South Africa may lose up to R60 Billion a year in exports to the US if it forfeits its privileged access to the US market under the African Growth and Opportunity Act (AGOA) because of its ever-closer ties with Russia.
According to US figures, this is roughly the value of goods South Africa exported to the US under Agoa in 2022.
About half of that was in motor vehicles, and about R8billion was in agricultural products, much of it citrus and wine.
Jewellery was another major export. But now, trading opportunities are at risk amid allegations that South Africa’s stand on the war in Ukraine is contrary to America’s national security or foreign policy interests.
In 2022, the country exported about R275 billion in goods to the US, of which about 21.6% – or R59.59 billion entered the US under AGOA, which provides duty-free access to eligible sub-Saharan African countries.
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