WT/TPR/S/447 • Eswatini  
 
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  ANNEX 2 : ESWATINI  
 WT/TPR/S/447 • Eswatini  
 
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  CONTENTS  
1   ECONOMIC ENVIRONMENT  ................................ ................................ ......................  117  
1.1   Main features of the economy  ................................ ................................ ....................  117 
1.2   Recent economic developments  ................................ ................................ ..................  119 
1.3   Trade performance and foreign direct investment  ................................ .........................  121 
1.3.1    Trade performance  ................................ ................................ ................................  121 
1.3.2    Foreign direct investment  ................................ ................................ .......................  123 
2   TRADE AND INVESTMENT REGIMES ................................ ................................ .........  125  
2.1   General framework  ................................ ................................ ................................ ... 125 
2.2   Trade policy formulation and objectives  ................................ ................................ ....... 125 
2.3   Trade agreements  ................................ ................................ ................................ .... 127 
2.3.1    WTO ................................ ................................ ................................ ....................  127 
2.3.2    Bilateral agreements  ................................ ................................ ..............................  129 
2.3.3    Regional agreements and arrangements  ................................ ................................ ... 129 
2.4   Investment fr amework  ................................ ................................ ..............................  129 
3   TRADE POLICIES AND PRACTICES BY MEASURE  ................................ ......................  132  
3.1   Measures directly affecting imports  ................................ ................................ .............  132 
3.1.1    Customs procedures and requirements  ................................ ................................ ..... 132 
3.1.2    Tariffs and other charges  ................................ ................................ ........................  133 
3.1.3    Value added tax and excise duties  ................................ ................................ ...........  134 
3.1.4    Import prohib itions, restrictions and licensing  ................................ ...........................  135 
3.1.5    Anti-dumping, countervailing, and safeguard measu res ................................ ..............  135 
3.2   Measures directly affecting exports  ................................ ................................ .............  135 
3.2.1    Export procedures and requirements  ................................ ................................ ........  135 
3.2.2    Export taxes, charges, and levies  ................................ ................................ .............  136 
3.2.3    Export prohibitions, restrictions, and licensing  ................................ ...........................  136 
3.2.4    Export support and promotion  ................................ ................................ .................  136 
3.2.5    Export finance, insurance, and guarantees  ................................ ................................  136 
3.3   Measures affecting production and trade  ................................ ................................ ..... 137 
3.3.1    Standards and technical regulations  ................................ ................................ .........  137 
3.3.2    Sanitary and phytosanitary requirements  ................................ ................................ .. 138 
3.3.3    Competi tion policy and price controls  ................................ ................................ ....... 139 
3.3.4    State trading, state -owned enterprises, and privatiza tion ................................ ...........  139 
3.3.5    Government procurement  ................................ ................................ .......................  140 
3.3.6    Intellectual property rights  ................................ ................................ ......................  140 
4   TRADE POLICIES BY SECTOR  ................................ ................................ ...................  143  
4.1   Agriculture, forestry, and fisheries  ................................ ................................ ..............  143 
4.1.1    Main features  ................................ ................................ ................................ ........  143 
4.1.2    Regulatory framework and policy instruments  ................................ ...........................  144 
4.1.3    Key subsectors  ................................ ................................ ................................ ...... 145 WT/TPR/S/447 • Eswatini  
 
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  4.1.3.1    Sugar  ................................ ................................ ................................ ................  145 
4.1.3.2    Livestock and dairy production  ................................ ................................ .............  145 
4.1.3.3    Maize  ................................ ................................ ................................ ................  146 
4.1.3.4    Other products  ................................ ................................ ................................ ... 147 
4.2   Mining and quarrying  ................................ ................................ ................................  147 
4.2.1    Policies  ................................ ................................ ................................ .................  148 
4.3   Energy  ................................ ................................ ................................ ....................  148 
4.4   Manufacturing  ................................ ................................ ................................ ..........  149 
4.5   Services  ................................ ................................ ................................ ..................  150 
4.5.1    Overview  ................................ ................................ ................................ ..............  150 
4.5.2    Financial servi ces ................................ ................................ ................................ ... 150 
4.5.3    Telecommunications and postal services  ................................ ................................ ... 151 
4.5.4    Transport  ................................ ................................ ................................ ..............  152 
5   APPENDIX TABLES  ................................ ................................ ................................ .. 154  
 
 
CHARTS  
 
Chart  1.1 Product composition of merchandise trade by main HS section, 2014 and 2021  .........  122 
Chart  1.2 Direction of merchandise trade, 2014 and 2021  ................................ .....................  123 
 
TABLES  
 
Table  1.1 Selected economic indicators, 2014 -22 ................................ ................................ . 117 
Table  1.2 Government revenue, 2014/15 -2022/23  ................................ ...............................  119 
Table  1.3 Balance of payments, 2014 -22 ................................ ................................ ............  120 
Table  1.4 FDI into Eswatini, 2016 -22 ................................ ................................ ..................  124 
Table  2.1 Trade -related laws enacted since 2015  ................................ ................................ . 127 
Table  2.2 Notifications by Eswatini, 2014 -June 2023 ................................ ............................  128 
Table  2.3 Eswatini investment incentives  ................................ ................................ ............  131 
Table  3.1 Import levies  on scheduled agricultural products  ................................ ....................  133 
Table  3.2 Import levies on milk and dairy products  ................................ ..............................  134 
Table  3.3 Membership of WIPO administered treaties, 2023  ................................ ..................  141 
Table  3.4 IPR applications and registrations, 2015 -22 ................................ ...........................  141 
Table  4.1 Agricultural production and exports, 2014/15 -2021/22  ................................ ...........  143 
Table  4.2 Sugar indicators, 2014/15 -2021/22  ................................ ................................ ...... 145 
Table  4.3 Livestock production, 2014/15 -2020/21  ................................ ................................  146 
Table  4.4 Maize indicators, 2014 -21 ................................ ................................ ...................  146 
Table  4.5 Citrus indicators, 2014 -21 ................................ ................................ ...................  147 
Table  4.6 Mining and quarrying indicators, 2014/15 -2021/22  ................................ ................  147 
Table  4.7 Electricity generation and consumption (GWh), 2014/15 -2021/22  ............................  148 WT/TPR/S/447 • Eswatini  
 
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  Table  4.8 Access to electricity, 2014 -20 ................................ ................................ ..............  149 
Table  4.9 Selected telecommunication indica tors, 2014 -21 ................................ ....................  151 
Table  4.10 Bilateral air services agreements, 2023  ................................ ...............................  153 
 
APPENDIX TABLES  
 
Table  A1.1 Imports by HS section/chapter/subheading, 2014 -22 ................................ ...........  154 
Table  A1.2 Merchandise exports by HS section/chapter/subheading, 2014 -22..........................  155 
Table  A1.3 Merchandise imports by origin, 2014 -22 ................................ .............................  156 
Table  A1.4 Merchandise exports by destination, 2014 -22 ................................ ......................  157 WT/TPR/S/ 447 • Eswatini  
 
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  1  ECONOMIC ENVIRONMENT  
1.1  Main features of the economy  
1.1.  Eswatini (formerly Swaziland) is a landlocked country bordered in the north, west , and south 
by South  Africa and by Mozambique in the east. It has an area of 17,364  square kilometres, making 
it the second -smallest state on the African mainland. Annual per capita GDP is some USD  4,100 
(Table  1.1). Eswatini is highly dependent on internat ional trade, with a trade/GDP ratio of over 90% 
in 2021.  
Table  1.1 Selected economic indicators, 2014 -22 
 2014  2015  2016  2017  2018  2019  2020  2021  2022  
GDP (current SZL  million)  48,001.2  51,791.4  56,132.2  58,688.9  61,768.2  64,964.7  65,588.5  70,122.6  73,012.0a 
GDP (current USD  million)  4,423.0  4,059.2  3,816.0  4,404.8  4,667.4  4,495.3  3,982.2  4,743.3  4,462.0a 
Real GDP growth  
(annual %)  0.9 2.2 1.1 2.0 2.4 2.7 -1.6 7.9 0.5a 
GDP per capita  
(current USD)  4,046.1  3,629.4  3,366.14  4,027.45  3,882.94  3,967.34  3,470.56  4,085.65  4,132.0  
Unemployment, total  
(% of total labour force)  28.1 28.1 23.0 23.0 23.0 23.0 23.0 33.3 33.3 
GDP by type of expenditure (% of GDP at current prices)  
Final consumption  88.1 85.9 86.0 88.3 89.0 85.6.  88.4 85.1 .. 
General government  19.1 21.2 24.1 24.5 23.1 21.7 22.7 19.3 .. 
Households  68.6 64.2 61.3 63.2 65.6 63.9 65.7 65.8 .. 
Non-profit institutions 
serving households 
(NPISHs)  0.5 0.5 0.5 0.6 0.6 0.5 0.5 0.6 .. 
Gross capital formation  12.5 12.1 12.6 12.5 13.5 13.3 11.8 14.3 .. 
Exports of goods and 
services  43.5 41.6 43.3 42.3 41.2 44.8 43.3 45.8 .. 
Imports of goods and 
services  44.1 39.6 41.8 43.1 45.2 42.2 40.5 46.7 .. 
GDP by economic activity (% of GDP at basic current prices)   
Agriculture, forestry, and 
fishing  9.9 10.0 9.5 9.0 9.1 9.1 8.1 8.1 .. 
Mining and quarrying  0.8 0.0 0.1 0.2 0.2 0.1 0.2 0.2 .. 
Manufacturing  32.7 33.8 33.1 31.8 31.1 31.9 26.5 26.7 .. 
Electricity, gas & water  1.5 1.1 0.9 1.1 1.2 1.7 1.7 1.9 .. 
Construction  2.9 3.2 3.4 3.1 3.1 2.9 2.3 2.9 .. 
Services  53.6 53.4 54.5 56.6 57.1 56.0 53.7 53.9 .. 
Wholesale and retail 
trade; repair of motor 
vehicles and 
motorcycles  16.2 14.8 15.3 15.1 15.6 15.1 14.3 14.4 .. 
Accommodation and 
food service activities  0.6 0.7 0.8 1.0 1.0 1.0 0.6 1.0 .. 
Transportation and 
storage  2.7 2.5 2.5 2.6 2.7 2.8 2.2 2.3 .. 
Information and 
communication  2.1 2.2 2.3 2.3 2.3 2.2 4.0 4.0 .. 
Financial and 
insurance activities  5.6 5.8 5.3 5.9 6.2 6.2 5.3 6.9 .. 
Real estate, renting 
and business activities  5.7 5.6 5.5 5.6 6.0 6.0 5.6 5.5 .. 
Professional, scientific, 
and technical activities  4.0 4.5 3.9 4.3 4.0 3.9 4.0 3.4 .. 
Public administration 
and defence; 
compulsory social 
security  6.9 7.2 8.3 8.6 8.5 8.3 10.1 8.0 .. 
Education  6.8 6.8 7.4 7.6 7.5 7.4 4.6 5.7 .. 
Human health and 
social work activities  2.3 2.3 2.5 2.8 2.6 2.3 2.3 2.5 .. 
Arts, entertainment, 
recreation and other 
service activities  0.8 0.8 0.7 0.8 0.8 0.7 0.1 0.1 .. 
Financial Intermediation 
Services Indirectly 
Measured (FISIM)  -1.4 -1.4 -1.5 -1.7 -1.9 -1.8 -1.5 -1.5 .. 
Money, interest rates and prices  
Broad money growth (%)  3.9 13.6 26.4 3.8 4.1 1.8 15.5 0.3 .. 
Interest rates (% p.a)          
  
Prime lending  8.8 9.3 10.5 10.8 10.3 10.0 7.3 7.3 .. 
Discount rate  5.3 5.8 7.0 7.3 6.8 6.5 3.8 3.8 .. 
Average inflation 
(%) 5.7 5.0 7.8 6.3 4.8 2.6 3.9 3.7 4.8a WT/TPR/S/ 447 • Eswatini  
 
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   2014  2015  2016  2017  2018  2019  2020  2021  2022  
Public finance (% of GDP)b  
Total revenue and grants  31.0 27.2 25.4 25.6 25.2 26.4 26.2 23.1 22.9 
Total expenditure and net 
lending  -32.2 -31.3 -32.1 -33.0 -31.6 -32.1 -30.9 -28.9 27.4 
Overall surplus/deficit  -1.2 -4.1 -6.8 -7.4 -6.4 -5.7 -4.7 -5.8 -4.5 
Total public debt 
(SZL billion, end of year)  .. .. .. 12.8 16.2 21.5 25.4 28.3 31.8 
Domestic debt 
(SZL billion, end of 
year)  .. .. .. 7.3 9.3 13.7 15.6 16.9 17.4 
External debt 
(SZL billion, end of 
year)  3.6 4.4 4.9 5.5 6.9 7.8 9.8 11.4 14.4 
External sector   
Current account/GDP  1.1 1.0 0.5 0.5 0.1 0.3 0.4 0.2 .. 
Gross official foreign 
reserves (USD  million, end 
of period)  684 546 564 563 440 437 546 593 .. 
In months of imports of 
goods and services  3.6 3.8 3.6 3.5 2.8 2.6 3.5 3.5 .. 
Remittances – net 
(USD  million)  78.3 76.4 79.6 124.9  101.5  91.8 88.1 91.6 .. 
Inflow  95.8 95.8 98.4 144.4  125.7  118.7  112.5  132.2  .. 
Outflow  17.5 19.3 18.8 19.5 24.2 26.9 24.4 40.6 .. 
FDI (USD  million)   
FDI flow in Eswatini  25.5 41.3 21.4 -56.0 36.5 130.2  40.9 125.9  .. 
FDI flow abroad  0.5 -0.9 -7.1 65.5 -10.5 22.2 -14.3 58.9 .. 
FDI stock in Eswatini  616.4  520.9  847.6  925.0  812.7  975.4  1,200.4  1,102.7  .. 
FDI stock abroad  24.7 18.1 73.4 122.1  126.2  168.3  146.4  172.4  .. 
.. Not available.  
a Estimate figures from IMF World Economic Outlook , April 2023. 
b Fiscal year: April -March.  
Source:  Central Bank of Eswatini  (CBE) , Quarterly Review Reports , various editions, 2018 -22; World Bank, 
Databank. Viewed  at: https://databank.worldbank.org/home ; African Development Bank (2021), 
African Statistical Yearbook ; UNCTAD Stat. Viewed  at: https://unctadstat.unctad.org/EN /; and IMF 
data. Viewed  at: https://data.imf.org/ . 
1.2.  Southern African Customs Union (SACU)  membership is a key determinant of Eswatini's 
economy, with SACU r evenues representing more than 30% of government revenue. Eswatini is also 
a member of the Common Monetary Area (CMA), with Lesotho, Namibia, and South  Africa 
(Main Report, Section  1). Under the CMA, the Eswatini lilangeni is pegged to the South  African ra nd, 
which is also legal tender in the country.  
1.3.  Eswatini's economy is closely integrated with South  Africa 's through various channels. First, 
Eswatini has close trade links with South  Africa: 67% of Eswatini's exports went to South  Africa and 
73% of imports  were from South  Africa in 2019. Second, Eswatini imports 60% of its electricity from 
South  Africa. Third, Eswatini receives nearly 94% of its total remittances  from South Africa . Fourth, 
the top three largest of the four commercial banks in Eswatini, whic h have a combined market share 
of 78% and cross -investment in the financial sector, are South  African banks. Fifth, as mentioned 
above, Eswatini's currency is pegged to the South  African rand. As a result, Eswatini's economic 
cycles are closely linked with South  Africa's economy, and weak growth in Sout h Africa in recent 
years has lowered export earnings, remittances, and fiscal revenues, while problems in 
South  Africa's electricity sector have increased inflationary pressures.  
1.4.  Unemployment, inequality, and poverty are very high.1 The 2021 Labour Force Survey puts 
the unemployment rate at 33.3%, the highest in over a decade.2 An estimated 32% of the population 
lived below the USD  2.15 per day (2017 PPP) international poverty line in 2022, while 55% of the 
population was under the lower -middle -income cou ntry poverty line (USD  3.65 per day, 2017 PPP). 
Over 90% of the poor population live in rural areas and predominantly relies on subsistence 
 
1 World Bank , The World Bank in Eswatini . Viewed  at: 
https://www.worldbank.org/en/country/eswatini/overview#:~:text=Development%20challenges,highest%20in
%20over%20a%20deca de.  
2 Ministry of Labour and Social Security: 2021 Integrated Labour Force Survey . WT/TPR/S/ 447 • Eswatini  
 
