* Long-neglected trade ties with rest of Africa re-assessed
* Euro crisis, Iran prod S.Africa to trade closer to home
* S.Africa plays catch-up to China, India
By Stella Mapenzauswa
JOHANNESBURG, June 26 (Reuters) – South Africa prides itself
as a first world country in a third world continent, trading
mostly overseas, but is starting to train its sights on its poor
but fast-growing African cousins as turmoil in Europe slashes
exports to its traditional markets.
President Jacob Zuma’s government said this month it was
looking to African oil producers such as Nigeria after bowing to
Western pressure to cut imports from Iran – historically its
biggest supplier – in compliance with sanctions over Tehran’s
nuclear programme.
South Africa’s crude imports from Iran fell 43 percent to
286,072 tonnes in April from the previous month, while imports
from Nigeria rose nearly five-fold to 615,834 tonnes in March
against 127,376 tonnes in the same month last year.
While trade with the rest of the continent has increased
gradually in the past decade, Africa’s economic powerhouse still
playing lags Asian giants China and India which have established
firm footings in mining, construction and clothing.
One reason is the legacy of apartheid, an era when when
South Africa’s white-minority government eschewed trade ties
with Africa in favour of Europe.
Continued…
