Perplexingly, SA’s portion of global exports has remained roughly stable since 2011, at about the level last attained at the height of the Great Recession, despite pronounced currency depreciation over that entire period.
With global growth – particularly in the EU, our largest trading partner – under severe pressure, we increasingly relied on the domestic non-tradeables sector to prop up domestic growth as it would have been difficult to ramp up exports. Unfortunately not all growth is equal.