This information was disclosed in the recently released BRICS+ Research Report 2024, which highlighted that South Africa’s admission into BRICS [Brazil, Russia, India, China and South Africa] has enhanced the country’s international stature and trade and economic relations with these major economic forces.
According to the report, China and India have consistently been two of the South African automotive industry’s top 10 trading partners since 2010, mainly due to the increasing level of automotive imports.
“India became the South African automotive industry’s top country of origin for vehicle imports since 2013 due to the establishment of various brands as the global hub for small and entry-level vehicles which comprise the bulk of sales in the domestic market,” the report highlighted.
Further insights from the report also showed that China has strengthened its position as the second-largest source of vehicle imports in South Africa since 2022, mainly because China produces affordable cars that many South African consumers seemingly prefer.
Further insights from the report revealed that from 2010 to 2011, shortly after South Africa joined BRICS, automotive exports increased in all four countries, which could be attributed to increased interest in South African automotive products at the time.
However, despite the promising growth, the report also revealed that the automotive industry trade analysis between South Africa and BRICS members was still not as significant as South Africa’s trade with other key partners such as the EU, the UK, and the US, where favourable trade arrangements exist.
