South Africa's semi-finished exports play an important role in the country's economic structure. South Africa is known as a rich country with many mineral resources. For this reason, semi-finished products obtained by processing raw materials extracted from mines occupy an important place in the country's export portfolio. Semi-finished products generally constitute one of South Africa's most important foreign trade items.
The country's iron and steel industry boosts export revenues by supplying semi-finished products to international markets as well as domestic demand. Changes in raw material prices can affect the profitability and competitiveness of the iron and steel sector. Therefore, it is important to manage price fluctuations and adapt to the changing conditions of the market for the sustainability of the sector. A strong iron and steel industry supports a country's economic growth, while exports of semi-finished products strengthen this process and contribute to sustainable development. Therefore, the competitiveness and production capacity of the iron and steel sector affects the overall performance of semi-finished exports.
South Africa's semi-finished exports consist mainly of steel products, including billets, blooms and slabs. South Africa has a significant steel industry and major steel producers export semi-finished products to various global markets. Demand for South Africa's semi-finished steel products is influenced by factors such as global economic conditions, infrastructure development projects and the performance of the construction industry in importing countries.
According to information obtained by SteelRadar from the United Nations Database, South Africa's semi-finished exports in 2023 were 412.306 million tons, up by 36.42% from 2022. Total exports in 2022 were 302.131 million tons.
The country's exports of semi-finished products in January amounted to 51.09 million tons, up by 74.14% from the same month a year earlier. This was the month with the highest exports in 2023. October saw the lowest exports at 17.142 million tons. In December, the country's semi-finished exports rose by 101.58% y-o-y to 22.375 million tons.
March was the month with the highest y-o-y increase in exports
In March 2023, it increased by 156.8% compared to the same month of the previous year. This rate had the largest share among the annual increase rates. October showed a 46.52% decrease in 2023 compared to the same month of the previous year. October was the month with the highest decrease among the exports.
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