By Reuters
South African business confidence rose in July, helped by higher new vehicle sales, rising manufacturing output, strong precious metals prices and well-contained inflation, data showed on Wednesday.
The South African Chamber of Commerce and Industry’s Business Confidence Index rose to 116.7 in July, up from 113.2 in June.
The business chamber releases the index every two months. June’s business confidence level was lower than May’s 115.8 reading before July’s rebound.
The chamber said the 30% tariff on South African exports to the U.S. that kicked in last week could weigh on sentiment in the remainder of the year.
“The imposition of a general tariff of 30% by the USA on exports from South Africa to the USA could have unintended and austere consequences for the South African economy and for longer-term business relations,” the South African Chamber of Commerce and Industry (SACCI) said in a statement.
South African officials
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