Six commodities generated 3% of GDP in the first six months of the year.
South Africa earned more than R261 billion from exports of its biggest commodities in the first six months of the year, with stronger prices for precious metals and coal helping to support export earnings and the rand despite ongoing geopolitical tensions.
According to Investec chief economist Annabel Bishop, exports of gold, platinum, diamonds, jewellery and other precious metals generated R213 billion in the first half of the year, while coal and related products contributed a further R48 billion.
World Bank data shows that South Africa's economy is worth about R8 trillion a year. That means the R261 billion earned from just six major commodity exports in the first half of the year is equivalent to more than 3% of the country's annual economic output, underscoring the importance of mining and commodity exports to the economy.
The figures come as global commodity prices continue to strengthen, despite disruptions caused by the conflict in the Middle East.
