Standard Bank South Africa (SBSA) and the Industrial and Commercial Bank of China (ICBC) welcomed a high-level delegation from ICBC Beijing in South Africa on 11 September, aiming to foster trade and explore the South African organized agricultural sector. The visit followed the recent Forum on China-Africa Cooperation (FOCAC) held in Beijing, where leaders emphasized collaboration under the theme “Joining Hands to Advance Modernisation.” Agriculture was emphasised as a key focus area.
During the delegation visit, AgriSA provided insights into South Africa and Africa’s agricultural landscape. This engagement is timely, considering that China remains South Africa’s largest global trading partner, with bilateral trade soaring from R614 billion in 2022 to R692 billion in 2023. Agriculture exports from South Africa to China accounted for a mere 0.4% of Chinese imports in 2023, leaving room for substantial growth.
As China and South Africa maintain a comprehensive strategic partnership, there are significant opportunities for South Africa to enhance its agricultural exports to China. Collaborating with Chinese partners could strengthen agricultural development, creating pathways for higher-value exports and further solidifying the trade relationship between South Africa and China.
Food security remains the top priority for organised agriculture in South Africa. Food security is closely tied to trade, as it ensures the affordability and availability of essential agricultural products. Trade enhances the quality and safety of food supplies, allowing access to diverse and nutritious options. Additionally, sustainable trade practices can foster adaptability in agricultural systems, enabling them to respond effectively to changing environmental and economic conditions.
Source for statistics: International Trade Council, 2024
