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South African Economy- A Haven of Natural Resources

by:Greenweimo     2020-04-26
The South African economy is the largest in the continent of Africa. It accounts for almost 24% of its GDP in terms of purchasing power. The World Bank has ranked its economy as an upper-middle income one, making it the fourth African country to suit the category, with the others being Mauritius, Gabon and Botswana. The country shifted from primary and secondary economy to one that is primarily driven by the tertiary sector, in the middle of 20th century. Today, it is these sectors that earn about 65% of the GDP. Its economy is divided between mining, agriculture, fisheries, food processing, vehicle manufacturing, textiles, energy, telecommunications, business and financial services, transportation, tourism and retail and wholesale trade. Hence, with this diverse economy, South Africa procurement is certainly not a bad idea. Agriculture and Natural Resources The industry of agriculture formally employs about 10% of the country's population, and provides work to casual laborers as well. The sector contributes about 2.6% to the country's GDP. The figure is not very impressive because much of the land in South Africa is arid, allowing just 13.5% to be used for cultivation. And within this 13.5%, only 3% is considered to be the most arable. Unfortunately, even this much land cannot be used to its optimum level due to farm attacks, a common crime in the country. Maize is the most important crop of South Africa. It is a staple food as well as an export crop. Besides, the nation also exports peanuts, beans, sunflower seeds, soybeans, sugarcane etc. Fruits like grapes, which is used for wine-making, is also a popular export item of the nation. Mining has been one of the main reasons behind the development of Africa. In fact, it is the most-developed and richest sector in its economy. Ever since the discovery of a diamond on the banks of the river Orange, Africa did not look back as far as the sector of mining is concerned. Hence, if you have been thinking about South Africa procurement, getting mined products from them can be a profitable idea. However, South Africa presently is not at its all-time best position in gold and diamond production, but the country still maintains the fifth position in the world's leading gold manufacturers. The nation is also the largest producer of iron ore, platinum, manganese, chrome, vanadium, vermiculite etc. The country exports coal, gold, diamonds, platinum, machinery, devices etc. Industries and Exports With a figure of 15%, the manufacturing industry does not contribute much to the country's GDP. Though its labor costs are low, it is not as low as that of the emerging markets; besides, the expenses related to communications, transport and general living are much higher. The automotive industry employs almost 36,000 employees; it accounts for about 10% of its export items, contributing around 7.5% to the nation's GDP. South Africa's major automobile export partners are Japan, Australia, United Kingdom and the United States of America. Besides, the country also earns from the industries of iron and steel, chemicals, food and beverages etc. South Africa procurement, thus, basically comprises maize, gold, diamond, fruits, sugar, wool, metal and minerals. And it deals majorly with countries like U.S.A, Japan, China, Germany, U.K., Spain etc.
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