Durban's business confidence, reflecting the broader region, has been on an upward trajectory for some time, despite facing significant challenges. According to Palesa Phili, CEO of the Durban Chamber of Commerce and Industry NPC, recent findings from economic intelligence platform Durban EDGE indicate robust growth in imports of 7.5% and exports of 23.1% from 2022 to 2023."As organised business, we believe Durban is well-positioned to serve its international trade partners. With the busiest port in sub-Saharan Africa and Dube TradePort strategically supporting the manufacturing sector, Durban offers prime opportunities," stated Phili. The Chamber, through its various forums, remains committed to promoting trade and investment in the city.Speaking to Freight News, Phili expressed growing optimism for the city and the broader region, highlighting concerted efforts to support and expand trade initiatives.Earlier this year, the first shipment of South African products under the African Continental Free Trade Area (AfCFTA) initiative left the country en-route to Ghana from the Port of Durban.Phili said ongoing efforts were in place to connect businesses in Durban to the international market and several trade delegations had already been hosted this year.This included meetings with representatives from Malawi, Finland, Namibia, Rwanda and Atlanta in the US. “ArcelorMittal South Africa is one of the companies that started exporting through the Durban Chamber of Commerce and Industry NPC in January this year,” said Phili, indicating that the company had been getting orders from around the world through support they received from the Chamber.The Durban Business Confidence Index mirrors Phili’s positive outlook for the city and the region, indicating that while only by a few points at a time, business confidence continued to increase, with confidence in Durban slightly above national business confidence.The manufacturing sector in particular has recorded an increase in confidence, rising from 33.08 in Quarter 4 of 2023 to 39.83 index points in the first quarter of this year. This represents a 20% increase in q-o-q confidence, demonstrating the resilience of the sector in the City of Durban. Furthermore, the manufacturing sector recorded a 29% y-o-y improvement in the sector’s business confidence.“These improvements may be attributed to positive strides in electricity supply, which has long troubled the country’s economic prospects. The stabilisation of interest rates, with a strong likelihood for a decrease towards the end of the year, along with the relatively stronger rand, could also explain the improved confidence in the manufacturing sector,” reads the index.Another positive development has been the upward trajectory of employment in the city. According to the latest data from the Quarterly Labour Force Survey, the first quarter of 2024 showed that employment had increased by 0.7%.
