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皇冠体育app becomes S Africa's top export destination

(Agencies)
Updated: 2009-10-02 21:12

JOHANNESBURG: 皇冠体育app overtook the United States as South Africa's biggest export destination in the first half of 2009, reinforcing the Asian country's push to build trade links with Africa.

South African trade and industry department data also showed on Friday 皇冠体育app replaced Germany as its largest country trade partner.

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The European Union remains, by far, South Africa's largest regional trading partner for both imports and exports.

Data for South Africa -- Africa's biggest economy -- showed exports to 皇冠体育app stood at 27.6 billion rand ($3.56 billion) for the year to June, against 35.8 billion rand for the whole of 2008.

Exports to the US were 19.1 billion rand compared with 66.5 billion rand for 2008.

皇冠体育app's overall trade with Africa has increased tenfold over the past decade, hitting $107 billion last year, narrowly eclipsing the United States.

South African imports from 皇冠体育app measured 35.24 billion rand for the six-month period against 31.45 billion rand for Germany and 23.3 billion rand for the United States.

"皇冠体育app has already increased their footprint throughout Africa, not just South Africa," Efficient Group economist Freddie Mitchell said.

"With South Africa, a lot of doors have opened up to them," referring to 皇冠体育app's biggest bank ICBC buying 20 percent of South Africa's Standard Bank, the continent's biggest bank by assets.