The Minister said that the imbalance is due to oil imports that constituted 95% of South Africa’s total imports from Saudi Arabia.
According to the Minister, as far as South Africa is concerned the composition of its export basket to Saudi Arabia speaks to the need to diversify exports.
“For instance 62% of our export basket to Saudi Arabia consists of primary commodities. In this regard, our ambition would be to increase the proportion of high value added products in the export basket. Clearly more needs to be done to realise our ambition for a more balanced trade basket,” said Minister Davies.
Source: South African Government News Agency
Author: South African Government News Agency