S. Africa-Asia trade surges

S. Africa-Asia trade surges

PRETORIA (AFP): Trade between South Africa and Asia in 1996 is expected to exceed the record 42 billion rand (US$8.9 billion) of 1995, the foreign affairs department said Monday.

"Significant investments also flowed into South Africa from Asia, especially from Japan and Malaysia," the department said in a statement summarizing Foreign Minister Alfred Nzo's end-of-year report.

Asia is south Africa's second largest trading block after the European Union.

The statement said Europe is still South Africa's largest trading partner, although trade with other areas of the world is increasing more rapidly percentage wise.

South African exports to Europe increased from 23 billion rand (US$4.91 billion) in 1991 to 31 billion rand ($6.62 billion) while imports almost doubled to 47 billion rand ($10.04 billion) in 1995 from 24 billion rand ($5.13 billion) in 1991.