He said the United States represented 7.45 % of South Africa’s total exports in 2024. On the other hand, South Africa accounted for only 0.4% of US total imports.

"As such, South Africa does not constitute a threat to US and where there is a trade imbalance in favor of South Africa, it is mainly on agriculture products which are counter-cyclical and on minerals which are inputs in US industries," said Lamola.

He said South Africa will continue building domestic supply resilience, reducing cost of doing business and increasing competitiveness of its economy.

"Further, South Africa will continue with efforts to diversify export markets as part of its resilience building strategy. The significant market access opportunities both through trade agreements and through strategic partnerships with countries across the globe present huge opportunities for our exports. The recently concluded Africa Continental Free Trade Area (AfCFTA) remains untapped, beyond the Southern Africa Development Community (SADC)," said Lamola.

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Furthermore, Lamola said South Africa enjoys preferential market access through the Southern Africa Customs Union, SADC, SADC-EU Economic Partnership Agreement (EPA), SACU+Mozambique-UK EPA, the European Free Trade Association (EFTA), MERCUSUR (that includes Argentina, Brazil, Paraguay and Uruguay) and Japan Generalised System of Preferences.

In addition, Lamola said government is strengthening relations with countries in Asia and the Middle East to open new market access opportunities.

"Some of these efforts are bearing fruit with new market access opportunities for our agriculture products," he said.

Lamola highlighted that the new tariff regime arising from the decision by the US have been directed not only to South Africa, but the entire world.

jonisayi.maromo@iol.co.za

IOL