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  agriculture for livelihood.3 The consumption per capita Gini index shows a high degree of inequality. 
Depending on the season and the year, between 16% and 30% of the population experience high 
levels of food insecurity. Labour force participation is low , at around 52%.  
1.5.  Eswatini has the world's highest HIV prevalence rate among adults aged 15 to 49. More than 
one quart er of the adult population is infected by HIV/AIDS, which is both a financial strain and 
source of economic instability.  
1.6.  The Government remains highly dependent on customs duties from SACU, although its share 
in total fiscal revenue declined during the rev iew period (Table  1.2, and Main Report, Chart  1.3). 
Government transfers (largely to state enterprises, of which several incur heavy losses) make up a 
large share of total fiscal expenditure. At the same time, the social safety net is fragmented and 
fails to protect the most vulnerable.  
Table  1.2 Government revenue, 2014/15 -2022/23  
(SZL million)  
 2014/15  2015/16  2016/17  2017/18  2018/19  2019/20  2020/21  2021/22a 2022/23b 
Total 
revenue and 
grants  14,731  14,462  14,510  15,395  15,956  17,884  19,463  18,379  19,359  
Taxes on net 
income and 
profit  3,551  3,825  4,765  3,494  5,256  5,679  5,592  6,147  6,956  
Taxes on 
property  33 30 46 42 49 37 30 22 24 
Non-tax 
revenue  291 450 674 537 511 903 443 363 392 
Grants  778 329 500 536 455 552 553 411 673 
Taxes on 
goods and 
services  10,078  9,828  8,525  10,786  9,684  10,714  12,846  11,436  11,314  
Customs 
Union 
receipts  7,500  6,939  5,264  7,127  5,853  6,325  8,358  6,388  5,832  
VAT  1,895  2,107  2,407  2,520  2,650  2,964  2,996  3,526  3,831  
Fuel Tax  573 667 732 1,005  1,050  1,208  1,261  1,304  1,409  
Other  109 115 121 134 131 217 230 218 243 
a Preliminary outturn.  
b Budget.  
Note:  Customs Union receipts refer to proceeds from the Customs Union.  
Source:  CBE, Quarterly Review Reports.  
1.7.  Services are the backbone of Eswatini's economy in terms of value -added. In 2021 , they 
contributed 54% to GDP (Table  1.1). The largest services subsectors are wholesale and retail trade , 
public administration , and financial servic es. Manufacturing remains important, with a contribution 
to GDP of some 27%, down from 34% in 2015. Agriculture contributes about 8% to GDP, following 
a long -term relative decrease in economic importance.  
1.2  Recent economic developments  
1.8.  The Eswatini economy has weathered the pandemic and more recent shocks comparatively 
well. Nevertheless, Eswatini has experienced several macroeconomic imbalances and challenges 
since its last Review. In 2015/16, El Nino -induced drought severely impacted agriculture as  well as 
sanitation and energy. The COVID -19 pandemic negatively impacted growth in 2020. Although the 
economy strongly recovered in 2021, violent civil unrest destroyed infrastructure and negatively 
affected growth.  
1.9.  Civil unrest has emerged as a significa nt new challenge in recent years. Large -scale 
demonstrations calling for political reform occurred in 2021, leading to loss of life, closure of schools, 
 
3 World Bank  (2020 ), The Kingdom of Eswatini Toward Equal Opportunity: Accelerating Inclusion and 
Poverty Reduction . Viewed  at: https://openknowledge.worldbank.org/server/api/core/bitstreams/1836ef1a -
154f-5593-b339-b54194126062/content . WT/TPR/S/ 447 • Eswatini  
 
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  and deployment of the army. Unrest also reflects discontent with high poverty, inequality, and a lack 
of opportunities. Tensions persisted in 2022 and 2023.  
1.10.   In addition to weak growth rates, high and persistent fiscal deficits, averaging above 5% of 
GDP over the period 2016/17 -2021/22, remain a major concern. As a result, public debt as a share 
of GDP  has tripled over the past decade and is projected to reach a new high of 42.3% of GDP in 
FY2022/23. Hence, Eswatini's overall risk of sovereign distress is assessed to be high.4 
1.11.   Against this background, the Government has embarked on a macroeconomic refo rm agenda 
that focuses on the restoration of macroeconomic stability, fiscal sustainability , and improving the 
investment climate for private -sector development. The reforms entail a three -year fiscal 
consolidation programme (2020/21 -2022/23) that includes  clearing domestic arrears, widening the 
domestic revenue base, improving expenditure efficiency, reducing the public wage bill, and 
reforming state -owned enterprises.  
1.12.   During the review period, the Central Bank of Eswatini (CBE) has maintained its policy r ate 
broadly in line with the South  African Reserve Bank (SARB), consistent with the peg of the lilangeni 
to the South  African rand. Mainly because of the weakness of South  Africa's economy, the lilangeni 
has continued to depreciate against the US dollar si nce 2015, with a particularly strong depreciation 
of 11% in 2022. Despite the depreciation of the lilangeni, external balances have deteriorated over 
the past years; foreign exchange reserves of the CBE fell by 21% to USD  466 million at 
end-December  2022, equivalent to about 2.5 months of import coverage.  
1.13.   Eswatini's current account posted a surplus during most of the review period; in 2022 , the 
current account posted a deficit for the first time since 2011 (Table  1.3). The 2022 deficit was mainly 
caused by a shrinking merchandise trade surplus and a widening services account deficit. While the 
balance of trade in goods was in surplus during the entire review period, the balance of trade in 
services has traditionally posted a deficit.  
Table  1.3 Balance of payments, 2014 -22 
(USD million)  
 2014  2015  2016  2017  2018  2019  2020  2021  2022  
Current account  512.1  533.3  297.4  272.8  60.7 176.1  270.9  124.5  -117.2  
Goods  165.4  176.9  186.7  185.7  20.2 257.7  240.8  124.0  68.4 
Credit  1,849.8  1,668.7  1,635.7  1,793.0  1,828.3  1,981.0  1,739.3  2,059.9  2,033.8  
Debit 1,684.4  1,491.8  1,449.0  1,607.3  1,808.1  1,723.3  1,498.5  1,935.8  1,965.4  
Services  -208.1  -123.6  -141.8  -218.6  -187.8  -133.8  -119.2  -165.7  -245.5  
Credit  88.3 74.9 59.3 122.0  71.1 66.5 68.5 72.0 64.7 
Debit 296.4  198.6  201.1  340.5  258.8  200.3  187.7  237.7  310.3  
Primary 
income  -185.2  -148.2  -207.7  -295.6  -315.9  -451.0  -403.6  -379.7  -388.1  
Credit  202.4  255.5  133.4  183.4  144.7  124.3  103.2  111.6  135.8  
Debit 387.6  403.6  341.2  479.0  460.5  575.3  506.9  491.2  523.9  
Secondary 
income  740.0  628.2  460.2  601.3  544.2  503.3  553.0  545.8  448.0  
Credit  798.5  669.6  493.0  639.1  581.0  532.9  592.8  587.5  500.5  
Debit 58.5 41.4 32.7 37.9 36.9 29.7 39.9 41.7 52.5 
Capital account  -0.3 -1.9 0.4 6.5 -2.4 7.8 2.1 -4.1 -3.4 
Financial account  221.0  178.9  22.8 317.9  2.0 126.3  113.8  169.1  -125.0  
Direct 
investment  -25.3 -32.7 -34.2 121.5  -39.2 -107.1  -51.1 -54.3 -33.8 
Portfolio 
investment  76.5 98.1 -11.8 82.1 -89.0 86.3 42.8 392.2  -22.5 
Financial 
derivatives  27.5 28.0 14.8 13.4 7.3 0.7 0.2 1.0 0.1 
Other 
investment  166.0  109.2  79.3 156.0  182.8  159.8  29.1 -184.4  -9.6 
Reserve 
assets  -23.7 -23.7 -25.3 -55.1 -59.9 -13.3 92.8 14.6 -59.3 
 
4 IMF (2023) , Kingdom of Eswatini: Staff Report for the 2023 Article  IV Consultation , IMF Country 
Report No.  23/160. Viewed  at: https://www.imf.org/en/Publications/CR/Issues/2023/05/05/Kingdom -of-
Eswatini -2023-Article -IV-Consultation -Press -Release -Staff-Report -and-Statement -533091 . WT/TPR/S/ 447 • Eswatini  
 
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   2014  2015  2016  2017  2018  2019  2020  2021  2022  
Net errors and 
omissions  -290.8  -352.5  -275.0  38.6 -56.4 -57.6 -159.2  48.7 -4.4 
Source:  IMF, IMF Data, Balance of Payments. Viewed  at: https://data.imf.org/ . 
1.14.   The near -term outlook for Eswatini's economy projects continued recovery and a surge in 
SACU revenue transfers .5 Real GDP growth is projected at 3.2% in 2023. Inflation is expected to 
stabilize at around 5%. This should  allow the overall FY23/24 fiscal deficit to narrow to 0.3% of GDP 
despite an expansionary fiscal policy. Public debt is projected to decline to some 41% of GDP.  
1.15.   Downside risks for sustained growth include (i)  a high potential for further civil unrest; 
(ii) weaker growth in South  Africa due to ongoing difficulties with power generation; (iii)  new global 
shocks to food, fuel, and fertilizer prices; (iv)  a potential failure to implement domestic 
macro -structural reforms; and (v)  climate -related shocks.  
1.3  Trade performance and foreign direct investment  
1.3.1   Trade performance  
1.16.   Eswatini's total merchandise exports stood at just below USD  2.1 billion in 2021, slightly 
above their 2014 value (Table  A1.1 and Chart  1.1). Chemicals and products thereof, predominantly 
sugar -based, remain the most important category of exported goods, making up nearly 45% of 
exports in 2021 (Table  A1.2). Prepared food products and beverages (mostly sugars and sugar 
concentrates, sugar confectionery, and soft drinks) account for around 30% of Esw atini's 
merchandise exports, while textiles ma ke up between 10% and 13%. Around 6% of exports are 
made up of wood and wood products. According to the World Bank,  exports are concentrated in a 
few large firms ; the top 1% of exporting firms account for 76% of exports.6 
1.17.   Merchandise imports increased during the review period, from some USD  1.7 billion in 2014 
to over USD  2.1 billion in 2021. The most important categories of imported goods are mineral 
products (mo stly fuels), which make up some 19% of all imports, and chemicals , which account for 
about 14% of imports (Table  A1.1 and Chart  1.1). Machinery, textiles, food preparations, plastic 
products, base metals, and vegetables follow in importance.  
1.18.   In terms of ge ographic composition of exports, South  Africa remains by far the most 
important destination, absorbing between 65% and 70% of Eswatini's merchandise exports 
(Table  A1.4 and Chart  1.2). Between 2% and 3% of exports go to other SACU  members. Other 
important markets for Eswatini's exports are also on the African continent and include Kenya, 
Nigeria, Mozambique, and Zimbabwe. The share of Europe in Eswatini's goods exports declined 
during the review period, from nearly 14% in 2014 to less than 6% in 2021. Less than 1% of exports 
go to Asia and the Americas  each. 
1.19.   Trade with South  Africa also dominates on the import side , although the share of 
South  African imports fell from 85% in 2014 to 72% in 2021 (Table  A1.3 and Chart  1.2). Only about 
0.5% of imports are sour ced from other SACU  members, mostly Lesotho. About 16% of imports 
originate in Asia, up from 9% in 2014. Europe is the source of about 5% of Eswatini's imports, while 
about 2% of imports originate in the Americas and the Middle East  each.  
 
5 IMF Country Report No.  23/160 . 
6 World Bank (2022): Creating Markets in Eswatini: Strengthening the Private Sector to Grow Export 
Markets and Create Jobs , p. 12. Viewed  at: https://www.ifc.org/content/dam/ifc/doc/mgrt/cpsd -eswatini.pdf . WT/TPR/S/ 447 • Eswatini  
 
- 122 - 
 
  Chart  1.1 Product composition of merchandise trade by main HS section, 2014 and 2021  
 
Source:  WTO Secretariat calculations, based on UN Comtrade database.  
Chart 1.[SWZ]  Product composition of merchandise trade by main HS section, 2014 and 2021
2014 2021
Wood, cork, 
straw 
6.9%Textiles and textile 
articles 
12.7%Prepared 
food, 
beverages 
and tobacco 
29.6% 
(cane and 
beet sugar 
= 19.5%)
Chemicals 44.7%
Total:   USD 2,011.2 million Total:  USD 2,068.5 million  
Base metals 
& articles 
thereof
5.7%Live animals 
and products
3.1% Vegetable 
products
5.8%Live animals 
and products
2.2%Vegetable 
products
7.1%
Base metals &
articles thereof
5.7% 
Total:   USD 1,730.3 million Total:   USD 2,122.9 million Other
6.1%
Source:  WTO Secretariat calculations, based on UN Comtrade database.Other 
12.7%Other
13.0%
Transport 
equipment
5.4%Prepared food, 
beverages and 
tobacco 
28.2% 
(cane and beet 
sugar = 
21.5%)Other
9.6%
Chemicals 
13.8%Transport 
equipment
9.9%Chemicals 47.8%
Prepared food, 
beverages & 
tobacco  
9.0%
Machinery;
electrical 
equipment
10.5% Machinery; 
electrical 
equipment
10.3% 
Plastics & 
rubber
5.3% Plastics & 
rubber 5.3% Mineral products
18.0% 
(fuels = 16.6%)Mineral products
18.9% 
(fuels = 17.1%)
Textiles & 
textile
articles 8.2%Prepared food, 
beverages & 
tobacco  
8.2%Exports (f.o.b.)
Imports (c.i.f.)
Textiles & 
textile articles 
9.3%Chemicals 
12.6%Wood, cork, 
straw 
3.4%Textiles and textile 
articles 
11.1%WT/TPR/S/ 447 • Eswatini  
 
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  Chart  1.2 Direction o f merchandise trade, 2014 and 2021  
 
Source:  WTO Secretariat calculations, based on UN Comtrade database.  
1.3.2   Foreign direct investment  
1.20.   Eswatini's inward FDI stock increased from some USD  600 million in 2014 to over 
USD 1.0 billion in 2022 (Table  1.4). Sectors  that attracted sizeable FDI include agri -business 
(sugarcane, beef, and forestry value chains) and light manufacturing (textile s and apparel). With a 
share of over 40% each, South  Africa and the United  States are the source of most FDI into Eswatini.  
The authorities indicate that during the past years , FDI into Eswatini was driven by the expansion 
of existing companies rather than by new market entrants.  
EU-2711.8%
South Africa 58.8%Kenya 3.2%Nigeria 4.5%Mozambique
3.5%Other Africa 11.4%Other 6.8%Chart 1.[SWZ]  Direction of merchandise trade, 2014 and 2021
2014 2021
Exports (f.o.b.)
EU-273.2%
South Africa 67.9%Kenya
5.6%Nigeria
3.9%Mozambique
3.4%Other Africa
12.1%Other
3.9%
Total:  USD 2,011.2 million Total:  USD 2,068.5 million
EU-271.6%
South Africa 85.1%Other Africa
2.0%China 3.9%India 1.5%Other 5.9%Imports (c.i.f.)
EU-27
3.9%
South Africa 72.4%Other 
Africa
3.2%China 9.7%India 2.7%Other
8.1%
Total:  USD 1,730.3 million Total:  USD 2,122.9 million
Source :  WTO Secretariat calculations, based on UN Comtrade database.WT/TPR/S/ 447 • Eswatini  
 
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  Table  1.4 FDI into Eswatini, 2016 -22 
(USD million)  
FDI stock  2016  2017  2018  2019  2020  2021  2022  
Agriculture, forestry and fishing  11.2 29.1 27.2 27.3 24.1 24.1 20.3 
Mining and quarrying  16.9 20.2 0.4 1.4 0.6 0.6 .. 
Manufacturing  544.5  511.6  487.5  576.8  517.9  .. 620.6  
Electricity, gas and air conditioning supply  8.9 13.7 17.6 21.6 19.6 21.7 17.9 
Construction  .. .. .. .. .. .. .. 
Wholesale & retail trade; repair of motor 
vehicles and motorcycles services  44.5 55.3 54.9 62.2 53.0 69.9 51.8 
Transportation and storage  2.1 2.4 4.5 5.1 2.9 20.2 17.1 
Accommodation and food service 
activities  1.2 1.4 1.2 0.8 0.2 0.2 0.2 
Information and communication  21.4 25.0 28.3 33.1 18.2 23.6 21.5 
Finance and insurance activities  150.0  195.1  198.5  222.5  215.3  295.0  251.3  
Administrative and support service 
activities  1.6 2.3 3.1 1.2 2.2 1.8 1.2 
Total  802.2  856.3  822.2  952.1  852.7  1,126.3  1,002.1  
.. Not available.  
Source:  Information provided by the authorities . 
1.21.   Eswatini's outward FDI is less significan t than inward FDI  and reached about USD  170 million 
in 2021.  
 WT/TPR/S/ 447 • Eswatini  
 
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  2  TRADE AND INVESTMENT REGIMES  
2.1  General framework  
2.1.  Eswatini is an absolute monarchy whose Head of State is the King. The King holds supreme 
executive, legislative, and judicial powers. Both the country's political and legal systems feature a 
simultaneous presence of traditional institutions and methods of modern governance and 
Roman-Dutch Common Law. The Constitution Act No.  001/2005, which came into force on 
26 July 2005, is the supreme law. Political parties are not allowed, whereas freedom of association 
is protected. The Constitution provides for three organs or arms of govern ment: the Executive, a 
bicameral Legislature, and the Judiciary.  
2.2.  The primary function of the Executive arm of government is to execute the decisions of the 
judiciary and to implement the laws made by the Legislature. Furthermore, it is the Executive's role  
to defend the Constitution. The King may exercise executive authority either directly or through the 
Cabinet or a Minister with the recommendation of the King's Advisory Council (Liqoqo). The Cabinet 
is made up of the Prime Minister, the Deputy Prime Mini ster, and 18 Ministers. At least half of the 
Ministers are appointed among the elected members of the House of Assembly. In his capacity as 
the Head of State, the King has authority to sign and assent to bills, summon and dissolve 
Parliament, reprieve or c ommute sentences, declare a state of emergency, and order a referendum.  
2.3.  The Parliament is a bicameral chamber7 consisting of the Senate (Upper Chamber) and the 
House of Assembly (Lower Chamber). With the help from the King's  Advisory Council, the King 
appoints 20  of the 30  members of the Senate and 10  of the 65  representatives to the House of 
Assembly. Other members and representatives are elected through a non -party traditional system 
called Tinkhundla. The power of the King and Parliament to make laws  is exercised through bills. A 
bill may be introduced into either chamber for debate or passed into law before it proceed s to the 
Senate for enactment.  
2.4.  Eswatini's legal system consists of Roman -Dutch law and customary Swazi law. The judic ial 
branch is comp osed of the Supreme Court, High Courts , and Magistrate Courts , as well as specialized 
courts such as Swazi National or Customary Courts. The judges of the superior courts (Supreme and 
High Courts) are appointed by the King on the advice of the Judicial Ser vice Commission. By contrast, 
officers of the Swazi National Courts , which administer Swazi law , are appointed directly by the King.  
2.5.  International agreements need to be approved by Cabinet and ratified by both chambers of 
Parliament. International agreemen ts can be invoked before domestic courts when they have been 
domesticated, i.e. if there is a related implementation legislation.  
2.2  Trade policy formulation and objectives  
2.6.  For Eswatini, trade is a means to achieve economic growth, economic and export 
diversi fication, and equitable prosperity. The Eswatini Government Strategic Road Map , 2019-23 
seeks to use trade policy to (i)  secure key interests in trade negotiations; (ii)  increase exports' 
contribution to GDP through diversification and value addition; (iii)  improve trade facilitation ; 
(iv) strengthen relationships with current export markets; and (v)  expand to new markets and take 
full advantage of their preferences.  
2.7.  Eswatini's trade policy is mainly formulated within the framework of S ACU, of which it is a 
member. Eswatini also participates in the Common Monetary Area (CMA) (Main  Report, Section  1.2). 
Its economy is closely linked to South  Africa 's, its main trading and investment partner.  
2.8.  The Ministry of Commerce, Industry and Trade (MCIT) is  the main government agency 
responsible for trade and industrial policies. Regarding trade, its mission is to formulate policies and 
promulgate the laws and regulations that ensure fair  trading and a competitive environment. The 
International Trade Departm ent (ITD) of the MCIT is responsible for trade negotiations and export 
promotion. Other government bodies involved in different aspects of trade policy formulation and 
implementation include the Ministries of Agriculture; Finance; Economic Planning and Dev elopment; 
Foreign Affairs; and Tourism and Environmental Affairs; as well as the Eswatini Revenue Service; 
 
