President Ramaphosa hopes to narrow trade deficit that exists in China’s favour

In his latest Desk of the President newsletter, President Cyril Ramaphosa has reflected on the trade imbalance between China and South Africa, outlining plans to get more South African goods into that country.

Ahead of the Brics summit and a meeting with Chinese President Xi Jinping this week, Ramaphosa said the two countries “have long shared a common understanding that trade and investment are the foremost catalysts for improving the living standards of our respective peoples”.

While bilateral trade has surged from less than R1 billion in 1998 to over R614 billion in 2022, and China remains SA’s biggest trading partner, Ramaphosa said a trade deficit exists between the two nations.

Use state visit to discuss trade deficit

“We hope to use this state visit to discuss how to narrow the significant trade deficit that exists in China’s favour, mainly through facilitating greater entry of value-added South African goods, products and services into the Chinese market,” he said.

Ramaphosa said tourism and energy cooperation also holds “great promise” and will be an important topic of discussion.

The president said that the country will be looking to tourism to help correct the imbalance.

“With the end of the Covid-19 pandemic, China is an important source for tourism. It is significant that the number of visitors from China in June 2023 was four times higher than the same time last year,” he said.

Tourism – a tool to narrow the gap

Ramaphosa also related that South African Tourism believes that Chinese tourism will be back to normal by 2026.

“We’re actively promoting our country to Chinese tourists at events like the China International Import Expo and the China-Africa Economic and Trade Expo. More direct flights between South Africa and China are also on the rise,” he said.

Ramaphosa also added that South Africa was moreso looking to learn from China in terms of its development path.

“Among other achievements, China has lifted nearly 800 million people out of poverty over a 40-year period…South Africa is eager to deepen its collaboration within the frameworks of China’s common prosperity doctrine and strategy and our own National Development Plan and Economic Reconstruction and Development Plan,” he said.

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