Mining production was down 8.0% year on year in June, while mineral sales were also down 6.1% over the same period
Leading the declines were gold miners, who saw a drop of 28.6% and contributed 4.7 percentage points to the overall number. Platinum Group Metals production also weighed on the sector slipping 9.8% and coal dropping 6%.
“Moderating global growth in South Africa’s major trading partners implies that the external trade environment is less favourable for commodity export volumes.” Geopolitical tensions and elevated global recession risk remain a crucial concern for South Africa’s commodity export volumes and earnings. Investec’s chief economist Annabel Bishop said the declines in the country’s industrial sector would have taken away from economic growth in the three months to June.
The South African Chamber of Commerce and Industry’s business confidence index rose by 1.8 index points to 110.3 points in July.
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