7 Constitution , Section  94(1).  WT/TPR/S/ 447 • Eswatini  
 
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  the Central Bank  of Eswatini (CBE);  and a number of public enterprises including the National 
Agricultural Marketing Board, the Dairy Board , and the National Maize Corporation.  
2.9.  The main private -sector umbrella organization is Business Eswatini (formerly the Federation of 
Swaziland Employers and Chamber of Commerce). Through Business Eswatini , the private sector is 
represented in a number of national wo rking committees, including the National Trade Negotiations 
Team (NTNT). Among other organizations representing the private sector are the Chamber of 
Commerce and the Federation of the Swazi Business Community. The Eswatini Trade Consultative 
Forum provide s a platform where Eswatini's national interests, negotiating positions , and trade 
negotiating strategies are deliberated. However, the authorities indicate that the Forum has not been 
active in recent years.  
2.10.   Eswatini does not have a comprehensive foreign trade policy document; rather , trade -related 
policy objectives are scattered among various documents. The National Development 
Strategy  (NDS) 2023/24 –2027/28 recognizes the role of trade and investment towards the 
achievement of long -term national developm ent goals, and identifies strategies such as improving 
the business environment, investment promotion , and economic diversification for the achievement 
of these goals.8 In the area of trade, the NDS recommends the formulation of import and export 
policies  for agro -based and agricultural products that ensure a safe balance between domestic supply 
and demand, and the development of export opportunities, particularly in the Southern African 
region. A National Export Strategy (NES), formulated in 2007, set spe cific objectives to improve 
export performance, but was never implemented.  
2.11.   The MCIT is currently reviewing the Industrial and Development Policy  2015-22. The 
document sets out a number of trade policy objectives, including to increase the contribution of 
exports to GDP by harnessing comparative advantage in priority sectors; expand and diversify the 
export base through enhanced value  addition in non -traditional sectors; strengthen relationships 
with existing export markets to take full advantage of trade pr eferences; explore new markets in 
the context of ongoing regional integration initiatives (i.e.  Common Market for Eastern and Southern 
Africa (COMESA)/East African Community (EAC)/Southern Africa Development Community (SADC) 
Tripartite FTA, African Contine ntal Free Trade Area ( AfCFTA), and SACU); secure Eswatini's interests 
in trade negotiations; promote exports through branding and improved product quality; improve 
trade facilitation; play an effective role in SACU trade and tariff policy processes; and in troduce 
technological innovation to enhance export competitiveness.  
2.12.   A National Trade Facilitation Committee (NTFC)  was established in  2013, reconfigured 
in 2018, and approved by the Cabinet and gazetted in  2019. The NTFC is mandated to facilitate both 
dome stic coordination and implementation of provisions of the WTO Agreement on Trade 
Facilitation  (TFA) and any other trade facilitation initiatives. It is accountable to Cabinet under the 
direction of the Cabinet's Subcommittee on Investment.  
2.13.   The Government h as continued its efforts to improve the trade and investment environment 
in the form of new or updated legislation in several sectors. Between 2007 and 2015, reforms 
focused on electricity, taxation/customs, sanitary measures and food safety, government 
procurement, competition policy, telecommunications, financial services, and air transport9. 
Since  2015, reforms have sought to strengthen public finance management ; stimulate the local 
economy and sectoral activity ; improve financial services, communicatio n, and digital services ; 
guarantee a higher level of security (physical and food) ; and better protect intellectual property.  
2.14.   The Swaziland Customs and Excise Act of 1971, the Trading License Order of 1975, the Import 
Control Order of 1976, and the National  Agricultural Marketing Board Act of 1985 remain Eswatini's 
main trade -related legislation. Several new pieces of legislation entered into force during the period 
under review (Table  2.1). 
 
8 The NDS  2023/24 -2027/28 re placed a previous National Development Strategy with a 25 -year time 
horizon (1998 -2022).  
9 WTO document WT/TPR/S/324/Rev.1, 5  February  2016, Annex  5, Table  2.1. WT/TPR/S/ 447 • Eswatini  
 
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  Table  2.1 Trade -related laws enacted since 2015  
Area Name of legislation and date  
Consumer affairs  Consumer Credit Act, 2016  
Public finance  Public Finance Management Act, 2017  
Financial services  Money Laundering Amendment Act, 2016 
Investment  Special Economic Zones Act, 2018  
Communication  Electronic Communication and Transactions Act, 2022  
Energy  Petroleum Act, 2020  
SPS measures and food safety  Pesticides Management Act, 2017; Plant Health Protection Act, 2020  
Intellectual property  Patents Act, 2018; Copyright Act, 2018  
Source:  WTO Secretariat, based on information provided by the authorities . 
2.3  Trade agreements  
2.3.1   WTO  
2.15.   Eswatini is an original Member of the WTO. It has a permanent mission in Geneva.  
2.16.   Eswatini provides at least MFN treatment to all of its trading partners.  
2.17.   At the 12th Ministerial Conference (MC12) in Geneva, Eswatini called upon Members to provide 
practical and forward -looking solutions not only to issues related to the TRIPS  Agreement, but also 
to fisheries subsidies, dispute settlement , and WTO reform. According to Eswatini's statement at 
MC12, " The WTO reform should foster greater coherence between trade and development " and the 
integration of developing countries in GVCs should be a priority of these reforms.10 Since  2014, 
Eswatini has greatly  increased its notification activities. In total, it submitted about 30 notifications, 
in the areas of technical barriers to trade, regional trade agreements, trade facilitation, sanitary and 
phytosanitary measures, and rules of origin (Table  2.2). As at 30 June 2023, Eswatini had 
outstanding notification obligations on state -trading enterprises, agriculture (domestic support, 
export subsidies), GATS enquiry point, contingency meas ures, pre -shipment inspection, quantitative 
restrictions, and trade -related investment measures.  
2.18.   Eswatini has never been directly involved as a party to a WTO dispute. It was third party in 
three related cases brought by Australia (2002), Brazil (2002) , and Thailand (2003), against export 
subsidies on sugar provided by the European  Communities.11 
2.19.   Eswatini has continued to receive trade -related technical assistance (TA) from the WTO, other 
international organizations, and donor partners. A large part of this  assistance has come from the 
WTO, where Eswatini has benefited from TA programmes in areas such as agriculture, NAMA, TRIPS, 
trade facilitation, TBT, SPS, trade negotiations skills , and trade in services.  
 
10 WTO document WT/MIN(22)/ST/46, 12  June 2022, p. 2.  
11 EC – Export Subsidies on Sugar (Australia)  (DS265); EC – Export Subsidies on Sugar 
(Brazil)  (DS266); and EC – Export Subsidies on Sugar (Thailand)  (DS283).  WT/TPR/S/ 447 • Eswatini  
 
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  Table  2.2 Notifications by Eswatini, 2014 -June  2023 
Notifications  Date of 
circulation  Notification symbol  
Technical Barriers to Trade  
Energy losses for liquid immersed distribution 
transformers  28 June 2022 G/TBT/N/SWZ/12  
Textile and leather technology  28 June 2022 G/TBT/N/SWZ/11  
Construction materials and building: Concrete roofing tiles  28 June 2022 G/TBT/N/SWZ/10  
Waste regulations  18 November  2019 G/TBT/N/SWZ/9  
Ozone Depleting Substance Regulations  18 November  2019 G/TBT/N/SWZ/8  
Local Authority Road Traffic Regulations: Registration of 
motor vehicle, drivers, and dangerous goods  18 November  2019 G/TBT/N/SWZ/7  
Dairy Regulations  14 November  2019 G/TBT/N/SWZ/6  
Electronic Communications Regulations (Licensing)  14 November  2019 G/TBT/N/SWZ/5  
Electronic Communications Regulations (Radio 
Communications and Frequency Spectrum)  14 November  2019 G/TBT/N/SWZ/4  
Procedures for the certification of electronic 
communications equipment and labelling in conformity 
with applicable radio frequency standards  14 November  2019 G/TBT/N/SWZ/3  
Electronic Communications Regulations (Importation, 
Type Approval and Distribution of Communications 
Equipment)  14 November  2019 G/TBT/N/SWZ/2  
Article  XXIV:7(a) of GATT  1994  
Agreement between SACU members and the 
United  Kingdom  21 January  2021 WT/REG443/N/1  
Agreement between SADC EPA states (Botswana, 
Eswatini , Lesotho, Mozambique, Namibia, and 
South  Africa) and the E uropean  Union 12 February  2018 
4 April 2017 WT/REG381/N/1/Add.1  
WT/REG381/N/1  
Paragraph 4(a) of the Enabling Clause (Trade and Development)  
Agreement between MERCOSUR and SACU members  1 November  2019 WT/COMTD/RTA11/N/1  
Agreement between MERCOSUR and SACU members  20 July 2017 WT/COMTD/N/55  
Sanitary and Phytosanitary Measures  
Public Health (Food Hygiene) Regulations  6 December  2019 G/SPS/N/SWZ/8  
Dairy Regulations, 2019  6 December  2019 G/SPS/N/SWZ/7  
Animal Disease Regulations (Prohibition use of anabolic 
hormones, thyrostatic substances and growth promoters)  6 December  2019 G/SPS/N/SWZ/6  
The Veterinary Public Health Act, 2013  6 December  2019 G/SPS/N/SWZ/5  
Animal Disease Act Regulations, 2012 (Regulation and 
Control of Veterinary Drugs and Medicinal Substances)  6 December  2019 G/SPS/N/SWZ/4  
Pesticide Management Act 2017  13 November  2019 G/SPS/N/SWZ/3  
Trade Facilitation  
Arrangements and progress in the provision of technical 
assistance and capacity -building support of category C 
designations  12 May 2021 G/TFA/N/SWZ/5  
New procedures, rules and tariffs for importation, 
exportation, and transit  31 March  2021 G/TFA/N/SWZ/4  
Technical assistance and support for capacity -building  17 March  2020 G/TFA/N/SWZ/3  
Goods declaration (Article  10.6.2 of TFA)  23 May 2019 G/TFA/N/SWZ/2  
Shifting between categories in the notification dated 
12 March  2018 (G/TFA/N/SWZ/1/Add.1/Rev.1)  16 September  2019 G/TFA/N/SWZ/1/Add.2  
Replacement of the document dated 23  February  2018 
(GTFA/N/SWZ/1/Add.1)  12 March  2018 G/TFA/N/SWZ/1/Add.1/
Rev.1  
Category commitments under the Agreement on Trade 
Facilitation (WT/L/931)  23 February  2018 
3 August  2017 G/TFA/N/SWZ/1/Add.1  
G/TFA/N/SWZ/1  
Rules of Origin  
EPA between the European  Union and SACU member s  21 July 2017 G/RO/N/158  
Source:  WTO Secretariat, based on Eswatini's notifications.  WT/TPR/S/ 447 • Eswatini  
 
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  2.3.2   Bilateral agreements  
2.20.   By virtue of its SACU membership, Eswatini has agreed not to negotiate on its own any 
preferential trade agreements with third parties. Since the advent of the revised SACU  Agreement 
in 2002, the Customs Union has approached all trade negotiations as a bloc (Main  Report, 
Section  2.4). 
2.3.3   Regional agreements and arrangements  
2.21.   Eswatini enjoys preferential market access in the Southern African region under several 
economic integration arrangements. Like the other members of SACU, Eswatini is a  party to the 
SADC (Main  Report, Section  2.4.6). 
2.22.   Eswatini is the only SACU member that participates in the C OMESA .12 COMESA's objective is 
to create an integrated and unified single economic space for goods, services, capital , and labour. 
This is to be ach ieved through gradual stages: the creation of a free trade area, the establishment 
of a customs union, the free movement of capital and labour within a common market, and the 
eventual establishment of a monetary union. The COMESA free trade area was launch ed in 2000, 
and the customs union was launched in 2009.  
2.23.   The Treaty establishing COMESA grants Eswatini a derogation that allows it to benefit from 
trade preferences from the other members for its exports (of sugar to Kenya and Uganda; fridges 
and freezers to Malawi, Zambia , and Zimbabwe; and zippers to Madagascar and Mauritius) without 
having to reciprocate. The derogation is to accommodate constraints imposed by the 
SACU  Agreement under which Eswatini can only grant preferential treatment to COMESA members  
with the concurrence of its SACU  partners. In the absence of such concurrence, Eswatini's COMESA 
derogation has been extended on several occasions, and may continue to apply until the 
COMESA/EAC/SADC Tripartite FTA is concluded.13 
2.24.   As a member of SACU, Esw atini is a signatory to the SACU -Mercosur  Preferential Trade 
Agreement of 3  April 2009, which entered in force in 2016; the agreements with the members of 
European Free Trade Area (EFTA), which entered into force in 2008; and the EPA with 
United  Kingdom co ncluded on 9  October  2019 (Main  Report, Section  2), which entered into force 
in 2021.  
2.25.   Eswatini ratified the AfCTA in 2018.  
2.26.   Eswatini, as part of the SADC group, negotiated an E PA with the European  Union in  2016, 
which entered into force that same year (Main  Report, Section  2.4.3). 
2.27.   Eswatini participates in the negotiations towards a Tripartite Free Trade Area between 
COMESA, the EAC , and SADC (Main  Report, Section  2.4). 
2.28.   Eswatini enjoys preferential market access under the United  States' African Growth an d 
Opportunity Act (AGOA). Between 2015 and 2018, Eswatini was removed from the list of AGOA 
beneficiary countries for having failed to meet eligibility criteria regarding workers' rights.14 
2.4  Investment framework  
2.29.   Eswatini aims to attract FDI to drive economic growth, gain access to export markets, and 
improve the country's competitiveness. The Government also views new large -scale investment and 
expansion of existing investments as core elements of its Post COVID -19 Economic Recovery Plan.15 
 
12 COMESA is made up of 21  members: Burundi, Comoros, Democratic  Republic  of the Congo , Djibouti, 
Egypt, Eritrea, Eswatini, Ethiopia , Kenya, Libya, Madagascar, Malawi, Mauritius, Rwanda, Seychelles, Somalia, 
Sudan, Tunisia, Uganda, Zambia, and Zimbabwe.  
13 COMESA Council Decision 2010.  
14 AGOA.info, Country Info: Eswatini . Viewed  at: https://agoa.info/profiles/eswatini.html . 
15 Eswatini Government  (2020) , Post COVID -19 Kingdom of Eswatini Economic Recovery Plan: Carving 
the Path to a Private Sector -led Economy . Viewed  at: https://www.separc.co.sz/wp -WT/TPR/S/ 447 • Eswatini  
 
- 130 - 
 
  2.30.   The Swaziland Investment Promotion Act of 1998 is the main regulatory framework for 
investment activities. The Act establishes that, in principle, both local and foreign investors may 
invest without restriction in any sector of the economy.16 The Act also guarantees (i) protection from 
undue expropriation ; (ii) non-discriminatory treatment between investors ; and (iii) prompt 
processing of work and residence permits and trading licences.17 
2.31.   FDI r estrictions, established by sector -specific legislation, are in place for certain 
manufacturing sectors as well as security printing (bank notes) and minting.18 Sector -specific 
legislation also establishes FDI restrictions in construction, communications, insurance, and mining. 
Foreign inves tment in construction is subject to a maximum of 40% foreign ownership.19 In 
communications, foreign shareholding in any radio and TV broadcasting company listed on the stock 
exchange is limited to 30%.20 Foreign shareholding in insurance companies is rest ricted to a 
maximum of 75%.21 Foreign investors in large -scale mining projects are subject to a 50% ownership 
cap.22 
2.32.   Foreign ownership of land is prohibited under the Constitution.23 However, for investments 
where land tenure is a significant factor, forei gn investors may be allowed to acquire land titles 
subject to approval by the Land Board.  
2.33.   Every foreign investor must obtain a trading licence, in line with the Trading Licence Order 
of 1975. They must also acquire residence and work permits prior to their  investments and are 
required to hire local workers wherever possible. According to the authorities, company registration 
takes about three days.  
2.34.   The Eswatini Investment Promotion Agency (EIPA) is a public entity responsible for 
formulating and implementin g schemes to attract foreign and local investment. A variety of 
investment incentives remain available to both local and foreign investors (Table  2.3).24 The 
authorities indicate that there are plans to establish a single window for foreign investors.  
2.35.   In May 2018, the Special Economic Zone (SEZ) Act came into effect. This Act provides for 
additional investment incentives for companies established in SEZs. On the other hand, the Act 
requires operators to fulfil certain obligations, such as  minimum local empl oyment and capital 
investment, adherence to the localization policy, and technology transfer.25 As at June  2023, 
two sites have been designated as SEZs, namely Royal Science and Technology Park and King 
Mswati  III international airport, and three  companies  have been established in these SEZs . 
2.36.   To settle commercial disputes , the Government recently established the Commercial Court. 
With a view to expedite commercial dispute resolutions, it also established a Small Claims Court 
in 2023. In Transparency International's 2022 Corruption Perception Index, Eswatini ranked 130 out 
of 180 states and territories.26 
 
content/uploads/2020/08/F inal-Post-COVID -19-Economic -Recovery -Plan-Eswatini -14082020_compressed -
1.pdf. 
16 Swaziland Investment Promotion Act , 1998, Article  19.1. 
17 Swaziland Investment Promotion Act , 1998, Articles  20 and 22.  
18 Swaziland Investment Promotion Act , 1998, Article  19.2. The restricted manufacturing sectors are 
those related to ( i) firearms, ammunition, chemical and biological weapons, and other defence weapons; 
(ii) radioactive materials; ( iii) explosives; and ( iv) hazardous waste treatment or disposal.  
19 Construction Industry Council Act, 2013. Where local expe rtise is in shortage, the Construction 
Industry Council may authorize a higher share.  
20 Electronic Communications Licensing Regulations, 2016.  
21 Insurance Act , 2005.  
22 Mines and Minerals Act , 2011, Article  133. 
23 Constitution , Section  211 (Land) . 
24 EIPA, Why Do Business in Eswatini . Viewed  at: https://investeswatini.org.sz/why -do-business -in-
eswatini/ .  
25 Special Economic Zone Act , 2018, Article  20 and Second Schedule.  
26 Transparency International, Corruption Perceptions Index, 2022 . Viewed  at: 
https://www.transparency.org/en/cpi/2022 . WT/TPR/S/ 447 • Eswatini  
 
