Where does South Africa export its gold to?

#1 · September 30, 2023, 8:25 am

Quote from chief_editor on September 30, 2023, 8:25 am

South Africa, renowned for its rich history in gold mining and production, has asserted itself as a dominant player in the global gold market. In 2021, data reveals the depth and breadth of the nation's engagement with gold both in terms of exports and imports.

Exports Landscape

South Africa's golden exports were nothing short of impressive in 2021. The country managed to export gold worth $20.1 billion, solidifying its position as the world's 5th largest gold exporter. This places gold as the second most exported product from South Africa, only surpassed by one other product in economic value.

Key destinations absorbing South Africa's gold exports were major global economies and trade hubs. China, with its vast market and insatiable demand for gold for both investment and ornamental purposes, was at the forefront, importing a whopping $5.05 billion worth of gold. Other significant importers included India ($4.1 billion), Switzerland ($3.67 billion), the United Kingdom ($2.47 billion), and the United Arab Emirates ($2.08 billion).

Between 2020 and 2021, there were a few standout nations that showcased a surge in their demand for South African gold. China topped this list with a remarkable increase of $3.93 billion in imports. India and Switzerland followed, increasing their imports by $2.69 billion and $1.95 billion respectively.

Imports Overview

Despite being a massive exporter, South Africa also engages significantly in gold imports. In 2021, the nation imported gold worth $1.58 billion, making it the 24th largest gold importer globally. Interestingly, gold ranked as the 8th most imported product in the country for the year.

A closer look at the sources of these imports points to regional trade dynamics. The primary exporters of gold to South Africa were its neighboring countries. Tanzania was the chief exporter, selling gold worth $880 million, followed by Namibia ($435 million). Botswana, Zambia, and the United Arab Emirates also contributed to the list with $72.9 million, $65.7 million, and $52.8 million respectively.

A Golden Economy

The data also provides an insight into South Africa's economic complexity, where it ranked 59 out of 131 countries with a score of 0.098. While the country showcases a vast economic landscape, it's clear that gold plays a significant role in its international trade dynamics. The complexity in the gold product itself ranked lower at 1018 out of 1024, indicating a standardized product that relies more on volume than variance.

Concluding Thoughts

South Africa's relationship with gold is profound and multi-dimensional. The country's gold trade showcases its prowess as a leading exporter while also emphasizing its interdependence with neighboring countries for imports. As the global economy continues to evolve and gold retains its universal value, South Africa's role in this market will undoubtedly be one to watch.

Reference: OEC world.

South Africa, renowned for its rich history in gold mining and production, has asserted itself as a dominant player in the global gold market. In 2021, data reveals the depth and breadth of the nation's engagement with gold both in terms of exports and imports.

Exports Landscape

South Africa's golden exports were nothing short of impressive in 2021. The country managed to export gold worth $20.1 billion, solidifying its position as the world's 5th largest gold exporter. This places gold as the second most exported product from South Africa, only surpassed by one other product in economic value.

Key destinations absorbing South Africa's gold exports were major global economies and trade hubs. China, with its vast market and insatiable demand for gold for both investment and ornamental purposes, was at the forefront, importing a whopping $5.05 billion worth of gold. Other significant importers included India ($4.1 billion), Switzerland ($3.67 billion), the United Kingdom ($2.47 billion), and the United Arab Emirates ($2.08 billion).

Between 2020 and 2021, there were a few standout nations that showcased a surge in their demand for South African gold. China topped this list with a remarkable increase of $3.93 billion in imports. India and Switzerland followed, increasing their imports by $2.69 billion and $1.95 billion respectively.

Imports Overview

Despite being a massive exporter, South Africa also engages significantly in gold imports. In 2021, the nation imported gold worth $1.58 billion, making it the 24th largest gold importer globally. Interestingly, gold ranked as the 8th most imported product in the country for the year.

A closer look at the sources of these imports points to regional trade dynamics. The primary exporters of gold to South Africa were its neighboring countries. Tanzania was the chief exporter, selling gold worth $880 million, followed by Namibia ($435 million). Botswana, Zambia, and the United Arab Emirates also contributed to the list with $72.9 million, $65.7 million, and $52.8 million respectively.

A Golden Economy

The data also provides an insight into South Africa's economic complexity, where it ranked 59 out of 131 countries with a score of 0.098. While the country showcases a vast economic landscape, it's clear that gold plays a significant role in its international trade dynamics. The complexity in the gold product itself ranked lower at 1018 out of 1024, indicating a standardized product that relies more on volume than variance.

Concluding Thoughts

South Africa's relationship with gold is profound and multi-dimensional. The country's gold trade showcases its prowess as a leading exporter while also emphasizing its interdependence with neighboring countries for imports. As the global economy continues to evolve and gold retains its universal value, South Africa's role in this market will undoubtedly be one to watch.

Reference: OEC world.