South African economy continues to show growth.
With a GDP of US$790 billion (PPP, 2018), South Africa is the second largest economy in Africa and the only country on the continent to be a member of the G-20.
After joining BRICS in 2010 the country’s exports to China alone jumped from US$2.4 billion to a significantly larger US$10.8 billion in 2016.
With it’s three largest trading partners for
both imports and exports being China, Germany and United States, South Africa
is really taking it’s place in the realm of bilateral international
Let’s take a look at the market across GTS’s 4 categories:
• Household & Appliances Show (HAS)
The home appliances market in South Africa has registered a positive growth in recent years and is expected to continue growing.
Revenue in the Household Appliances segment amounts to US$342 million in 2019. In addition to this, revenue is expected to show an annual growth rate of 14.8% resulting in a market volume of US$592 million by 2023.
• Smart Electronics & Security Show (SES)
South Africa is the largest consumer electronics market in Africa and among the top 20 global markets for consumer electronics products. In addition to its large domestic market, South Africa has significance as a hub for the growing Sub-Saharan market. Most global IT players have a presence in South Africa.
According to the DTI (2014), the electrotechnical sector accounts for 12.5% of South Africa's gross domestic product. Revenue in the Consumer Electronics segment amounts to US$764m in 2019. Revenue is expected to show an annual growth rate of 7.7%, resulting in a market volume of US$1,027m by 2023.
• Food and Beverage Show (FBS)
Revenue in the South African Food & Beverage sector amounts to US$82 million in 2019 and is expected to grow at a rate of 10.5%, resulting in a market volume of US$122 million by 2023.
In November 2018 the Fast food and take-away outlets contributed 36.0% of total income earned by the industry. The country has also seen a growth of 41.27% in employment in the Hotels and Restaurants Industry industry in the last 9 years which indicates that the Food & Beverage sector is very much on the rise.
• Tools and Build Show (TBS)
The worldwide market for Builder Hardware is expected to grow at a CAGR of roughly 4.8% over the next five years. It will reach US$52 billion in 2023, from US$40 billion in 2017, according to a new study. Asia Pacific was the largest region in the global hardware manufacturing market, accounting for 40% of the market in 2018. Western Europe was the second largest region accounting for 25% of the global hardware manufacturing market.
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