SA export growth beats regional average — WTO
Africa’s exports experienced a significant 30 per cent decline in dollar terms in 2015, according to the latest World Trade Organisation (WTO).
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According to the report entitled World Trade Statistical Review, released on Thursday, sub-Saharan oil-exporting countries such as Equatorial Guinea and the Republic of the Congo were significantly affected by the 60% decline in oil prices.
“Nigeria saw a decline of almost 50 per cent in its export revenues in dollar terms,” the WTO said.
“This weakness was also due to a variety of other factors, including slow growth in North Africa and domestic and political turmoil.”
However, the report said growth in South Africa and Morocco was relatively better than the average for the region, with a less marked decline in the value of their exports.
Overall, the WTO said lower export prices saw world merchandise exports drop by 13 per cent, with the current dollar value of world merchandise exports declining by 13 per cent in 2015 to $ 16.5trn after export prices fell by 15 per cent.
"The dollar value of world commercial services exports also fell six per cent in 2015 to US$4.7bn," said the WTO.
The report noted that the weakness of trade in 2015 was due to a number of factors, including an economic slowdown in China.
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"The weakness was also due to a severe recession in Brazil, falling prices for oil and other commodities, as well as exchange rate volatility."
Overall the volume of world trade continued to grow slowly during the period, recording growth of 2.7 per cent.
The WTO said 2015 marked the fourth consecutive year with trade volume growth below 3 per cent, and the fourth year in a row with world trade growing at nearly the same rate as world gross domestic product.
"Trade growth was roughly in line with world GDP growth of 2.4 per cent," the report said.