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We take a look at the latest crude oil imports into South Africa as reported by the South African Revenue Service (SARS) for the first five months of 2019, from January 2019 to May 2019.
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Where is South Africa's crude oil coming from and how much does it cost per kilogram?
The first question that most people ask is why is South Africa importing crude oil? Well the simple answer is that South Africa doesn't have crude oil reserves it can extract. While South Africa is a mineral and commodity rich country, it doesn't have crude oil reserves. So in order to get fuel for cars and planes, South Africa either has to import fuel or import crude oil and refine it locally to produce fuel. And this is what is currently happening. South Africa imports a lot of crude oil each month and it is refined in South Africa (in Durban is where the bulk of the crude oil refining takes place
The graphic above shows the average price paid per kilogram of crude oil per month from January 2019 to May 2019 from the four biggest crude oil suppliers to South Africa. The summary below shows the average price per kilogram in May 2019 from the four biggest suppliers of crude oil sorted from most expensive to cheapest:
During May 2019, South Africa imported R 10.6 billion in crude oil from the four countries mentioned above. Below the value of crude oil imported from each of the four countries sorted from highest total value of crude imported to lowest value of crude oil imported during May 2019.
The R10.6 billion in crude imported from these four countries amounted to 9.6% of South Africa's total imports for May 2019 which amounted to R110.3 billion. Below the top 5 export destinations for South African goods as well as the top 5 import origins for goods imported into South Africa during May 2019.
Exports
The top 5 export destinations for South African exports during May 2019:
So just over 10% of South Africa's exports in May 2019 headed to China, with just over 7% heading to the United Sates.
Imports
The top 5 import origins in South Africa during May 2019:
Almost 20% of South Africa's imports came from China, 9.1% from Germany (most cars and machinery and equipment), and 7.3% of South Africa's imports came from the USA.
Total Exports for May 2019: R 112,069,153,495
Total Imports for May 2019: R 110,331,942,516
Trade Balance for May 2019: R 1,737,210,979
- United Arab Emirates: R8.31
- Nigeria: R7.80
- Angola: R7.67
- Saudi Arabia: R6.90
During May 2019, South Africa imported R 10.6 billion in crude oil from the four countries mentioned above. Below the value of crude oil imported from each of the four countries sorted from highest total value of crude imported to lowest value of crude oil imported during May 2019.
- Nigeria: R 4 931 577 819
- Saudi Arabia: R 3 519 399 568
- United Arab Emirates: R 1 133 575 690
- Angola: R 1 011 803 118
The R10.6 billion in crude imported from these four countries amounted to 9.6% of South Africa's total imports for May 2019 which amounted to R110.3 billion. Below the top 5 export destinations for South African goods as well as the top 5 import origins for goods imported into South Africa during May 2019.
Exports
The top 5 export destinations for South African exports during May 2019:
- China (11.0%)
- United States (7.2%)
- Germany (6.8%)
- United Kingdom (6.1%)
- Japan (5.4%)
So just over 10% of South Africa's exports in May 2019 headed to China, with just over 7% heading to the United Sates.
Imports
The top 5 import origins in South Africa during May 2019:
- China (18.5%)
- Germany (9.1%)
- United States (7.3%)
- India (4.9%)
- Nigeria (4.6%)
Almost 20% of South Africa's imports came from China, 9.1% from Germany (most cars and machinery and equipment), and 7.3% of South Africa's imports came from the USA.
Total Exports for May 2019: R 112,069,153,495
Total Imports for May 2019: R 110,331,942,516
Trade Balance for May 2019: R 1,737,210,979