South Africa declared itself a republic in 1961 and became a constitutional democracy in 1994, is a middle-income, emerging market with plenty of natural resources like gold, platinum, and diamonds.
The South African economy has expansive financial, legal, communications, energy, and transport sectors. Its stock exchange is presently the 17th largest in the world by market capitalization (just ahead of Canada's Toronto Stock Exchange), and first among exchanges in Africa.
The rand (ZAR) is South Africa's currency. There are 11 official languages, including English, and three capitals: Pretoria (administrative), Bloemfontein (judicial), and Cape Town (legislative).
South Africa boasts a modern infrastructure that gets goods efficiently to major regional cities.
South Africa still faces many infrastructure problems that are holding back growth, such as electricity shortages. However, progress was made in 2021 towards addressing these issues over the medium term. For example, the licensing threshold for generating electricity was increased. Commodity prices are also a key concern for South Africa, which is a major net exporter of minerals and oil. To achieve sustained economic growth and create jobs, it will be essential to attract more investment—including foreign direct investment.
South Africa has a dual economy with one of the highest inequality rates in the world. This is represented by the luxury goods market and is visible in Sandton City’s Diamond Walk, the area of the prestigious center housing Louis Vuitton, Gucci, Dolce & Gabbana, and other luxury boutiques. Revenue in the Luxury Goods market amounted to US$731.50m in 2022. This market is expected to grow annually by 2.93%. While 5km down the road in Alex(Alexandra Township) the price of cooking oil has risen 52% compared to the year before and has become a luxury for the majority of the residents.
Both these markets are heavily import dependant and this is where Inspexion can add value. We can quote on inspections from verifying the authenticity of luxury goods through to the testing of cheap cooking oils for carcinogenic's. Quality assurance is one of the most important facets of importing in Africa in general and South Africa specifically. We provide a quick and effective way of requesting and organizing inspection of all goods wherever they are imported from.
Get multiple quick quotes from Inspexion's worldwide inspector network now.