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  2.37.   Foreign investment is also hampered by heavy state involvement in the economy and a widely 
perceived lack of political reforms,  which have resulted in recurrent protests against the country's 
political system , and public ove rconsumption.27 
Table  2.3 Eswatini investment incentives  
Incentive  Content  
Tax incentives  • Reduced Corporate Tax of 10% for 10 years to both local and foreign 
investmentsa in manufacturing, mining, international services , and tourism;  
• Unlimited provision for losses;  
• Duty-free access intermediate goods;  
• Duty-free access  on raw materials used for the production of goods 
exported outside S ACU; 
• Full repatriation of profits;  
• Employee training allowance of 100% of the cost to be offset against tax 
liabilities;  
• Accelerated capital allowances (for hotel construction and improvement; 
buildings housing manufacturing plants and machinery; employee housing 
allowance; farming).  
Non-tax incentives  • Protection from undue expropriation ; 
• Five-year work and residence permits for senior expatriates;  
• Subsidized rental on government factory shells.  
Special Economic Zone 
(SEZ) incentives  Companies located in the SEZs benefit from the following:  
• Exemption from corporate tax for the first 20 years, thereafter a corporate 
tax of 5%;  
• Reductions of customs duty, VAT, and any other tax payable on raw 
materials, equipment , and machinery; and  
• Exemption from foreign exchange control or restrictions for activities carried 
out in a SEZ.  
a A company may also be provided with an exemption from withholding taxes on dividends during the 
same 10 -year tax period . 
Source:  EIPA. Viewed  at: https://investeswatini.org.sz/incentives/ . 
2.38.   Eswatini has signed double taxation agreements with five African partners  (South  Africa, 
Mauritius, Seychelles, Botswana, and Lesotho), as well as with the United  Kingdom and 
Chinese  Taipei.28 All these agreements have come into force.  
2.39.   Eswatini has concluded bilateral investment treaties (BITs) with Germany (1990), the 
United  Kingdom (1995), Chinese  Taipei (1998), Mauritius (2000), Egypt (2000), and the 
State  of Kuwait  (2009). However, only three BITs, with Germany, the United  Kingdom , and the 
State  of Kuwait , have entered into force. Eswatini is also a signatory to 12  international investment 
agreements  (IIAs) between groups.29 
2.40.   Eswatini is a member of the Multilateral Investment Guarantee Agency (MIGA) and the 
International Centre for the Settlement of Investment Disputes (ICSID). The Swaziland Investment 
Promotion Act stipulates that,  in the event of a dispute arising between an investor and the 
Government, foreign investors may choose a forum of dispute settlement between domestic courts 
and international arbitration based on the ICSID convention or the Arbitration Rules of the 
United  Nations Commissions on International Trade Law (UNCITRAL).30 
 
27 World Bank (2 022): Creating Markets in Eswatini: Strengthening the Private Sector to Grow Export 
Markets and Create Jobs . 
28 Eswatini Revenue Service, Double Taxation Agreements . Viewed  at: 
https://www.ers.org.sz/legalandpolicy/pageview.php?id=97&name=Double%20Taxation%20Agreements .  
29 These are SACU and Mozambique -United  Kingdom EPA (2019); the EU -SADC EPA Group 
Agreement  (2016);  the EU -SADC Interim Agreement  (2009); the SACU -US TIFA  (2008); the COMESA 
Investment Agreement  (2007); SADC Investment Protocol  (2006); the EFTA -SACU FTA  (2008); COMESA -US 
TIFA (2001); the Cotonou  Agreement  (2000); the SADC Treaty  (1992) ; the African Unio n Treaty  (1991); and 
the African Continental Free Trade Area Treaty  (2018) .  
30 Swaziland Investment Promotion Act , Article  21. WT/TPR/S/ 447 • Eswatini  
 
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  3  TRADE POLICIES AND PRACTICES BY MEASURE  
3.1  Measures directly affecting imports  
3.1.1   Customs procedures and requirements  
3.1.  Any individual or company engaged in importing or exporting goods requires a trading licence, 
which is issued by the Ministry of Commerce, Industry and Trade (MCIT) and a Tax Identification 
Number (TIN). According to the authorities , it takes about three days to obtain both. In addition, 
any person wishin g to engage in trading certain controlled agricultural products (scheduled 
agricultural products) must register with, and obtain a permit from, the National Agricultural 
Marketing Board under the NAMBOARD Act No.  13 of 1985 (Section  3.1.4). An online guide  for 
importers is available on the website of the Eswatini Trade Information Portal, which was established 
in September  2020.31 
3.2.  For customs clearance purposes, importers must register with the Eswatini Revenue 
Service  (ERS). Although not mandatory, customs  clearance is usually  done through customs agents, 
who must be licensed by the ERS.  Documentation required for custom clearance includes the import 
declaration using the single administrative document (SAD  500) and supporting documents such as 
the bill of lading, commercial invoice, road manifest , and packaging list. In some instances, 
certificates of origin, import permits, and SPS certificates may also be required. Customs 
declarations must be made through the ASYCUDA World system, which replaced ASYCUDA+ + 
in 2016. Companies can use their TIN to register with ASYCUDA. Import declaration fees were 
abolished with the introduction of ASYCUDA World. All duties exceeding SZL 1,000 must be paid 
electronically.  
3.3.  Goods must be declared under one of four customs pro cedures: home use, temporary 
admission, transit , or warehousing (in this case, the goods  will remain stored in bond until the 
importer enters them for home use or re -export). Home use is by far the most important procedure. 
For imports transiting by road, a security bond must be lodged. This is not required for goods 
transported by rail given the very low likelihood that they would be diverted for use in the 
South  African market.  
3.4.  Eswatini uses an automated risk management system under ASYCUDA World. Declare d goods 
are allocated to a control channel: green (release of goods without examination); yellow 
(documentary checks prior to goods release); red (physical examination of goods prior to release); 
or blue (goods are released but subjected to a post -clearanc e audit). About 70% of consignments 
go through the green channel; some 3% go through the red channel.  
3.5.  Most overseas imports arrive via the port of Durban, South  Africa, and from there are 
transported by road or rail to Eswatini. An alternative route for im ports is through the port of Maputo 
(Mozambique), which is closer than Durban, but road infrastructure is suboptimal. In addition, 
Eswatini has an inland dry port at the Matsapha Industrial Estate, where customs clearance can be 
conducted. There are eight customs offices that handle commercial consignments. The authorities 
note that the Ngwenya -Oshoek customs office, where most trade with South  Africa is handled, is 
now open on a 24/7 basis.  
3.6.  In 2018, the ERS established a trade data exchange system with the  South  Africa n Revenue 
Service  (SARS) in order reduce under -declaration by importers and ghost exports. In May  2023, an 
Authorized Economic Operator Programme was launched ( Main Report), replacing the Preferred 
Trade Programme.  
3.7.  A time release study conduct ed in  2018 came to the result that average time for import 
clearance from registration of the declaration until exiting the border was approximately 8.5  hours , 
with a median time of 4 hours.32 It was also found that traders are required to deal with multiple 
agencies at different locations at the border, often resulting in delays for individual drivers and 
leading to congestion at the border. The largest portion of time by importers was spent o n various 
 
31 Eswatini Trade Information Portal. Viewed  at: 
https://www.eswatinitradeportal.com/index.php?r=site/index .  
32 World Bank (2018) , Swaziland Time Release Study 'Plus' . Viewed  at: https://itdswaziland.org/wp -
content/uploads/2020/08/180718 -FINAL -REPORT -Eswatini -Time-Release -Study.pdf .  WT/TPR/S/ 447 • Eswatini  
 
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  regulatory process es. According to the authorities , a national time release study conducted in  2023 
came to the result that net clearance time is about one  hour.  
3.8.  Aggrieved importers and exporters may appeal customs decisions to the Commissioner 
General  (CG) of the ERS and appeals against the ERS's decisions may be heard in the courts. Under 
section  91 of the Swaziland Customs and Excise Act of 1971  (Customs and Excise Act ), an importer 
or exporter can choose to have a case dealt with administrativ ely by the CG to avoid legal 
proceedings. This means, however, forgoing the right to challenge the CG's decision in court.  
3.9.  The Customs and Excise Act, the Trading License Order of 1975 , and the Import Control Order 
of 1976 remain the legal basis for custom s procedures in Eswatini. The authorities indicate that a 
new Customs Bill is being prepared . 
3.10.   In 2007, Eswatini notified the WTO that it was implementing the WTO Customs Valuation 
Agreement.33 Customs valuation has been harmonized within SACU (Main Report,  Section  3.1). 
3.11.   Eswatini notified its category commitments under the Agreement on Trade Facilitation.34 It 
also notified arrangements and progress in the provision of technical assistance and 
capacity -building support of Category C designations.35 
3.1.2   Tariffs a nd other charges  
3.12.   SACU  members have harmonized tariffs, rules of origin, and contingency measures. 
Therefore, Eswatini applies the common external tariff (Main  Report, Section  3.3). 
3.13.   Under Article  26 of the SACU  Agreement, Eswatini may temporarily levy addit ional duties on 
imported goods from any country for the "protection of infant industries". Eswatini exercises this 
right and applies import levies to several agricultural goods (scheduled agricultural products) and 
milk and dairy products.  
3.14.   Under the Nation al Agricultural Marketing Board (NAMBOARD) Act No.  13 of  1985 (as 
amended) and the Regulation Notice No.  8 (amendments effective 1  June 2013), NAMBOARD 
collects levies on imports of scheduled agricultural products, such as maize, rice, wheat, fruits and 
vegetables, poultry , and turkey. The levy rates vary depending on the availability of products in the 
country, and range from 1% to 25%; some of them were slightly modified during the review period 
(Table  3.1) The levies are applied to all imports, including  those from SACU member countries.  
Table  3.1 Import levies on scheduled agricultural products  
Product category  Applied levy 
(%) 
Maize excluding seed maize, yellow maize and popcorn  1 
Maize products excluding starch hominy chop, and maize grits  8 
Animal feed  (excluding bran and chop)  3 
Rice  3.5 
Fresh fruit excluding apples, pears, peaches, grapes and bananas  8.5 
Apples, pears, peaches and grapes   3.5 
Bananas   10 
Fresh vegetables excluding seed potatoes   8 
Cabbages, tomatoes and potatoes   7.5 
Poultry and poultry products excluding turkey,  point of lays, hatching eggs  15 
Broiler day -old chicks  2.5 
Wheat   3.5 
Wheaten flour   7.5 
Turkey  15 
Edible oil from sunflower, groundnuts and cotton  24 
Source:  NAMBOARD. Viewed  at: http://namboard.co.sz/index.php/inspectorate/levies . 
 
33 WTO document G /VAL/N/1/SWZ/1, 25  April 2007.  
34 WTO documents G/TFA/N/SWZ/1, 3  August  2017; G/TFA/N/SWZ/1/Add.1/Rev.1, 12  March  2018; and 
G/TFA/N/SWZ/1/Add.2, 16  November  2019.  
35 WTO document G/TFA/N/SWZ/5, 12  May 2021.  WT/TPR/S/ 447 • Eswatini  
 
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  3.15.   In accordance with the Dairy Act No.  28 of 1968 and Legal Notice No.  27 of 2011, the Eswatini 
Dairy Board charges import levies on milk and dairy products at rates of 10% or 12% of the invoice 
value, including on imports from other SACU  countries (Table  3.2). These rates remained unchanged 
during the review period.  
Table  3.2 Import levies on milk and dairy products  
Products  Import levy  
(% of the invoice value)  
Full cream milk UHT/ flavoured milk  10 
Low fat UHT 10 
Fresh full cream milk, low fat or skim milk  12 
Fermented milk/Emasi/ buttermilk  12 
Fresh/ sour cream or UHT  10 
Yoghurt/Sip  10 
Margarine  10 
Honey  10 
Condensed milk  10 
Dessert/ ice cream/ mixtures  10 
Baby formulas  10 
Milk substitutes (e.g.  Cremora)  10 
Full cream milk powder  10 
Skim milk powder/ dairy powder blends  10 
Whey/ buttermilk powder  10 
Cheese (Cheddar, Gouda or other)  10 
Butter  10 
Edible products of animal origin not elsewhere 
specified or included in the Tariff Book  10 
Source:  Eswatini Dairy Board, Legal Notice No.  27 of 2011. Viewed  at: 
http://www.dairyboard.co.sz/download/Eswatini%20Dairy%20Board% 20Schedules%20Notice%202
022.pdf . 
3.16.   In the Uruguay Round, Eswatini bound 96.6% of its tariff lines at the same levels as those 
bound by South  Africa. On around 10  tariff lines, the imposition of non -ad valorem  duties might 
result in applied MFN tariff rates that exceed bound rates (Main  Report, Table  3.3.2).  
3.17.   Eswatini bound other duties and charges at zero, except for a few tariff lines bound at higher 
rates (Main  Report, Section  3.3.2). 
3.1.3   Value added tax and exci se duties  
3.18.   VAT is levied on most products and services at a standard rate of 15% (14% until 
August  2018). The zero rate applies to exports, certain food supplies, prescription drugs and 
medicines, and animal feeds, and exemptions apply to passenger transpor t, education, financial, 
insurance , and medical services.  
3.19.   VAT applies to both local products and imports at the same rates. For local products, VAT is 
levied on the net selling price (plus excise duty, if applicable). For imports, VAT is levied on the c.i. f. 
value. VAT on imports, including from SACU  members, is collected by the ERS at the port of entry.  
3.20.   Under a VAT refund administration scheme established in 2015, importers of goods from 
South  Africa that present a South  African tax invoice at the border d o not have to pay for VAT in 
cash at entry into Eswatini , as the ERS claims the VAT refund directly from SARS.  
3.21.   The SACU Agreement provides for the application of harmonized excise duties on selected 
products ( Main Report, Table  A3.3).  
3.22.   Under the Fuel Oil Le vy Act of 1979, a fuel levy of SZL 0.70 per  litre and a fuel tax of SZL 3.85 
per litre are charged on imports of petrol and diesel. These charges are added to the standard 
SACU  excise duty.  WT/TPR/S/ 447 • Eswatini  
 
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  3.1.4   Import prohibitions, restrictions and licensing  
3.23.   Import prohibitions apply on drugs and narcotics; pornographic materials; pirated copyright 
goods; fake currency, bonds and coins; motor vehicles older than 10  years; and 
hydrochlorofluorocarbons (HCFC) and c hlorofluorocarbons containing HCFC.  
3.24.   Import restrictions apply on several products for safety, health, and environmental reasons, 
and in some cases for infant industry protection. Under the Import Control Order of 1976, the Import 
Control Regulations of 198 0, and Legal Notice No.  60 of 2000, the following products from outside 
SACU are subject to prior import permits: arms; drugs; mineral fuels; mineral oils; gold and other 
precious metals; specified agricultural products (wheat, wheat flour, dairy products,  maize , and 
rice); electrical appliances; automotive parts; used motor vehicles; used earthmoving equipment; 
used tyres and tyre casings; used clothing; used footwear; used textiles; and wild animal products.  
3.25.   The Ministry of Finance issues the import permi ts for the products listed above except for 
agricultural products and drugs. Any person, company , or institution may apply for a permit. Permits 
issued by the Ministry of Finance are generally free. Import permits are valid for one year and may 
not be tran sferred.  
3.26.   Imports of live animals, plants and products thereof, and fertilizers are restricted on sanitary 
and phytosanitary grounds and require an import permit issued by the Ministry of Agriculture  (MOA) . 
For agricultural goods, the fees for a permit are between SZL 10 and SZL 50, depending on the 
good. Import permits for pharmaceutical products are issued by the Ministry of Health.  
3.27.   A time -release study conducted in 2018 found that processes for permits, certificates, and 
licences are primarily paper -based , which places a requirement on importers to travel to the agency 
concerned and, in many cases, make an application, leave the agency , and then return later the 
same day or another day to collect an approved application. Also, many of the certificates, per mits, 
and licences were issued on a per -consignment basis with a limited validity period, requiring that 
frequent importers must make multiple visits to the agencies from which they are seeking permission 
to import. Consequently, these provisions add to th e total regulatory time without any significant 
benefits.36 In this context, the authorities note that some of these permits, certificates , and licences 
are now issued electronically , which should greatly reduce processing times.  
3.1.5   Anti-dumping, countervaili ng, and safeguard measures  
3.28.   Eswatini has no domestic legislation on trade remedies. As part of SACU, it applies the 
anti-dumping, countervailing , or safeguard measures imposed by South  Africa based on 
investigations carried out by the International Trade Ad ministration Commission of South  Africa 
(Main  Report, Section  3.3.7.1).  
3.2  Measures directly affecting exports  
3.2.1   Export procedures and requirements  
3.29.   Exporters are required to register with the E RS. Persons or companies wishing to engage in 
exporting "scheduled a gricultural products" must register with, and obtain a permit from, the 
National Agricultural Marketing Board.  
3.30.   An online guide for exporters is available on the website of the Eswatini Trade Information 
Portal.37 
3.31.   For customs clearance purposes, exporters m ust submit an export declaration and supporting 
documents (invoice, road manifest, and, if applicable, permits and certificates of origin). Depending 
on the product, SPS or fumigation certificates may also be required; these certificates are issued 
free of  charge by the National Plant Health Inspectorate Services (NaPHIS). Customs declarations 
 
