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The United States is South Africa’s second-largest export market, after China. In 2024, South Africa exported goods worth R157-billion to the US, compared to R220-billion to China. Germany, the third-largest export destination (R154-billion), is steadily closing the gap with the US.
In 2021, South Africa exported a record R193-billion in goods to the US, driven by a surge in platinum group metal prices. Nearly half of South Africa’s exports to the US are precious metals and stones. South Africa’s trade delegation is lobbying the US for more favourable terms ahead of a July deadline when a 90-day freeze on the proposed 31% tariff is set to expire. However, according to Minister of Trade, Industry and Competition Parks Tau, some critical minerals have been exempted from tariffs. The existing 10% tariff applies to vehicles, machinery, and agricultural products.