Resources and Economy

http://www.bullionstreet.com/tag/South-Africa-gold

South Africa has very diverse resources, and the consumers of these resources use them quite differently. For instance, the United State’s number one import from South Africa is gems and precious metals. These precious items are primarily diamonds, gold, and platinum. Not surprising when we consider that South Africa is the world’s largest producer of gold and platinum, and the fourth largest produce of diamonds.[1]

http://blog.gainesvillecoins.com/wp-content/uploads/2013/05/southafrica-gold.jpg

Comparatively, these items come in at number four on China’s list of South African imports. China’s number one imports are ore, slag, and ash.[2] It is for these reasons that South Africa is a major force in the mining industry. But these are not there only exports though; they also have resources in food and manufacturing.

As of 2015, vegetables were South Africa’s fastest growing exports while other manufactured goods were second.[3] An example of manufactured goods might be automobiles, which is its neighboring Namibia’s number one consumption and is in the top five in several other African countries. They also have strong resources in oil, which they export to many other African countries.[4] 

http://www.businessinsider.com/bbh-on-south-africas-economy-2013-11

South Africa’s vast and diverse resources have made it the second largest economy in all of Africa. Furthermore, “apart from its prolific mineral reserves, South Africa’s strengths include a high level of technical and production expertise, and comprehensive research and development activities.”[5] This is fascinating when considering the number of sanctions that hindered their development less than thirty years ago.

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South Africa has a fast growing economy, and because it has 40% of the world’s known resources, it contributes significantly to the overall African economy. Being friends and neighbors with South Africa brings a lot of trade and interest to potentially unnoticed regions in Africa. However, despite all of their resources and economic growth, it has been reported that South Africa’s economy is not growing fast enough to create jobs and wealth for the inhabitants and is not operating at full potential.[6] Even knowing this, they are certainly learning to utilize their resources and make their mark on the world. This is a brighter picture than colonial South Africa, where their greatest resource was livestock and was often taken forcibly.[7]

It is exciting to see what is in store for the future of this resource rich nation.

Bibliography

South Africa Chicago. “Mining and Natural Resources.” WordPress, 2012.

http://www.southafricachicago.com/?page_id=1616 (accessed June 9, 2016).

South African Government. “History.” South Africa Year Book, 2016.

            http://www.gov.za/about-sa/history (accessed June 9, 2016).

Workman, Daniel. “South African Imports and Exports.” World’s Richest Countries,

2016. http://www.worldsrichestcountries.com/top-south-africa-exports.html (accessed June 9, 2016).

The World Bank. “Export Competitiveness, Regional Trade Integration Could Spur

South African Export Growth.” World Bank Group, February 2012. http://www.worldbank.org/en/country/southafrica/publication/south-africa-economic-update-focus-export-competitiveness (accessed June 9, 2016).

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[1]             South Africa Chicago, “Mining and Natural Resources,” WordPress, 2012. http://www.southafricachicago.com/?page_id=1616 (accessed June 9, 2016).

[2]             Daniel Workman, “South African Imports and Exports,” World’s Richest Countries, 2016. http://www.worldsrichestcountries.com/top-south-africa-exports.html (accessed June 9, 2016).

[3]             Ibid.

[4]             Ibid.

[5]             http://www.southafricachicago.com/?page_id=1616 (accessed June 9, 2016).

[6]             The World Bank, “Export Competitiveness, Regional Trade Integration Could Spur South African Export Growth,” World Bank Group, February 2012. http://www.worldbank.org/en/country/southafrica/publication/south-africa-economic-update-focus-export-competitiveness (accessed June 9, 2016).

[7]             South African Government, “History,” South Africa Year Book, 2016. http://www.gov.za/about-sa/history (accessed June 9, 2016).