed almost half of South Africa’s agri exports, and exports to this region grew by 17% compared with a year before. Exports to Madagascar surged by 139%, but BFAP notes this is from a low base, as it still accounts for less than 1% of total exports.
Zimbabwe and Namibia accounted for 10% and 8% of all agri exports respectively.
South Africa imported agricultural products worth R38 billion in the fourth quarter of 2024. Imports from the EU and SADC declined, but imports from BRIC+ nations and the rest of the world increased. The leading imported products were cereals (mainly wheat and rice), beverages (alcohol and sweetened waters), and sugar products.
Exports to countries outside SADC were valued at R30 billion in the fourth quarter, representing a 16% increase from the fourth quarter of 2023.
Measured by quantity, the leading export products to African countries in the quarter were cereals (mainly maize), beverages (wine and waters) and processed foods. The top three products accounted for 41% of all agricultural exports to the continent.
Exports to African countries increased by 16% compared with a year before.
“This is encouraging as it supports the objective of increasing intra-Africa trade, albeit still heavily focused on Southern Africa,” said BFAP.
Imports from the continent (including SADC) were R6 billion or 10% less than the previous quarter.
Overall, fruit exports had the highest export value at R13.64 billion. Exports of meat products increased by 40% year-on-year, mostly thanks to the growth in exports to the Middle East (United Arab Emirates, Kuwait and Jordan).
BFAP noted that the local agricultural sector contributed nearly 20% of the country’s total exports in the last quarter of 2024.
“Sectoral exports have been on a steady increase since 2019, rising from R39 billion to R59 billion over six years. This is equivalent to an average annual growth rate of 9%.”
