{
  "title": "South Africa’s Exports Performance: Any Role for Structural Factors?",
  "publication": "IMF Working Papers, February 12, 2016",
  "sourceUrl": "https://www.imf.org/en/publications/wp/issues/2016/12/31/south-africas-exports-performance-any-role-for-structural-factors-43704",
  "canonical": "https://www.imf.org/en/publications/wp/issues/2016/12/31/south-africas-exports-performance-any-role-for-structural-factors-43704",
  "overlayPath": "/en/publications/wp/issues/2016/12/31/south-africas-exports-performance-any-role-for-structural-factors-43704/index.md",
  "summary": "Despite a substantial and prolonged exchange rate depreciation, South Africa’s export performance has disappointed since the global financial crisis.",
  "sections": [
    {
      "heading": "Overview",
      "content": "- Title: South Africa’s Exports Performance: Any Role for Structural Factors?\n- Authors: Rahul Anand, Roberto Perrelli, Boyang Zhang\n- Publication date: February 12, 2016\n- Series: Working Paper No. 2016/024; Issue: 024; Volume: 2016\n- Pages: 16\n- DOI: https://doi.org/10.5089/9781475594003.001\n- Stock No: WPIEA2016024\n- ISBN: 9781475594003\n- ISSN: 1018-5941"
    },
    {
      "heading": "Research question and scope",
      "content": "- Focus: Explain why South Africa’s export performance has been disappointing since the global financial crisis despite a substantial and prolonged exchange rate depreciation.\n- Approach: Construct a unique database of export performance at the firm level to analyze the role of structural factors in reducing the responsiveness of South African exports to the real exchange rate depreciation."
    },
    {
      "heading": "Key findings",
      "content": "- Exchange rate and export responsiveness:\n  - Despite a substantial and prolonged exchange rate depreciation, South Africa’s export performance has disappointed since the global financial crisis.\n  - Structural factors have reduced the responsiveness of firms’ exports to the rand depreciation.\n- Structural constraints identified:\n  - Electricity bottlenecks have reduced firms’ export responsiveness to the rand depreciation.\n  - Limited product market competition has reduced firms’ export responsiveness to the rand depreciation.\n  - Labor market constraints have reduced firms’ export responsiveness to the rand depreciation.\n- Diversification effects:\n  - A firm’s ability to diversify its exports has helped it benefit more from currency movements."
    },
    {
      "heading": "Methodology (as described)",
      "content": "- Data: Unique firm-level export performance database constructed by the authors.\n- Analysis: Empirical examination of how firm-level structural characteristics interact with real exchange rate depreciation to determine export responsiveness."
    },
    {
      "heading": "Policy implications (inferred from findings)",
      "content": "- Address electricity constraints to improve firms’ ability to respond to real exchange rate movements.\n- Enhance product market competition to increase export responsiveness to depreciation.\n- Reform labor market constraints that limit firms’ export supply responsiveness.\n- Support firm-level export diversification to help firms capture gains from currency movements."
    },
    {
      "heading": "Subject categories and keywords",
      "content": "- Subject: Commodities, Depreciation, Electricity, Export performance, Exports, Foreign exchange, International trade, National accounts, Real effective exchange rates\n- Keywords: Africa, current account, Depreciation, Electricity, export firm, export market concentration, Export performance, export sales, Exports, firm, firm size, panel data, production function, Real effective exchange rates, South Africa, structural bottlenecks, WP\n\nIMF Working Paper No. 2016/024 — Rahul Anand, Roberto Perrelli, Boyang Zhang (February 12, 2016).\n\n---\n\n Content in this bundle\n\n- Wp1624\n  - Wp1624 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Wp1624 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/south-africas-exports-performance-any-role-for-structural-factors-43704"
    }
  ],
  "bullets": [
    "[Markdown version](/en/publications/wp/issues/2016/12/31/south-africas-exports-performance-any-role-for-structural-factors-43704/index.md)",
    "[Structured JSON version](/en/publications/wp/issues/2016/12/31/south-africas-exports-performance-any-role-for-structural-factors-43704/index.json)",
    "[Bundle manifest](/en/publications/wp/issues/2016/12/31/south-africas-exports-performance-any-role-for-structural-factors-43704/bundle-manifest.json)",
    "Authors: Rahul Anand, Roberto Perrelli, Boyang Zhang",
    "Published: February 12, 2016",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781475594003.001",
    "Title: South Africa’s Exports Performance: Any Role for Structural Factors?",
    "Authors: Rahul Anand, Roberto Perrelli, Boyang Zhang",
    "Publication date: February 12, 2016",
    "Series: Working Paper No. 2016/024; Issue: 024; Volume: 2016",
    "Pages: 16",
    "DOI: https://doi.org/10.5089/9781475594003.001",
    "Stock No: WPIEA2016024",
    "ISBN: 9781475594003",
    "ISSN: 1018-5941",
    "Focus: Explain why South Africa’s export performance has been disappointing since the global financial crisis despite a substantial and prolonged exchange rate depreciation.",
    "Approach: Construct a unique database of export performance at the firm level to analyze the role of structural factors in reducing the responsiveness of South African exports to the real exchange rate depreciation.",
    "Exchange rate and export responsiveness:",
    "Structural constraints identified:",
    "Diversification effects:",
    "Data: Unique firm-level export performance database constructed by the authors.",
    "Analysis: Empirical examination of how firm-level structural characteristics interact with real exchange rate depreciation to determine export responsiveness.",
    "Address electricity constraints to improve firms’ ability to respond to real exchange rate movements.",
    "Enhance product market competition to increase export responsiveness to depreciation.",
    "Reform labor market constraints that limit firms’ export supply responsiveness.",
    "Support firm-level export diversification to help firms capture gains from currency movements.",
    "Subject: Commodities, Depreciation, Electricity, Export performance, Exports, Foreign exchange, International trade, National accounts, Real effective exchange rates",
    "Keywords: Africa, current account, Depreciation, Electricity, export firm, export market concentration, Export performance, export sales, Exports, firm, firm size, panel data, production function, Real effective exchange rates, South Africa, structural bottlenecks, WP",
    "**Wp1624**"
  ],
  "related": [
    {
      "title": "Wp1624",
      "role": "document",
      "sourceUrl": "https://www.imf.org/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/2016/_wp1624.pdf",
      "summary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/2016/_wp1624.pdf.md",
        "mime": "text/markdown"
      },
      "binary": {
        "path": "/-/media/websites/imf/imported-full-text-pdf/external/pubs/ft/wp/2016/_wp1624.pdf",
        "mime": "application/pdf"
      }
    }
  ],
  "alternates": {
    "markdown": "/en/publications/wp/issues/2016/12/31/south-africas-exports-performance-any-role-for-structural-factors-43704/index.md",
    "json": "/en/publications/wp/issues/2016/12/31/south-africas-exports-performance-any-role-for-structural-factors-43704/index.json",
    "bundleManifest": "/en/publications/wp/issues/2016/12/31/south-africas-exports-performance-any-role-for-structural-factors-43704/bundle-manifest.json"
  },
  "generatedAtUtc": "2026-09-18T05:36:06.097Z"
}