SA motor industry’s trade surplus cut in half as cars flood in from the East
China is the second-biggest source of imports, having overtaken Japan, Germany and South Korea since 2020
05 May 2023 - 16:21
UPDATED 08 May 2023 - 05:00
The SA motor industry’s trade surplus was cut almost in half last year despite record earnings from exports of vehicles and components. The additional income was outweighed by a flood of imported vehicles, mainly from India and China.
Figures released on Friday by the Automotive Industry Export Council (AIEC) show that the industry exported a record R227.3bn of vehicles and components in 2022, a 9.5% improvement on the previous year’s R207.5bn. However, the value of imports grew nearly 24% to R207.7bn...
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