South Africa is a middle-income country which lies on the southern tip of Africa. This beautiful country is bounded by the Atlantic and Indian Oceans. Namibia, Botswana, and Zimbabwe lie on its North, while Swaziland and Mozambique lie on its East. Although the country is categorized as a middle-income country, it is blessed with abundant natural resources that assist in boosting up its economy.
Though, many cities and towns constitute S.A, advanced development is critical in four major areas only that are: Port Elizabeth, Cape Town, Johannesburg, and Durban. Unfortunately, the opposite parts of the country aside from these four major areas manifest poverty and poor development. However, a few of these areas are recently showing growth in economic development.
Unlike highly industrialized countries, development in third world countries is rather slow. Despite this reality, South Africa utilizes its resources and skills in establishing global trading. The three major exports for which the country is famous for are diamonds, gold, and platinum.
These three major products are exported into the United States, Japan, United Kingdom, China, and Italy. All these other countries rely mainly on the country for the provision of those goods. The country was in a position to export $7.5 million worth of products and merchandise to the United States alone in 2006. Through the years, the quantity of S.A’s export significantly increased, thus improving the economy of this country.
The United States has established trading with South Africa which is manifested within the export-import commitment that these two countries have entered upon. The truth is, the United States is exporting an exuberant amount of merchandise to the country as well. The top three major imports of the country from the United States include chemicals, machinery, and petroleum products. Germany, France, the United Kingdom, Japan, and Saudi Arabia import some goods to South Africa as well. These countries import energy, capital goods, food, and fuel to S.A.
Apart from chemicals, machinery, and petroleum, the United States also import telecommunications equipment, new and used passenger cars, materials handling equipment, trucks, buses, special purpose vehicles, civilian aircraft, and industrial machines.
Based from the amount of those imported goods, fuel seems to be taking the highest priority. South Africa imports not only petroleum, but coal as well. This only shows that there is a good need for fuel within the country. Food products equivalent to corn, oats, barley, and sorghum are some of the fastest growing imports too.
The import and export activities of South Africa are well guided by the Foreign Trade Organization which establishes guidelines and requirements for export and import activities. Duties, taxes, and import surcharges are imposed by the organization for the protection of the trading ventures of South Africa. If you loved this article and you simply would like to be given more info relating to Petroleum Refinery Companies please visit our web-site.