36 World Bank (2018) , Swaziland Time Release Study ' Plus'.  
37 Eswatini Trade Information Portal. Viewed  at: 
https://www.eswatinitradeportal.com/index.php?r=site/index . WT/TPR/S/ 447 • Eswatini  
 
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  are made through ASYCUDA World. All documents can be submitted electronically. Formerly 
applicabl e fees for the export declaration were abolished in 2016.  
3.32.   Most export ers use customs clearance agents or freight forwarders that take care of the export 
logistics in South  Africa, which includes the deposit of a security bond covering goods in transit to 
Durban. This, however, is not a legal requirement.  
3.33.   As in the case of i mports, most exports are transhipped through the port of Durban where 
they arrive by road , while sugar is usually exported through the port of Maputo. Export consignments 
may be inspected by Customs, in particular if there is a duty or tax refund to be cla imed.  
3.34.   A time release study conducted in 2018 came to the result that average time from registration 
of the export declaration to exiting the border was 19 hours and 19 minutes, with a median time of 
4 hours.38 This was influenced mainly by the time taken f rom completion of the pre -border regulatory 
processes until arrival at the border. These processes are mainly driven by the decisions of 
businesses about packing, loading , and when to present goods at the border and so are outside the 
control of ERS.  
3.2.2   Expor t taxes, charges, and levies  
3.35.   Eswatini does not apply any export taxes, charges, and levies.  
3.2.3   Export prohibitions, restrictions, and licensing  
3.36.   Eswatini  applies export prohibitions on products regulated by international conventions such 
as CITES.  
3.37.   Export prohibitions may also be imposed in case of food shortages resulting from natural 
disasters. However, the authorities indicate that they are not applied i n practice.  
3.2.4   Export support and promotion  
3.38.   Inputs imported to manufacture products for export outside the SACU area may be eligible 
for partial or full customs duty rebates subject to the conditions specified in the SACU Tariff 
Schedules  (Main Report, Sectio n 3.3.6) . In addition, registered VAT vendors may claim a refund for 
VAT paid on imported inputs that are incorporated into an export product; refunds are normally 
given as duty credits.  
3.39.   Exports of goods and services are zero -rated for VAT purposes.  
3.40.   The Es watini Investment Promotion Authority (EIPA) is in charge of all governmental export 
promotion activities. This includes the identification of new export products and markets, the 
promotion of Eswatini's products on world markets, and financing the partici pation of local 
enterprises in international trade fairs (covering shipment costs and exhibition space). No 
information was made available on the EIPA's budget for export promotion. The EIPA is also 
responsible for hosting the annual Eswatini International  Trade Fair.  
3.41.   The Special Economic Zones Act (Section  2.4) adopted in 2018 also has the objective of 
promoting exports. As at June  2023, two  Zones have been established with a total of two  companies.  
3.2.5   Export finance, insurance, and guarantees  
3.42.   The Export Cred it Guarantee Scheme (ECGS) enables exporters to obtain loans from 
commercial banks at concessionary interest rates. The scheme is placed under the Central Bank  of 
Eswatini (CBE) , which guarantees the loans made by commercial banks. The ECGS covers both 
political and commercial risk. As at end -2022, its total guaranteeing capacity stood at SZL 25 million.  
3.43.   To be eligible, exporters must be registered in Eswatini and submit complete project proposals 
to their bank. The ECGS covers 90% of the FOB value of the g oods to be exported, up from 70% at 
 
38 World Bank (2018) , Swaziland Time Release Study 'Plus' .  WT/TPR/S/ 447 • Eswatini  
 
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  the time of the last Review. The maximum guarantee to a single exporter is SZL 3.3 million. The 
rate of interest applicable is the current  prime rate plus 1% per annum. In addition, the ECGS 
charges a premium of 1.5% of the guaranteed amount when issuing guarantees.  
3.3  Measures affecting production and trade  
3.3.1   Standards and technical regulations  
3.44.   The Eswatini Standards Authority (SWASA) was established in 2007 as a statutory body under 
the MCIT. It is responsible for developing  and monitoring standards, performing conformity 
assessments, providing testing facilities , and obtaining affiliation to relevant international bodies. It 
is governed by a 10-member Council, comprising representatives from the Government and the 
private se ctor. SWASA also serves as the national enquiry point under the TBT  Agreement, which as 
at June  2023 still has to be notified.  
3.45.   Eswatini is a correspondent member of the International Organization for 
Standardization  (ISO). The authorities indicate that full membership in ISO remains a policy 
objective.  SWASA also participates in the Southern Africa Development Community ( SADC ) 
programme on standards, quality assurance, accreditation , and metrology (SQAM). Additionally, it 
has a memorandum of understandin g with the South  African Bureau of Standards (SABS).  
3.46.   The procedure for the development of national standards remained unchanged during the 
review period. Interested producers, consumers , or government agencies may submit proposals for 
new standards to SWAS A. A standards advisory committee selects a proposal to be developed and 
directs it to the relevant technical committee. Currently, there are 52  technical committees for 
different economic sectors, with over 200  members, including a range of public - and pr ivate-sector 
representatives. Once a standard project has been drafted and agreed on by the technical 
committee, SWASA publishes it for public comment for 60 days. The feedback is considered by the 
technical committee and the final text is submitted to the  SWASA Council for approval. Once 
approved, the new standard is adopted and published in the official gazette.  
3.47.   Since its inception in  2007, SWASA has adopted some 299  national standards. All standards 
are voluntary. Section  17 of the SWASA  Act permits the MCIT to declare a standard compulsory; 
however, this has not happened so far.  
3.48.   For conformity assessments, SWASA relies on the South  African Bureau of Standards (SABS) 
and on the South  African National Accreditation System (SANAS). Eswatini has not conclude d any 
mutual recognition arrangements in the TBT area.  
3.49.   Currently, Eswatini has three accredited testing laboratories. SWASA's Quality Assurance 
Department is responsible for carrying out quality testing and certification. As at June  2023, 
2 certification s chemes were available, and 12 companies had become certified.  
3.50.   The Guidelines on Import and Export Procedures for Medicines , 2016, available online at the 
Eswatini Trade Information Portal, lay out the procedures and conditions for trade in medical goods. 
These goods generally require an import or export certificate issued by the Ministry of Health. 
Certificates are valid for six months from the date of issue.  
3.51.   Between 2019 and 2022, Eswatini submitted 11 notifications to the WTO  TBT Committee, 
covering a bro ad range of measures and product categories.39 No specific trade concerns were raised 
against Eswatini's TBT measures during the period under review. Eswatini accepted the Code of 
Good Practice in 2008.40 
3.52.   Labelling and marking for industrial and pharmaceut ical imports must be done in English.  
 
39 WTO documents G/TBT/N/SWZ/2 -12. See also Table  2.2 in this report . 
40 WTO document G/TBT/CS/N/174, 23  October  2008.  WT/TPR/S/ 447 • Eswatini  
 
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  3.3.2   Sanitary and phytosanitary requirements  
3.53.   The MOA is responsible for overall policy and the implementation of SPS  measures. Animal 
health matters are handled by the Ministry's Department of Veterinary Services ; plant hea lth issues 
are the responsibility of the Department of Agricultural Research and Specialist Services ; and food 
safety issues are dealt with by the Department of Environmental Health in the Ministry of Health, 
although other departments may be involved.  
3.54.   All imports of live animals and plants, and all products of animal and plant origin , require an 
import permit (i.e.  an SPS certificate) issued by the MOA through the corresponding department.41 
Imports of genetically modified organisms (GMOs) are basically  allowed but require an import permit 
issued by the Eswatini Environmental Authority. Certification fees apply for animals and animal 
products, while there are no fees for plant products.  
3.55.   The Animal Disease Act No.  7 of 1965 (as amended) and its regulation s set out provisions for 
animal disease control. Control measures include monitoring and reporting of diseases, quarantine 
measures, notification procedures,  checks on the  importation of animals and animal products, and 
obligations on animal owners concern ing disease prevention and control. The Livestock Identification 
Act No.  13 of 2001 provides for the identification and traceability of livestock. The Regulation and 
Control of Veterinary Drugs and Medical Substances Act , 2012 governs the importation, sale , and 
use of veterinary drugs and medical substances.  
3.56.   The Veterinary Public Health Act , 2013 applies to all animal products for human consumption 
at the primary production stage. It provides for official inspections of slaughter facilities and food 
establi shments, quality control, and certification. The Act establishes the Veterinary Public Health 
Unit under the MOA, which has the task of conducting inspections of slaughterhouses and 
establishments. The Veterinary Field Services Section  in the MOA is respon sible for handling 
government quarantine facilities and conducting inspections. All imported livestock, except those 
brought for immediate slaughter, are subject to a quarantine period of 30  days and must be 
disembarked directly into the quarantine facilit ies.42 Quarantine fees apply. Importers are required 
to notify the competent veterinary office before animals arrive in the country.  
3.57.   The Plant Health Protection Act (Act No . 3 of 2020) intends to align Eswatini's phytosanitary 
regime with the International Plant  Protection Convention (IPPC) and established the Na PHIS, which 
became operational in 2021. The NaPHIS has digitalized its treatment of phytosanitary certificates, 
plant import , and transit permits through the development of an online portal.43 In the long  run, this 
portal is to be linked to the IPPC's ePhyto hub and to ASYCUDA. The Act is still to be notified to WTO. 
The Seeds and Plants Varieties Act of 2000, its 2002 Regulations, and the Plant Control Act No.  7 
of 1981 remain in force.  
3.58.   The Seeds and Plan t Varieties Act of 2000 and its regulations outline the requirements, 
procedures, and practices of the seed value chain. The Act designates the Seed Quality Control 
Services Section  of the MOA as the seed certification agency and testing station. Both impo rters and 
exporters must register with the Registrar of Seeds. Any person intending to import seed s must 
obtain a phytosanitary certificate; the seed s must be of a variety entered in the Recommended 
Variety List and comply with prescribed requirements. Any  person wishing to export seeds must 
apply for an export certificate from the Registrar, for which inspection and testing may be necessary.  
3.59.   The Pesticides Management Act , 2017 establishes a Registrar of Pesticides, which should 
become operational in 2024.44 The functions of the Registrar include (i)  registration, cancellation , 
and licensing of pesticides; (ii)  issuing and revocation of permits and licences; (iii)  taking measures 
for the protection of humans, animals , and the environment from risks of pollut ion resulting from 
pesticides; (iv)  taking measures to combat pollution created by the use of pesticides; and 
(v) monitoring the trade, use , and disposal of pesticides. All pesticides must be registered. The Act 
also establishes a Pesticides Management Boa rd, which shall advise the Government on matters 
relating to pesticide management.  
 
41 Imports from South  Africa for personal consumption are exempt from this require ment.  
42 There are two main government quarantine stations: Mpisi and Maphiveni.  
43 NaPHIS System. Viewed  at: https://naphis.gov.sz . 
44 WTO document G/SPS/N/SWZ/3, 13  November  2019.  WT/TPR/S/ 447 • Eswatini  
 
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  3.60.   Since its last Review , Eswatini submitted six notifications to the WTO  SPS Committee , all of 
which cover different laws or regulations.45 No specific trade concerns were raised against Eswatini's 
SPS measures during the period under review. Eswatini did not raise any specific trade concern s but 
supported Namibia's concern related to South  Africa's revised veterinary health certificates for the 
import of cattle, sheep , and goa ts from Botswana, Eswatini, Lesotho, and Namibia.46 
3.61.   Eswatini  has a mutual recognition agreement on SPS issues with South  Africa.  
3.3.3   Competition policy and price controls  
3.62.   Eswatini's competition policy legislation remained unchanged during the period under revi ew. 
It comprises the Competition Act , 2007; the Competition Commission Regulations Notice , 2010; and 
the Fair Trading Act , 2001.47 
3.63.   The Competition Act , 2007, which applies to all sectors of the economy, prohibits 
anti-competitive conduct such as price -fixing agreement, collusive tendering and bid rigging, market 
or customer allocation, and exclusive supply agreements. The Competition Commission is 
responsible for combating anti -competitive trade and restrictive business practices including abuse 
of dominanc e. The Commission may institute an investigation ex officio  or at the instance of a 
complaint received from a third party. Under the corporate leniency programme, companies are 
encouraged to submit evidence of operational conduct involving cartels to the Commission. The first 
company in any cartel to do so will be  granted immunity from any penalty if the leniency 
requirements are met.  
3.64.   Between 2015 and 2022, the Commission carried out 11  investigations related to 
anti-competitive practice, pertaining to different sectors such as provision of health care, supply of 
school uniforms and educational material, and supply of construction equipment.  
3.65.   The Competition Commission is also in charge of issues pertaining to mergers and 
acquisitions. All mergers and acquisitions, regardless of size, must be notified to, investigate d, 
assessed, and approved by the Commission prior to implementation. Between FY2017/18 and 
FY2022/23, it approved  135 transactions.  
3.66.   The Commission's Consumer Protection Department conducts investigations to reduce 
consumer detriment, mostly in reaction to complaints by consumers. Between FY2017/18 and 
FY2022/23, it dealt with 396  consumer complaints , of which 321  were resolved.  
3.67.   Eswatini continues to apply maximum retail prices for a series of goods and services under 
the Price Control Order , 1973. Goods and  services subject to maximum retail prices include bread, 
maize grains, gasoline, public transport, and postal and fixed -line telecommunication services.  
3.3.4   State trading, state -owned enterprises, and privatization  
3.68.   Eswatini has never submitted any notificatio ns of its state trading enterprises. However, some 
state-owned enterprises or parastatals such as the National Agricultural Marketing Board, the 
National Maize Corporation, and the Eswatini Dairy Board have the statutory power to regulate 
imports and expor ts of certain agricultural products. The authorities indicate that they are 
considering a notification of these institutions as state trading enterprises.  
3.69.   State participation in the economy through public enterprises or parastatals remains 
substantial.48 Numerous public enterprises operate across key economic sectors, including transport, 
finance, public utilities, tourism, health , and education. The main state -owned enterprises are 
Eswatini Electricity Company  (EEC), Eswatini Post and Telecommunications Co rporation  (EPTC), 
Eswatini Meat Industries, and the Eswatini Water Services Corporation  (EWSC).  
 
45 WTO documents G/SPS/N/SWZ/3 -8. See also Table  2.2 of this report . 
46 WTO documents G/SPS/R/82, 7  June 2016; and G/SPS/R/82/Corr.1, 2  December  2016.  
47 WTO document WT/TPR/S/324/Rev.1, 5  February  2016. 
48 Eswatini Economic Policy Analysis and Research Centre (2021) , An Analysis of the Performance of 
State -Owned Enterprises in Eswatini: A Historical Overview . WT/TPR/S/ 447 • Eswatini  
 
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  3.70.   Public enterprises still account for a high share of GDP. The strong role of SOEs has added to 
the inflexibility of Eswatini's public expenditure and contribute d to high fiscal deficits and 
subsequently high debt levels. Government transfers to SOEs, many of which are lossmaking, were 
found to be equivalent to about 5% of GDP or 17% of total expenditure.49 
3.71.   The Public Enterprise Unit  (PEU) in the Ministry of Finance is in charge of supervising all public 
enterprises in Eswatini, in accordance with the provisions of the Public Enterprises (Control & 
Monitoring) Act of 1989. There has been no privatization since 2015. It has been noted that po litical 
resistance and the limited capacity of the PEU in the reform process have hindered progress.50 A 
technical report on SOE reform was adopted by the C abinet. Reform of Eswatini's SOEs is supported 
by a loan from the African Development Bank.  
3.3.5   Governme nt procurement  
3.72.   Eswatini is neither a signatory nor an observer to the WTO  Agreement on  Government 
Procurement. Eswatini has not undertaken any commitments to open its government procurement 
market under RTAs. 
3.73.   No figures were made available by the authoriti es on the importance of government 
procurement in Eswatini.  
3.74.   The Public Procurement Act No.  7 of 2011 is Eswatini's main legal instrument for public 
procurement. The Act applies to all procurement made by central and local government entities as 
well as reg ulatory authorities. Regulations under the Act were adopted in 2020.  The Act also 
established the Eswatini Public Procurement Regulatory Agency (ESPPRA) as an independent 
regulatory body responsible for policy formulation, regulation, and oversight of publ ic procurement 
in Eswatini.51 As a general rule, procurement shall be conducted in a manner that promotes 
efficiency, transparency, accountability, fairness, competition, and value for money.  
3.75.   The Public Procurement Act outlines five different modes of proc urement: open tendering, 
limited tendering, request for proposals, request for quotations, and single source procurement. 
Open tendering is the preferred and most widely used procurement method; alternative modes shall 
only be used when their specific cond itions are met. All tenders are to be published on ESPPRA's 
website.  
3.76.   Under the regulations, a price preference of up to 15% may be granted to Eswatini companies 
in the bidding process.52 Foreign companies may also be granted a price preference of up to 7.5 % 
if they subcontract to Swazi  companies or supply Swazi  manufactured goods. There are no specific 
provisions granting preferential treatment to SMEs.  
3.77.   Any tenderer that claims to have suffered loss or injury may seek administrative review in 
accordance wit h Section 47 of the Act. Unless the application is dismissed or resolved by mutual 
agreement, the procuring entity shall immediately institute an investigation; ensure that no contract 
award is made prior to completion of the review process; and issue a wr itten decision, within 
10 working days after the submission of the application.  
3.3.6   Intellectual property rights  
3.78.   The Intellectual Property Office (IPO) under the MICT is the contact point for all IPR matters. 
The IPO oversees protecting and registering tradema rks, patents, industrial designs, and copyrights.  
3.79.   Eswatini is a member of WIPO and participates in various international IPR arrangements 
(Table  3.3). At the regional level, Eswatini is a member of the African Regional Industrial Property 
Organization (ARI PO). It has signed the Banjul Protocol (trademarks) and the Harare Protocol 
 
