Trade conditions in South Africa remained weak in October with some businesses recording declining sales, the South African Chamber of Commerce and Industry (SACCI) said on Wednesday.
“A significant majority of respondents, about 56 percent, perceive the present trade conditions to be worse than those in October 2022. In October, 70 percent of respondents noted a decline in sales volumes, while 32 percent reported an increase in new orders,” the SACCI said in its latest trade environment survey.
Only 35 percent of the respondents expressed positivity regarding current conditions, while 53 percent are hopeful for improvements over the next six months, the SACCI said.
“Recent data release indicates a negative trend in retail trade volumes, whereas foreign trade is exerting a positive influence on the economy. Given the role it plays in the trade environment, nurturing foreign trade relations is of utmost importance,” the SACCI said.
The growth in inbound tourism has had a positive impact on the country’s trade conditions, according to the survey.