South Africa’s bulk exports increase to new record
South Africa’s bulk export volumes soared by 30.7% year on year in October to a new record of 16.7-million tonnes, according to Transnet National Ports Authority. The previous record of 16.4-million tonnes was set in January 2015.
This brought the increase for the first 10 months to 7.5%, possibly implying that the South African economy, in common with most of the world, is doing better than the consensus forecast, which has failed to recalibrate to the improving momentum of growth.
Bulk exports out of Saldanha, which are mostly iron ore, rocketed by 64.3% in October to 6.6-million tonnes after two consecutive months when exports out of the port were less than 4-million tonnes.
Bulk exports out of Richards Bay, which are mostly coal, grew by 13.3% in October to 8.5-million tonnes after increasing by 36.3% in July to 8.4-million tonnes.