49 IMF (2023), Kingdom of Eswatini: Staff Report for the 2023 Article  IV Consultation , IMF Country 
Report No.  23/160. Viewed  at: https://www.imf.org/en/Publications/CR/Issues/2023/05/05/Kingdom -of-
Eswatini -2023-Article -IV-Consultation -Press -Release -Staff-Report -and-Statement -533091 . 
50 IMF Country Report No.  23/160 . 
51 Both the Act and the 2020 Regulations are available on ESPPRA's website : 
https://esppra.co.sz/sppra/index.php .  
52 At least 60% of the controlling shares must be owned by Eswatini citizens.  WT/TPR/S/ 447 • Eswatini  
 
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  (patents, industrial designs, and utility models). Through ARIPO, Eswatini is in the process of 
acceding to the UPOV Convention.53 
Table  3.3 Membership of WIPO administered treaties, 2023  
Membership of WIPO administered treaties, 
2023  Membership of WIPO -administered treaties, 
2023  
Berne Convention for the Protection of Literary and 
Artistic Works  14 December  1998 
Madrid Agreement Concerning the International 
Registration of Marks and its Protocol  14 December  1998 
Paris Convention for the Protection of Industrial 
Property  12 May 1991  
Patent Cooperation Treaty (PCT)  20 September  1994 
Patent Law Treaty  Signed in 2000 but not yet ratified  
Trademark Law Treaty  Signed in 1994 but not yet ratified  
Source:  WIPO.  
3.80.   New legislation on patents, copyrights , and an IPR tribunal entered into force in 2018. 
Regulations under these laws are still under development. As at June  2023, these laws had not been 
notified to the WTO. There is no legislation on the protection of geographical indications, plant 
breeders' rights, topographies of integrated circuits, undi sclosed information, or utility models.  
3.81.   The Patent and Designs Act , 2018 lays out procedures for the registration of patentable 
inventions and establishes the Patent Office. It also provides for procedures in case of infringement. 
The term of every patent is 20 years from the date of the application. Under the Act, a n invention is 
patentable if it is new, involves an inventive step , and is capable of industrial application. Matters 
excluded from patent protection include diagnostic, therapeutic , or surgical methods for the 
treatment of human beings or animals; plants and animals other than microorganisms; or essentially 
biological processes to produce plants or animals, other than non -biological and microbiological 
processes.  
3.82.   The Copyrights and N eighbouring Rights Act , 2018 defines the following works as eligible for 
copyright: literary, musical, artistic, and audiovisual works; sound recordings; broadcasts; 
programme carrying signals; and published editions. Duration of the copyright is generally  50 years 
from the end of the year in which the work is made available to the public. Expressions of folklore 
are also protected, and their copyright vests in the Government. The Act provides for criminal 
prosecution and sanctions for deliberate infringeme nt of copyrights for commercial gain. It also 
establishes a Copyright Office within the IPO, which is responsible for all matters affecting copyrights 
in Eswatini, most notably their registration.  
3.83.   For trademarks, the legal framework remains the Trade Marks  Act, 1981 (effective since 
1 July 1994) and the Trade Marks Regulations , 1989. Applications must be filed through local 
trademark agents that are registered with the IPO. Protection against misleading trademarks or 
trade descriptions is contained in the F air Trading Act , 2001. In addition, the Merchandise Act 
No. 24, 1937 and related Regulations No.  24, 1937, providing for protection against false trade 
description, remain in force.  
3.84.   Table  3.4 shows the evolution of patent and trademark registrations in Esw atini during the 
period under review. Regarding copyrights, no figures were made available to the Secretariat. The 
authorities indicate that the establishment of a registration system under the 2018 Act is under way.  
Table  3.4 IPR applications and registrations, 2015 -22 
 2015  2016  2017  2018  2019  2020  2021  2022  
Trademarks  
Domestic applications  480 500 505 533 462 393 458 445 
Domestic registrations  504 545 562 396 256 147 480 608 
Regional registrations  
(Banjul Protocol)  172 153 169 125 191 198 146 186 
 
53 UPOV , Status in Relation to the International Union for the Protection of New Varieties of Plants 
(UPOV) , as of May  23, 2023. Viewed  at: https://www.upov.int/export/sites/upov/members/en/pdf/status.pdf . WT/TPR/S/ 447 • Eswatini  
 
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   2015  2016  2017  2018  2019  2020  2021  2022  
International registrations  
(Madrid Protocol)  759 751 732 698 641 536 529 673 
Patents  
Domestic registration  2 8 7 7 4 1 1 .. 
International registrations  
(Harare Protocol)  522 412 406 428 474 416 509 523 
.. Not available.  
Source:  Information provided by the authorities.  
3.85.   Eswatini's  IPR legislation provides for fines or prison sentences for infringement. Infringement 
under the Trademark Act , 1981 is subject to penalties of up to SZL 2,000 or a prison sentence of up 
to six months. In addition, the misleading use of trademarks is subject t o a fine of up to SZL 100,000 
or a prison sentence of up to five years under the Fair Trading Act , 2001. Under the Copyrights and 
Neighbouring Rights Act , 2018, copyright violation is subject to fines of up to SZL 20,000 or 
imprisonment of up to three year s. Civil suits may also be brought for copyright violation.  
3.86.   The Eswatini Intellectual Property Tribunal Act , 2018 established an IP tribunal. However, as 
at June  2023 the Tribunal was not operational. At present, the High Court is competent to hear cases 
of IPR infringement. Appeals may be brought to the Supreme Court.54 
3.87.   The authorities indicate that copyright piracy continues to be an issue. There are copyright 
steering committees that work closely with the police to conduct raids to seize counterfeit material. 
Customs is authorized to seize suspected IPR -infringing goods  at ports of entry; no statistics on 
these actions were available.  
 
 
54 WTO document IP/N/6/SWZ/1, 20  July 2007.  WT/TPR/S/ 447 • Eswatini  
 
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  4  TRADE POLICIES BY SECTOR  
4.1  Agriculture, forestry, and fisheries  
4.1.1   Main features  
4.1.  The agricultural sector is the main source of income and livelihood for more than 70% of the 
population. It contributed about 8% to Eswatini's GDP in 2022, down from 10% in 2014. The sector 
faces numerous challenges such as climate change (insufficient rainfall, hailstorms, and severe 
droughts), low quality of inputs, lack of access to credit, and l imited marketing networks.  
4.2.  Eswatini's agricultural sector continues to be characterized by the coexistence of, on the one 
hand, large -scale, well irrigated estates producing mostly for export, and, on the other hand, rain -
fed small subsistence farms with l ow productivity, on which most of the population depend for their 
livelihood. These subsistence farms suffered particularly from the severe droughts of 2015 and  2016.  
4.3.  The Constitution establishes a dual land tenure system. "Swazi Nation Land" (SNL) account s 
for about 63% of the cultivated land and is held in trust by the King. It is less irrigated, mostly used 
for subsistence farming and, due to its reliance on rain -fed cultivation, more exposed to climate 
change risks. This land is allocated on a 99 -year l ease basis for growing food crops (maize,  sorghum, 
rice) and for livestock production (cattle, goat, sheep, pigs). "Title Deed Land" (TDL) is privately 
owned, commercially oriented , and usually irrigated. It is more focused on cash crops (sugar cane, 
citrus, pineapple), forestry, and cattle farming. The limited presence of formal land tenure constrains 
investment for many farmers and prevents landholders from using land as collateral for loans. The 
authorities indicate that a bill is currently before Parlia ment to better allow farmers to use SNL as 
collateral.  
4.4.  Frequent droughts and other extreme weather events, attributed to climate change, have led 
to periodic declines in food production and food insecurity. The drought induced by the El Niño effect 
in 2015  and 2016 resulted in failing harvests of sugarcane (16%  loss), maize (67%  loss), and cotton 
90% loss), while some 26,000  calves and 88,000  livestock died.55 
4.5.  The main agricultural products of Eswatini are sugar cane, maize, beef, citrus, and cotton 
(Table  4.1). Dairy production and forestry continue to be important but contribute less to the sector.  
Table  4.1 Agricultural production and exports, 2014/15 -2021/22  
Commodity  2014/15  2015/16  2016/17  2017/18  2018/19  2019/20  2020/21  2021/22  
Production ('000 MT)  
Sugar  686.8  695.4  586.1  650.1  745.0  673.4  684.5  613.9  
Maize  81.6 33.5 84.3 98.2 96.0 86.5 .. .. 
Citrus  38.9 39.1 .. .. .. .. .. .. 
Cotton  0.9 0.1 0.6 0.8 1.5 1.0 0.4 .. 
Exports ( SZL million)  
Sugar  1,824.4  1,456.3  1,155.1  1,213.2  1,609.7  1,751.0  1,825.0  1,397.2  
Citrus  55.1 85.2 .. .. .. .. 95.4 .. 
Beef 73.9 77.8 86.6 47.0 12.9 38.9 .. .. 
.. Not available . 
Sources:  Central Bank of Eswatini (CBE) , various Annual Reports; and information provided by the Ministry of 
Agriculture, the Eswatini Sugar Association, and the National Maize Corporation.  
4.6.  The contribution of the fisheries subsector remains negligible, with an annual commercial catch 
of around 3  tonnes. Some fishing activities are pos sible thanks to rivers and dams in the country. 
Aquaculture is also practiced to a limited extent. An aquaculture promotion programme provides 
various training activities  such as on pond construction; an aquaculture research centre is supposed 
to be operat ional by September  2023. 
 
55 World Bank (2022): Creating Markets in Eswatini: Strengthening the Private Sector to Grow Export 
Markets and Create Jobs . WT/TPR/S/ 447 • Eswatini  
 
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  4.1.2   Regulatory framework and policy instruments  
4.7.  The Ministry of Agriculture (MOA) is the sector's lead agency. It is responsible for policy 
formulation and implementation, providing extension services and for the overall administration  of 
the sector. Its main objective is to ensure food security and increase agricultural productivity. Other 
government ministries, parastatal organizations under the MOA (such as the National Agricultural 
Marketing Board (NAMBOARD), the Eswatini Dairy Boar d, the National Maize Corporation, and the 
Cotton Board) , as well as independent industry associations (such as the Eswatini Sugar 
Association) , are also active in the agricultural sector. The Eswatini Water and Agricultural 
Development Enterprise is manda ted to facilitate the planning and implementation of large irrigation 
and related development projects.  
4.8.  The MOA's Strategic Plan (2018 -2023) is the main policy document for Eswatini's agricultural 
sector. Based on the National Development Strategy (Section  2.2), the Plan seeks to increase 
productivity for both crops and livestock products and "to transform Agriculture into a modernized, 
sustainable, diversified production and export -oriented  sector that contributes to improved food 
security, export revenue generation, job creation and overall economic development".56 A new 
Strategic Plan (2023 -28) is under preparation. The Eswatini National Agricultural Investment 
Plan (ENAIP) 2023 -27 aims to increase agricultural productivity and diversify agricultural production.  
4.9.  Generally, public support for the agricultural sector  consists mainly of agricultural research and 
development, extension services, infrastructure development, and the provision of subsidized inputs 
for smallholders.  
4.10.   Eswatini's most important agricultural support programme provides for subsidized fertilizer,  
seeds, and insecticides for small -scale farmers. Under the input subsidy programme, the 
Government offers a 50% subsidy for the cultivation of white maize, sugar beans , and sorghum.57 
The available package covers an area equivalent to 1 ha; it is planned to extend the maximum 
quantity of subsidized inputs to 3 ha in the future. In 2022/23 , outlays under this programme 
amounted to SZL 152 million. In addition, a tractor hire service is subsidized with SZL 10 million 
in 2023.  
4.11.   The Government continues its eff orts to further develop irrigation infrastructure. Under the 
second phase of the Lower Usutu Smallholder Irrigation Project  (LUSIP  II), to be completed in 
December  2024, a new irrigation area of about 5,273  ha is being added  and is intended  to improve 
the livelihoods of some 13,000  people. The Mkondvo -Ngwavuma Water Augmentation Programme, 
for which construction started in  2023, aims to add  an irrigated area of 30,000  ha. In response to 
the frequency and intensity of recurring drought conditions , the MOA pr ioritizes the construction of 
small and medium -sized earth dams under its Water Harvesting Programme. These are mostly built 
in high rainfall areas with a capacity for reservoirs and /or weirs for irrigation purposes.  
4.12.   A Land Degradation Surveillance Framewo rk (LDSF) , which acts as a monitoring system 
combining satellite imagery with nationwide ground data observed in 13  sentinel sites , was 
introduced in 2020. The LDSF shall identify soil erosion hotspots and prevent soil erosion before it 
occurs.  
4.13.   Under the S mallholder Market -Led Project  (SMLP), funded by the International Fund for 
Agricultural Development  (IFAD) and the Global Environment Facility  (GEF) and implemented 
between 2016 and 2022, smallholder farmers received training on sustainable and demand -based 
production methods and on improved soil and water conservation.  
4.14.   Eswatini did not submit any notifications to the WTO Committee on Agriculture during the 
period under review. The last agricultural notification dates from 2012.58 The authorities intend to 
resume agriculture notifications in the near future.  
4.15.   Imports of certain agricultural products (wheat, flour, dairy products, maize , and rice) require 
a permit from the Ministry of Finance (Section  3.1.4). In addition, ad valorem  import levies are 
 
56 MOA,  Strategic Plan (2018 - 2023) . Viewed  at: https://www.gov.sz/index.php/ministries -
departments/ministry -of-agriculture . 
57 For the 2022/23 season, the subsidy was increased to 65% in view of high input prices.  
58 WTO document G/AG/N/SWZ/1, 16  October  2012.  WT/TPR/S/ 447 • Eswatini  
 
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  collected  on a range of milk products by the Eswatini Dairy Board, and on other farm products by 
the NAMBOARD (Section  3.1.2). NAMBOARD has statutory power to control imports of specified 
agricultural commodities by raising import levies in order to protect local p roduction or on food 
security grounds. Maximum retail prices for bread and maize grains are set by the Government.  
4.16.   Imports of milk and dairy products, including from other SACU  members , are subject to levies 
at rates of 10% or 12% (Section  3.1.3). At the s ame time, a VAT rate of 0% applies on most milk 
and dairy products.  
4.17.   The National Maize Corporation (NMC) maintains a minimum reserve stock in cereals. The 
stock amounts to 2,000  tonnes in 2023; it is planned to increase to 4,000  tonnes.  
4.18.   The importation of live animals, products of animal origin , and plant products requires an 
import permit (i.e.  sanitary or phytosanitary certificate) (Section  3.3.2).  
4.1.3   Key subsectors  
4.1.3.1   Sugar  
4.19.   Eswatini is Africa's fourth -largest sugar producer, and the sugar sector  is one of the key 
sectors of the economy, accounting for about 5% of GDP and some 20,000  jobs. A large share of 
the output is exported (Table  4.2). Most sugar production takes place on large estates on TDL.  
4.20.   The Sugar Act , 1967 established the Eswatini Sug ar Association (ESA) as a private non -profit 
organization, where both growers and millers are represented. The ESA regulates the sugar industry 
and is responsible for selling, exporting , and marketing all sugar and molasses produced in Eswatini . 
The ESA al so provides technical services to assist the industry in raising sugar cane productivity. All 
proceeds are shared by growers and millers based on an agreed formula. The authorities indicate 
that the ESA does not receive any public support.  
4.21.   Eswatini's three  sugar mills (Mhlume, Simunye, and Ubombo) have a combined annual 
production capacity of over 600,000  metric tonnes of raw, refined, and brown sugar.  
4.22.   Until 2015, under the Swazi Economic Empowerment Initiative, the ESA's local sugar 
customers who add value  to the sugar in Eswatini  before exporting it to the rest of SACU received a 
rebate on the standard price of sugar. The size of the rebate depended on the extent of the value 
addition that takes place.  
Table  4.2 Sugar indicators, 2014/15 -2021/22  
  2014/15  2015/16  2016/17  2017/18  2018/19  2019/20  2020/21  2021/22a 
Cultivated area ('000  ha) 56.9 57.3 57.9 59.0 59.2 58.7 59.0 60.3 
Production ('000 MT)  686.8  695.4  586.1  650.1  745.0  673.4  684.5  613.9  
Yield (tonnes/ha)  12.1 12.1 10.1 11.0 12.6 11.5 11.6 10.2  
Exports ('000 MT)  329.8  299.9  237.6  220.4  343.4  311.4  267.2  206.5  
Value of exports 
(SZL million)  1,824.4  1,456.3  1,155.1  1,213.2  1,609.7  1,751.0  1,825.0  1,397.2  
Value of exports 
(USD  million)  433.2  393.5  346.6  298.7  311.4  421.8  393.1  403.2  
Domestic sales ('000 MT)  360.4  400.1  383.6  331.7  412.9  448.0  442.7  429.5  
Domestic sales ( SZL million)  2,093.0  2,572.9  3,008.8  3,800.7  3,248.5  3,862.2  4,048.5  4,140.8  
a Preliminary.  
Sources:  CBE, Annual Report 2016/17 , and Annual Economic Review Report 2021/22 ; information provided by 
the ESA; and UN Comtrade.  
4.1.3.2   Livestock and dairy production  
4.23.   The livestock sector in Eswatini is characterized by a two -fold dualism between "commercial" 
and "communal" livestock and between "modern" and "traditional" systems. Most beef livestock 
(89%) is kept on SNL. On the other hand,  communal livestock husbandry, despite its relatively low 
productivity, remains a source of food and income for about 80% of the population. The authorities 
also note that the traditional belief that cattle ownership represents wealth contributes to holding 
back the commercial development of the sector. The cattle population peaked in 2014/15 and has WT/TPR/S/ 447 • Eswatini  
 
