The Evolution of Trade Reform in South Africa: Coherence or Complexity?
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Historically, South Africa has been following an inward‐looking industrialization path since the 1920s and has largely relied on minerals and first stage processing industries as the basis for export expansion. High levels of protection for domestic industries created a significant anti‐export bias since domestic sales were more profitable than international sales. Since the new government in 1994, however, South Africa has been rapidly reintegrated into the global economy, with the contribution of imports and exports rising strongly as a percentage of GDP. The economy has become more open, more productive and more outward orientated. This adjustment is partially a response to domestic factors and the ending of the country’s trade and political isolation, but it is also part of a worldwide process of trade liberalization and economic integration, commonly termed ‘globalization’. Overall, South African exports are dominated by basic, low‐value added products, while most imports are of advanced manufactures. While there has been little change in the composition of the import and export baskets, the persistence of the deficit on the trade balance, reaching over 8% of GDP in 2008, has remained a source of macroeconomic vulnerability . Against this background, this article attempts to explore the evolution of trade reform from the Apartheid period to the post‐Apartheid era with a view to understanding nature and patterns of South African trade policy frameworks. For the exploration of the trade policy framework in the post‐transition period, in particular, it will initially sketch the overview of the inherited trade regime. Following this, the paper will not only examine the changes in trade policy that have taken place in the post‐Apartheid era, but also evaluate progress and challenges towards a coherent role for South Africa within the global and regional trading system.
Abstract
Historically, South Africa has been following an inward‐looking industrialization path since the 1920s and has largely relied on minerals and first stage processing industries as the basis for export expansion. High levels of protection for domestic industries created a significant anti‐export bias since domestic sales were more profitable than international sales. Since the new government in 1994, however, South Africa has been rapidly reintegrated into the global economy, with the contribution of imports and exports rising strongly as a percentage of GDP. The economy has become more open, more productive and more outward orientated. This adjustment is partially a response to domestic factors and the ending of the country’s trade and political isolation, but it is also part of a worldwide process of trade liberalization and economic integration, commonly termed ‘globalization’. Overall, South African exports are dominated by basic, low‐value added products, while most imports are of advanced manufactures. While there has been little change in the composition of the import and export baskets, the persistence of the deficit on the trade balance, reaching over 8% of GDP in 2008, has remained a source of macroeconomic vulnerability . Against this background, this article attempts to explore the evolution of trade reform from the Apartheid period to the post‐Apartheid era with a view to understanding nature and patterns of South African trade policy frameworks. For the exploration of the trade policy framework in the post‐transition period, in particular, it will initially sketch the overview of the inherited trade regime. Following this, the paper will not only examine the changes in trade policy that have taken place in the post‐Apartheid era, but also evaluate progress and challenges towards a coherent role for South Africa within the global and regional trading system.
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