SA’s automotive export industry has derived very little benefit from the country’s admission to BRICS, but the bloc’s recent expansion could benefit the industry.
Exports to BRICS members remains negligible, Naamsa said. Picture: Ford SA South Africa ’s automotive export industry has derived very little benefit from South Africa ’s admission to the BRICS economic group in 2010.
However, in a broader sense, the formation of BRICS has most certainly enhanced South Africa’s international stature as well as its trade and economic relations with these major economic forces, the report stated. “By leveraging the unique strengths of each member country, BRICS+ can create more efficient and cost-effective supply chains,” Naamsa said.
China emerged as Mzansi’s third biggest export source last year, its share growing to 9%, from just 3% in 2019. This is surely set to grow in the coming years, with the launch of numerous new Chinese brands in the country, including Jaecoo, LDV, GAC and MG.
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