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  been recovering since as ove r 80,000  cattle deaths were reported in the 2015/16  drought 
(Table  4.3). Eswatini is a net importer of beef.  
4.24.   The Livestock Development Policy , 1995, reviewed in 2016, is the main policy document for 
the subsector and aims to promote rural employment, high -quality husbandry and feeding practices, 
and encouraging farmers to expand into the processing stage. The Swaziland Livestock Identification 
and Traceability System, established in 2018, aims to help farmers meet uniform standards of 
traceability, avoid pr opagation of diseases, and minimize local and cross -border theft. A programme 
for tick control and rabies vaccination is in place; the service is free for SNL farmers. The programme 
is subsidized with about SZL 11 million annually.  
4.25.   Privately owned Eswatini  Meat Industries Limited (EMI) is the only exporter of meat products. 
It operates the Simunye abattoir, the only certified export abattoir.  
4.26.   Local dairy processing is limited. The Eswatini Dairy Board plays both a developmental and 
regulatory function in th e industry. Imports of dairy products, including from other SACU countries, 
are subject to levies (Section  3.1.2).  
Table  4.3 Livestock production, 2014 /15-2020/ 21 
Population ('000 heads)  2014/15  2015/16  2016/17  2017/18  2018/19  2019/20  2020/21  
Cattle  620.0  594.2  531.4  501.4  501.6  527.1  555.4  
Beef herd  .. 589.4  525.6  496.1  496.6  522.0  549.0  
Dairy herd  .. 4.8 5.8 5.3 5.0 5.1 5.4 
Calves  85.8 80.6 66.4 84.2 93.8 107.1  .. 
Goats  441.1  443.2  501.5  478.9  480.7  507.0  .. 
Sheep  15.9 14.9 16.8 16.3 16.1 17.3 .. 
Pigs 39.8 38.5 42.8 38.3 40.7 50.2 .. 
Poultry – Broilers  1,459.4  506.1  660.9  586.2  435.0  804.5  630.6  
Poultry – Layers  183.8  1,073.9  170.1  119.2  387.3  524.0  358.6  
.. Not available . 
Source:  CBE, Annual Report 2015/16  and Annual Economic Review Report 2020/21 ; and information 
provided by the Department of Veterinary & Livestock Services  of the MOA. 
4.1.3.3   Maize  
4.27.   Maize is Eswatini's most important staple food. It is the most cultivated crop, grown mainly 
on SNL. This farmland is usually not irrigated and is more exposed to weather risks. Production is 
also characterized by limited use of fertilizers and low -quality seeds. While domestic production 
stagnated during the period under review, imports of maize, m ostly from South  Africa, have strongly 
increased to meet local consumption , which is estimated at 140,000  tonnes per year (Table  4.4). 
The 2016 harvest failed mainly due to the El Niño weather effect. Total maize production in 2022 is 
estimated at 127 000  tonnes, 30% above the previous 5 ‑year average.  
Table  4.4 Maize indicators, 2014 -21 
 2014  2015  2016  2017  2018  2019  2020  2021  2022  
Cultivated area ('000  ha) 87.2 65.0 26.9 67.8 90.7 75.4 68.0 70.0 74.8 
Production ('000 MT)  119.0  82.0 33.0 84.0 113.0  95.0 87.0 100.0  127.3  
Yield (MT/ha)  1.37 1.26 1.22 1.24 1.25 1.26 1.28 1.43 1.70 
Imports ('000 MT)  83.3 95.8 138.3  119.2  117.8  150.0  185.6  163.2  52.5 
Imports (USD  million)  23.5 22.3 37.8 25.1 22.9 29.7 37.6 41.5 .. 
South  Africa  21.6 20.9 37.2 24.2 21.4 29.5 36.7 39.7 .. 
Zambia  1.9 1.2 0.5 0.5 1.2 0.2 0.6 1.1 .. 
.. Not available . 
Source:  UN Comtrade;  and FAO Stat,  Crops and Livestock Products . Viewed  at: 
https://www.fao.org/faostat/en/#data/QCL . 
4.28.   The N MC, a state -owned enterprise established under the MOA in 1985, is in charge of trading 
maize, cereals (sorghum, ric e), and pulses. It purchases maize from farmers at a price fixed by the 
MOA, as well as other cereals, in accordance with the Control of Cereals Act No.  28 of 1959. To 
increase productivity among maize farmers, the MOA established a Soil Testing Unit, a Tr actor-Hire 
Service Unit, grain storage services, and seed quality control services. Small -scale maize farmers WT/TPR/S/ 447 • Eswatini  
 
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  are the main beneficiaries of the input subsidy programme (Section  4.1.2). Larger -scale farmers 
may benefit from concessional loans provided by a revolving fund.  
4.29.   Imported maize is subject to a permit issued by the Ministry of Finance. Additionally, a levy 
of 1% and  8% on imported maize and maize products , respectively, including from other SACU 
countries, is collected by the NAMBOARD.  
4.1.3.4   Other products  
4.30.   Eswatini produces citrus in an area of some 12 000  ha, mostly on large farming estates. 
Annual production fluctuates around 95 000  tonnes (Table  4.5). 
Table  4.5 Citrus indicators, 2014 -21 
 2014  2015  2016  2017  2018  2019  2020  2021  
Area harvested ('000  ha) 12.0 11.8 11.9 11.9 12.1 12.1 12.2 12.3 
Production ('000 MT)  94.1 92.2 92.3 92.6 93.7 94.2 94.9 95.7 
Total exports (USD  million)  6.0 6.0 6.1 6.7 11.9 9.6 9.3 9.4 
Sources:  UN Comtrade  and FAO Stat. Viewed  at: https://www.fao.org/faostat/en/#data/QCL . 
4.31.   Cash-crop production of h orticulture, including for export markets, has increased in 
importance over the past years. The m ost common products include cabbages, baby vegetables, 
spinach, lettuce, broccoli, tomatoes, potatoes, peppers, onions, and butternuts. A revolving fund 
launch ed in 2023 supports horticultural farmers.  
4.32.   Eswatini's forest land, extending over 24% of its land area, is a key natural resource. Forestry 
and wood products make up for about 4% of merchandise exports. The sector faces several 
challenges, including defore station and unsustainable production and harvesting methods. The 
Ministry of Tourism and Environmental Affairs is responsible for policy formulation in the forestry 
sector.  
4.2  Mining and quarrying  
4.33.   With a contribution of under 0.2% to GDP, mining and quarrying  are activities of minor 
importance in Eswatini. The main products are coal, quarried stone, and gold (Table  4.6). Coal is 
mostly exported to South  Africa, while quarried stone is used mainly for local house and road 
construction. The planned reopening of the Mpaka Colliery, coupled with the construction of a 
coal-fired power station nearby, could lead to increased coal production in the future.  
Table  4.6 Mining and quarrying indicators , 2014/15 -2021/22  
 2014/15  2015/16  2016/17  2017/18  2018/19  2019/20  2020/21  2021/22  
Production          
Coal ('000 MT)  177.9  141.7  158.4  202.3  144.3  109.9  161.8  162.7  
Quarried stone 
('000 M3) 310.6  396.0  419.6  291.1  257.8  277.4  210.0  257.9  
Gold ('000 
grams)  .. .. .. .. 4.1 6.1 .. .. 
Sales values 
(SZL million)          
Coal 210.3  177.6  188.1  283.2  242.0  214.6  317.9  310.9  
Quarried stone  36.8 39.3 48.8 58.0 48.5 39.4 45.4 64.2 
Gold .. .. .. .. 2.3 3.4 .. .. 
Total sales  251.1  216.9  236.9  341.2  292.7  257.4  363.3  375.1  
..  Not available.  
Note:  M3 = cubic metres.  
Source:  Ministry of Natural Resources & Energy; CBE, Annual Economic Review Report 2021/2022  and 
Annual Report 2016 -17. Viewed at: www.centralbank.org.sz . 
4.34.   The Constitution establishes that all mining rights are vested in the King, and mining royalties 
are paid to a royal trust fund. The Mines and Minerals Act , 2011 distinguishes between two mining 
operations. On one hand, there a re small -scale operations, which are reserved for Eswatini citizens WT/TPR/S/ 447 • Eswatini  
 
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  and corporations  majority -owned by Eswatini citizens. On the other hand, there are large -scale 
operations that require a licence for reconnaissance prospecting and mining activities.  
4.35.   Minin g licences are issued by the Ministry of Natural Resources and Energy  (MNRE) . 
Applications for a licence must be lodged to the Commissioner of Mines, stating the type of licence 
sought (reconnaissance, prospecting, or production). The King makes a final de cision, based on the 
Minerals Management Board's recommendation and other supporting information.  
4.36.   Under the Mines and Minerals Act , 2011, 25% shareholding in any large -scale mining project 
automatically belongs to the King and another 25% share belongs to the Government. In addition,  
a royalty based on the gross sale value of operations is to be paid to the King.  
4.37.   Eswatini has been a participant in the Kimberley Process since May  2011. It is not a member 
of the Extractive Industries Transparency Initiative.  
4.2.1   Policies  
4.3  Energy  
4.38.   Eswatini is a net importer of energy. It meets its energy demands through biomass (firewood 
and bagasse from sugar production), electricity, petroleum products, and coal. The use of renewable 
energy remains minimal.  
4.39.   Policies for  the energy sector are formulated by the MNRE. The National Energy Policy , 2018, 
replacing the National Energy Policy , 2003, is the sector's main policy document. The overall 
objective is to ensure stable and affordable access to energy by , inter alia, further liberalizing the 
electricity market. The Ministry seeks to increase the role of renewable energies and formulated a 
strategy framework and action plan.  
4.40.   The legal framework for the energy sector is provided by the Energy Regulatory Act, the 
Electricity  Act, and the Eswatini Electricity Company Act, all of 2007. The Electricity Act opened 
markets for the generation, transmission, and distribution of electricity. It establishes licensing 
conditions for each market segment.  
4.41.   The Eswatini Electricity Regulat ory Authority (ESERA), the regulator for the sector, issues 
licences for the generation, transmission, distribution, importation, and exportation of electricity. It 
is also responsible for regulating electricity prices. The Eswatini Electricity Company (EE C) is a 
state-owned company in charge of generating, transmitting, and distributing electricity. It continues 
to hold a de facto monopoly on transmission, distribution, supply, and import of electricity, and 
operates the national grid. The EEC is also the sole purchaser of electricity in the market. It 
purchases power from a few local private producers, for which the terms of operation are settled in 
a power purchasing agreement. The largest independent power producer  (IPP) is the Ubombo Sugar 
co-generation  project, a mostly privately owned company, with a capacity of 40  MW. 
4.42.   Domestic production of electricity in Eswatini is limited, despite increasing domestic 
generation in recent years (Table  4.7). Most electricity is imported from South  Africa (78% of 
imports in average years), but also from Mozambique and Zambia. Domestic production , mainly 
from hydropower, is vulnerable to  droughts as was the case in 2016.  
Table  4.7 Electricity generation and consumption (GWh ), 2014 /15-2021/2 2 
 2014/15  2015/16  2016/17  2017/18  2018/19  2019/20  2020/21  2021/22  
Domestic 
generation  278.7  178.8  171.2  268.2  326.6  297.6  337.1  354.1  
Imports  978.0  1,079.0  1,046.0  1,020.1  950.6  1,043.8  930.4  920.6  
EEC sales  1,074.4  1,084.0  1,217.2  1,288.3  1,277.2  1,341.4  1,064.1  1,128.4  
Source:  CBE, Annual Report 2016/17  and Annual Economic Review Report 2021/2022 ; and information 
provided by the E EC. 
4.43.   Due Eswatini's limited domestic energy production and its landlocked  location , the 
transmission network is important. The 400  kV line that crosses the country is the main WT/TPR/S/ 447 • Eswatini  
 
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  interconnector with South  Africa and Mozambique. It is operated by MOTRACO, a joint venture 
between E EC, ES KOM, and EDM.  
4.44.   Access to electricity improved significantly du ring the review period (Table  4.8). The electricity 
tariff structure applies different rates to various categories of users.  
Table  4.8 Access to electricity, 2014 -20 
 2014  2015  2016  2017  2018  2019  2020  
Access to electricity (% of population)  65.0 64.0 63.4 73.5 73.9 76.9 79.7 
Access to electricity, urban (% of urban 
population)  84.0 80.6 81.0 85.6 87.9 90.1 92.2 
Access to electricity, rural (% of rural population)  59.3 59.0 58.1 69.8 69.5 72.7 75.8 
Source:  World Bank, World Development Indicators, 2023.  
4.45.   Eswatini has no oil reserves or oil refining facilities. It imports petroleum products mainly from 
South  Africa's Durban refineries.  
4.46.   The Petroleum Act , 2020 lays out the requirements for the productio n and disposal of 
petroleum products. It also establishes the Eswatini National Petroleum Company (ENPC) as the 
National Oil Company , which has the objective of securing the supply of petroleum products by 
maintaining a strategic reserve.  
4.47.   The MNRE plans to construct a public 80 -million -litre fuel storage facility in Phuzumoya. The 
Government also plans to require oil companies to store a minimum quantity of stocks with the 
ENPC.  
4.48.   Fuel imports require a licen ce that is issued by the Ministry of Finance. The MNRE fixes retail 
prices of petroleum products such as petrol, gasoline, diesel , and illuminating paraffin. Petrol and 
diesel are subject to a fuel oil levy and a fuel tax; as at June  2023 these amount to SZL 0.70 and 
SZL 2.20 per  litre, respectively. Pump prices are set by the MNRE.  
4.4  Manufacturing  
4.49.   The contribution of manufacturing to Eswatini's GDP declined from nearly 34% in 2015 to 
under 27% in 2021. Manufacturing activities mostly centre on agro-processing (sugar, soft drinks, 
canned frui t) and timber products. The Ministry of Commerce, Industry and Trade (MCIT) is 
responsible for the promotion of industrial development in Eswatini. An Eswatini National Industrial 
Policy (NIP) was first formulated by the MCIT in 2015; it is currently being  revised. Incentives for 
manufacturing companies are mainly provided in the form of investment incentives ( Section  2.4). 
4.50.   Textile and apparel account for 10% to 12% of exports. Eswatini's eligibility for the African 
Growth and Opportunity Act (AGOA ) is an i mportant growth determinant for the textile and apparel 
sector.59 Tariff concessions are available for the textile sector , which is facing several challenges, 
including ( i) skills shortages; ( ii) high transport costs for exports; ( iii) the high cost and poor supply 
of water and electricity to factories; ( iv) limited access to finance; and ( v) poor compliance with 
environmental standards.60 With a view to increasing textile exports, the Government adopted a 
National AGOA Utilization Strategy and Action Pla n in 2021.  
 
59 In June  2014, the United  States withdrew Eswatini's eligibility for benefits under the AGOA, effective 
January  2015. In January  2018, AGOA benefits were restored.  
60 World Ban k (2022): Creating Markets in Eswatini: Strengthening the Private Sector to Grow Export 
Markets and Create Jobs . WT/TPR/S/ 447 • Eswatini  
 
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  4.5  Services  
4.5.1   Overview  
4.51.   The services sector provides around 54% of Eswatini's GDP. During the period under review, 
Eswatini remained a net importer of services. In 2021, imports of services amounted to 
USD 238 million, whereas exports stood at USD  72 million.  
4.52.   Eswatini's specific commitments under the GATS are limited to some business services, 
hospital services, and hotel and restaurant services.61 Its horizontal commitments comprise 
nine subsectors.62 For all of them, there are no market access limita tions for consumption abroad or 
commercial presence, while measures affecting cross -border supply are unbound. Under movement 
of natural persons, Eswatini bound the supply of services by senior staff in several professional 
services.  
4.53.   Eswatini lodged MFN ex emptions in relation to financial services and road transport. The 
former covers preferential access for members of the Common Monetary Area (CMA) to Eswatini's 
capital and money markets and the maintenance of exchange controls by the CMA. The latter cover s 
any existing or future bilateral agreements on international road and rail transport reserving or 
limiting the supply of a transport service between Eswatini  and the parties to such agreements.  
4.5.2   Financial services  
4.54.   Financial services contribute between 6% and 7% to Eswatini's GDP. The banking system is 
composed of the Central Bank of Eswatini  (CBE), three  commercial banks (all headquartered in 
South  Africa) , and one  local development bank. Nonbank financial institutions (NBFI) remain the 
dominant element in  the financial system, with total assets of SZL 95.3 billion as at end -2021, 
accounting for roughly 70% of total financial system assets.63 
4.55.   CBE's Financial Regulation Department (FRD) is responsible for the regulation and supervision 
of commercial banks, w hile the Financial Services Regulatory Authority (FSRA) is responsible for 
regulating NBFIs. However, the FSRA is to be consolidated with the CBE as part of public enterprise 
reform. A revised FSRA Bill has been drafted but has not been passed into law as at June  2023. 
4.56.   To operate as a commercial bank, a licence from  the CBE is required. The Financial Institutions 
Act, 2005 lists licensing requirements, which include a statement of business purpose, capital 
adequacy and sound financial integrity, balance she ets, and, in the case of a foreign financial 
institution, evidence that it is subject to comprehensive supervision in its home country. Fees for a 
first-time licence are SZL 6,000. Detailed regulations on licensing procedures were adopted by 
the CBE in 202 1.64 
4.57.   According to the IMF,  Eswatini's "banking sector is liquid and well -capitalized ".65 However, 
financial sector holdings of government securities amounted to about 16% of total assets, leaving 
the sector exposed to sovereign risk.  
4.58.   Raising financial inclusion has been a key government goal. The National Financial Inclusion 
Strategy (NFIS) f ocuses on the rural population, microfinance, SMEs, agriculture , and women and 
youth. To this end, a Centre for Financial Inclusion has been established under the auspices of the 
Ministry of Finance. The Eswatini Development Finance Corporation (FINCORP), established in 1995, 
 
