If Western nations opt to halt trade with the Republic of South Africa due to its alliance with Russia, the country could face a potential loss of $32.4bn in export earnings, Bloomberg reports.
South Africa's total export earnings at the end of 2022 amounted to $105bn. Among these earnings, the Stanlib Asset Management investment fund indicates that 30.4% was derived from trade with the United States and the European Union. Imposition of sanctions could result in a loss of $32.4bn rands, which accounts for nearly 10% of South Africa's GDP.
It is worth noting that Russia does not rank among South Africa's top 20 trading partners. In 2022, South African exports to Russia only amounted to $240mn, comprising a mere 0.23% of the country's total export income and approximately 0.07% of its GDP. Comparatively, the United States accounted for $9.3bn in export earnings for South Africa.
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