The price effects of commodity prices falling in USD terms have been offset in rand terms by currency depreciation, but we should be careful about extrapolating further when structural factors supporting high volumes remain intact. 1  Terms of trade, including gold, weakened 6.3% from 2011Q1 to 2014Q2. Excluding gold, the decrease is 7%. 2  Physical volume production, iron, 2005Q1 to 2014Q2.
BIS central bankers’ speeches  3  It is also worth noting that South Africa’s export markets continue to shift. In particular, the African market is becoming much more important for us. 3 Europe The trajectory of Europe remains an important determinant of global macroeconomic conditions and for South African outcomes.