61 WTO document S/DCS/W/SWZ/, 24  January  2003.  
62 Engineering services, integrated engineering services, medical and dental services, consultancy  
services related to the installation of computer hardware, research and experimental services on natural 
science and engineering, management consulting services, technical testing and analysis services, hospital 
services, and hotel and restaurant services .  
63 Financial Services Regulatory Authority Report 2021.  
64 CBE (2021), CBE Policy on Licensing of Banking and Financial Institutions No.  1 of 2021. Viewed  at: 
https://www.centralbank.org.sz/wp -content/uploads/2021/04/CBE -Licensing -policy.pdf   
65 IMF (2023) , Kingdom of Eswatini: Staff Report for the 2023  Article  IV Consultation , IMF Country 
Report No.  23/160, p.  6. Viewed  at: https://www.imf.org/en/Publications/CR/Issues/2023/05/05/Kingdom -of-
Eswatini -2023-Article -IV-Consultation -Press -Release -Staff-Report -and-Statement -533091 . WT/TPR/S/ 447 • Eswatini  
 
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  has the objective of providing accessible financial services to SMEs . FINCORP's gross loan portfolio 
is approximately  SZL 1 billion.  
4.59.   As at December  2021, the insurance sector comprised 16  insurance companies, 2 reinsurers, 
33 insurance  brokers, 39  corporate agents, and 147  licensed individual agents. An insurance 
company may not provide both life and non -life insurance products. Premiums are 
market -determined.  
4.60.   The Eswatini Stock Exchange was established in 1990. Market capitalization wa s 
SZL 4.4 billion as at June  2023. There are 6 collective investment schemes, 14  investment advisers, 
2 trustees, 1 exempt dealer, and 2 stockbrokers.  
4.5.3   Telecommunications and postal services  
4.61.   Information and communication services contribute about 4% to Eswa tini's GDP. The M CIT is 
responsible for policy formulation in the telecommunication s sector. The Eswatini Communications 
Commission (ESCCOM) is responsible for regulating telecommunication s services and networks, 
broadcasting services, postal services, and  the use of the radio spectrum; it derives its mandate 
from the Swaziland Communications Commission Act66 No. 10 of 2013.  
4.62.   Access to and use of telecommunication s services in Eswatini continued to increase during 
the review period (Table  4.9). However, adop tion of broadband services remains low. Mobile 
broadband is the predominant way to access the Internet.  
Table  4.9 Selected telecommunication indicators, 2014 -21 
 2014  2015  2016  2017  2018  2019  2020  2021  
Access to communication tools  
Fixed -line subscriptions ('000)  44.4  43.0  42.0  36.8  44.1  42.5  47.0 46.1 
Fixed -line subscriptions per 100 
inhabitants  3.94 3.79 3.68 3.20 3.80 3.63 3.98 3.86 
Mobile subscriptions ('000)  916.8  941.0  995.0  1,027.5  1,042.7  1,074.3  1,249.3  1,431.3  
Mobile subscriptions per 100 
inhabitants  81.43  82.99  87.09  89.24  89.85  91.85  105.82  120.05  
Internet penetration  
Fixed (broadband) subscriptions 
('000)  5.1  6.0  7.0 15.5  21.9  24.1 27.3 30.8  
Fixed (broadband) subscriptions 
per 100 inhabitants  0.5 0.5 0.6 1.3 1.9 2.1 2.3 2.6 
Mobile (broadband) subscriptions 
('000)  101.0  160.0  169.1  650.3  692.3  812.4  1,000.1  1,365.2  
Mobile (broadband) subscriptions 
per 100 inhabitants  9.0 14.1 14.8 56.5 59.7 69.5 84.7 114.5  
Internet users (% of the 
population)  25.0 25.6 28.6 35.3 43.7 54.0 56.4 58.9 
Quality of Internet  
International bandwidth (Mbit/s)  590  1,802  2,155  2,500  .. .. .. .. 
International bandwidth per 
Internet user (bit/s)  2,096.2  6,197.2  6,601.9  6,151.0  .. .. .. .. 
.. Not available . 
Source:  International Telecommunication Union (ITU), ICT Statistics Database. Viewed  at: 
https://www.itu.int/en/ITU -D/Statistics/Pages/stat/default.aspx . 
4.63.   Eswatini Posts and Telecommunications Corporation (EPTC) provides fixed -net services, while 
mobile services are provided by three  independent private providers. Eighteen  licensed service 
providers offer Internet services. For mobile networks and the Internet, licences are granted by 
ESCCOM  for a period of 10  years.  
4.64.   EPTC has a partial monopoly and exclusivity of first mile (international connectivity) and 
middle mile (natio nal backbone) connectivity. It has been noted that EPTC's unbundling is among 
 
66 Swaziland Communications Commission Act, 2013 , Government Gazette  (2013), No.  97, Vol. LI, 
31 July. Viewed  at: https://www.esccom.org.sz/legislation/SwazilandCommunicationsCommissionAct.pdf .  WT/TPR/S/ 447 • Eswatini  
 
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  the most critical SOE reforms, and a necessary step to increase competition and private investment 
in the digital sector.67 
4.65.   The Universal Access and Service Fund (UASF), establis hed in 2013  and managed by ESCCOM, 
seeks to ensure that all citizens have access to Internet, broadcasting, and postal services at 
affordable prices. Universal access throughout the country is to be achieved by 2025. Until end -2022, 
the Fund has had an acc umulated expenditure of some SZL 94 million.  
4.66.   New legislation on electronic communication s, cybercrime, and data protection was enacted 
in 2022. The Electronic Communication and Transactions Act , 2022 regulates electronic transactions, 
electronic communications, and the use of e -government services. The Data Protection Act , 2022 
establishes rules for the collection, processing, disclosure, and protection of personal data. The 
Computer Crime and Cybercrime Act , 2022 criminalizes offences committed t hrough the usage of 
computer systems and electronic communications networks. It enables the investigation and 
collection of evidence for computer and network -related crimes. In addition, it establishes the 
National Cybersecurity Advisory Council, and gives  it the power to regulate and coordinate 
cybersecurity matters. Developed by ES CCOM, the Eswatini National Cybersecurity 
Strategy  2022-2027 constitutes an approach to protect Eswatini's data systems and networks from 
cyber threats.  
4.5.4   Transport  
4.67.   Transport serv ices contribute about 2% to Eswatini's GDP. The Ministry of Public Works and 
Transport (MPWT) is the lead agency for the sector. Road transport is managed by the Ministry's 
Road Transportation Department, while rail and air transport are supervised respect ively by Eswatini 
Railways and the Eswatini Civil Aviation Authority (ESWACAA).  
4.68.   Road transport is used as the main channel for transportation of goods, including for export 
and import. Eswatini has approximately 1,500  km of main roads and 2,270  km of mostl y unpaved 
secondary roads. In 2022, a two -lane dual highway connecting Manzini and Mbadlane was 
inaugurated. Eswatini is a signatory to the SACU Memorandum of Understanding on Road 
Transportation.  
4.69.   Eswatini does not regulate prices for cargo transport. In t he case of passenger transport, 
private operators submit fare proposals to the MPWT, which then issues a decree establishing 
maximum fares per kilometre.  
4.70.   Eswatini Railways, a state -owned enterprise, provides only cargo transport services. 
Employing some 37 0 staff, it operates a 301  km rail network and owns and maintains the 
infrastructure. Annual revenue in 2021 was SZL 247 million. Eswatini's railway system is linked to 
the ports in Durban, South  Africa, and Maputo, Mozambique. Transit traffic, mostly for mining 
products, makes up for more than 90% of the tonnage. Only Eswatini nationals are allowed to work 
as train conductors. In March  2023, construction started for a new 146 -km line (of which 100  km in 
Eswatini) from Lothair (in the South  African region o f Mpumalanga) to Eswatini.  
4.71.   Eswatini has two airports (King  Mswati  III International Airport and Matsapha Airport) and an 
airstrip in Nhlangano. King  Mswati  III International Airport, located some 80 kilometres from 
Mbabane, was opened in 2014 and has a run way of 3,600  metres. Its construction cost was 
estimated at USD  280 million. As at June  2023, the airport caters mainly to a few daily flights 
provided by medium -sized aircraft. Air passengers in Eswatini totalled 36,157 in 2022.  
4.72.   In accordance with the Civ il Aviation Act , 2022, the ESWACAA is responsible for the regulation 
and supervision of air transport services. It also operates the two airports. However, the private 
sector may participate in the provision of certain services such as ground handling.  
4.73.   The state-owned Royal Eswatini National Airways Corporation (RENAC) provides air transport 
services. Eswatini Air, a new airline and daughter company of RENAC, commenced operations in 
March  2023 with a twice -daily flight to Johannesburg.  
 
67 World Bank (2022): Creating Markets in Eswatin i: Strengthening the Private Sector to Grow Export 
Markets and Create Jobs ; and (2023) Digital Economy Diagnostic: Eswatini . WT/TPR/S/ 447 • Eswatini  
 
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  4.74.   Air cargo services re main of very limited importance due to their high cost. Instead, Eswatini 
exporters opting for air transport send their shipments to the Johannesburg airport by road, and 
from there link to airfreight services to overseas markets. In 2022/23 total air carg o amounted to 
89.8 tonnes, down from 184.4  tonnes in 2017 -18. 
4.75.   Eswatini maintains bilateral air services agreements (BASAs) with 9 countries and 
memoranda of understanding with 11 others (Table  4.10). In June  2022, together with seven other 
COMESA members, it signed the Solemn Commitment for the establishment of the Single African Air 
Transport Market (SAATM). Under SAATM, signatories should grant 5th freedom rights.  
Table  4.10 Bilateral air services agreements, 2023  
Partner  Status  Freedoms 
covered  
Australia  BASA signed 28  November  2008 1st, 2nd, 3rd, 4th 
Botswana  MoU signed, BASA initialled  1st, 2nd, 3rd, 4th  
Ethiopia  BASA signed 18  October  2011 1st, 2nd, 3rd, 4th  
Kenya  BASA signed 27 November  2010 1st, 2nd, 3rd, 4th, 5th  
Kuwait, State of  BASA signed 23  July 2009 1st, 2nd, 3rd, 4th, 5th 
Libya MoU signed 12  December  2013 1st, 2nd, 3rd, 4th, 5th 
Mozambique  BASA signed 23  September  2005 1st, 2nd, 3rd, 4th 
Namibia  MoU signed 11 December  2013, BASA initialled  1st, 2nd, 3rd, 4th, 5th  
Qatar  BASA signed 16  May 2022 1st, 2nd, 3rd, 4th, 5th 
Rwanda  BASA signed 12  December  2012 1st, 2nd, 3rd, 4th 
Saudi  Arabia, Kingdom of  MoU signed 11  December  2013, BASA initialled  1st, 2nd, 3rd, 4th 
Seychelles  MoU signed 11  December  2013, BASA initialled  1st, 2nd, 3rd,4th 
South  Africa  MoU signed December  2012 1st, 2nd, 3rd, 4th, 
Sudan  MoU signed 10  December  2012 1st, 2nd, 3rd, 4th 
Tanzania  MoU signed 11  December  2013, BASA initialled  1st, 2nd, 3rd, 4th, 5th 
Türkiye  MoU signed 1  May 2013 1st, 2nd, 3rd, 4th 
United Arab Emirates  BASA signed 9  December  2012 1st, 2nd, 3rd, 4th 
Zambia  MoU signed 12  December  2013, BASA initialled  1st, 2nd, 3rd, 4th, 5th 
Zimbabwe  MoU signed 11  December  2012, BASA initialled  1st, 2nd, 3rd, 4th, 5th 
Source:  Information provided by the authorities.  
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  5  APPENDIX TABLES  
Table  A1.1 Imports by HS section/chapter/subheading, 2014 -22 
HS section/chapter/  
subheading  2014  2015  2016  2017  2018  2019  2020  2021  2022  
Total imports  
(USD  million)  1,730.3  1,508.4  1,536.5  1,611.8  1,857.5  1,832.4  1,605.3  2,122.9  .. 
  (% of total)  
1-Live animals and products  3.1 3.2 2.7 3.0 2.7 2.4 2.5 2.2 .. 
2-Vegetable products  5.8 5.9 7.5 6.5 7.7 6.4 8.3 7.1 .. 
3-Fats and oils  0.7 0.7 0.8 0.7 0.6 0.7 0.7 1.0 .. 
4-Prepared food, beverages, and 
tobacco  8.2 8.6 8.4 9.0 8.7 9.5 9.7 9.0 .. 
5-Mineral products  18.0 13.9 12.9 13.1 16.6 18.1 17.1 18.9 .. 
HS 27 Mineral fuels  16.6 11.8 11.0 11.3 14.7 16.2 15.0 17.1 .. 
HS 2710 Petroleum oils and 
oils obtained from 
bituminous minerals, other 
than crude  14.7 11.0 9.8 10.4 11.1 11.5 9.1 8.6 .. 
HS 2716 Electrical energy  0.8 0.0 0.2 0.0 2.8 3.6 4.3 7.3 .. 
6-Chemicals and products thereof  12.6 14.8 13.9 13.6 12.9 12.9 15.0 13.8 .. 
7-Plastics and rubber  5.3 5.7 5.6 5.5 5.1 4.9 5.0 5.3 .. 
8-Raw hides and skins; leather, 
furskins and articles thereof  0.3 0.2 0.2 0.2 0.2 0.2 0.2 0.2 .. 
9-Wood, cork, straw  1.1 1.4 1.6 1.3 1.2 1.1 1.1 1.5 .. 
10-Pulp of wood; paper and 
paperboard  3.8 3.9 2.8 2.9 2.7 2.8 2.4 2.3 .. 
11-Textiles and textile articles  8.2 8.1 7.9 9.6 9.2 9.2 9.2 9.3 .. 
12-Footwear, headgear, etc.  1.2 1.2 1.3 1.4 1.2 1.1 1.0 1.0 .. 
13-Articles of stone, plaster, 
cement  1.1 1.2 1.3 1.1 1.1 1.0 1.1 1.0 .. 
14-Precious stones and metals  0.0 0.1 0.0 0.0 0.0 0.0 0.3 0.0 .. 
15-Base metals and articles 
thereof  5.7 5.6 6.5 6.5 6.1 5.6 5.5 5.7 .. 
16-Machinery, electrical 
equipment  10.5 11.9 11.2 12.1 12.0 11.4 10.5 10.3 .. 
HS 84 Machinery and 
mechanical appliances; parts 
thereof  6.2 7.2 6.6 6.8 7.1 6.5 6.0 5.9 .. 
HS 8471 Automatic data 
processing machines and 
units thereof  0.5 0.7 0.7 0.7 0.6 0.6 0.6 0.8 .. 
HS 8429 Mechanical 
shovels, excavators, shovel 
loaders  0.5 0.5 0.5 0.3 0.6 0.4 0.3 0.6 .. 
HS 85 Electrical machinery 
and equipment and parts 
thereof  4.3 4.7 4.6 5.3 4.9 4.9 4.5 4.4 .. 
HS 8517 Telephone sets, 
including telephones for 
cellular networks or for 
other wireless networks  0.8 1.1 1.1 1.4 1.0 1.0 0.8 1.0 .. 
HS 8544 Insulated wire, 
cable and other insulated 
electric conductors  0.6 0.4 0.5 0.6 0.6 0.6 0.5 0.6 .. 
17-Transport equipment  9.9 8.4 8.9 7.3 6.4 7.2 5.8 5.4 .. 
18-Precision equipment  1.0 1.0 1.4 1.4 1.0 1.1 1.4 3.5 .. 
19-Arms and ammunition  0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 .. 
20-Miscellaneous manufactured 
articles  2.3 2.5 3.2 2.7 2.8 2.7 2.4 2.0 .. 
21-Works of art, etc.  0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 .. 
Other  1.1 1.5 1.9 2.1 1.8 1.7 0.8 0.6 .. 
.. Not available.  
Source:  WTO Secretariat calculations, based on UN Comtrade database.  
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  Table  A1.2 Merchandise exports by HS section/chapter/subheading, 2014 -22 
HS section/chapter/  
subheading  2014  2015  2016  2017  2018  2019  2020  2021  2022  
Total exports (USD  million)  2,011.2  1,820.5  1,716.4  1,801.0  1,842.4  2,001.6  1,752.1  2,068.5  .. 
  (% of total)  
1-Live animals and products  0.6 0.7 0.6 0.4 0.2 0.2 0.2 0.3 .. 
2-Vegetable products  0.7 0.7 0.8 0.8 1.2 1.0 1.0 0.9 .. 
3-Fats and oils  0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 .. 
4-Prepared food, beverages and 
tobacco  28.2 29.4 28.5 24.7 25.9 29.1 31.6 29.6 .. 
HS 17 Sugars and sugar 
confectionery  24.1 24.6 22.8 19.7 20.5 23.7 25.1 22.7 .. 
HS 1701 Cane or beet 
sugar and chemically 
pure sucrose, in solid 
form 21.5 21.6 20.2 16.6 16.9 21.1 22.4 19.5 .. 
5-Mineral products  2.7 0.8 0.9 1.2 1.0 0.8 1.1 1.2 .. 
6-Chemicals and products 
thereof  47.8 47.9 48.3 50.8 48.0 47.1 45.2 44.7 .. 
HS 33 Essential oils and 
resinoids; perfumery, 
cosmetic or toilet 
preparations  28.4 29.0 32.2 35.4 33.9 31.9 30.2 30.0 .. 
HS 3302 Mixtures of 
odoriferous substances  28.4 28.9 32.0 35.3 33.7 31.8 30.1 29.9 .. 
HS 38 Miscellaneous 
chemical products  16.7 16.5 14.1 13.5 12.5 12.1 11.9 12.9 .. 
HS 3824 Prepared 
binders for foundry 
moulds or cores  16.7 16.5 14.1 13.5 12.5 12.1 11.8 12.9 .. 
7-Plastics and rubber  0.4 0.4 0.4 0.4 0.5 0.4 0.4 0.4 .. 
8-Raw hides and skins; leather, 
furskins and articles thereof  0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 .. 
9-Wood, cork, straw  3.4 4.0 5.3 5.5 5.7 5.4 5.4 6.9 .. 
10-Pulp of wood; paper and 
paperboard  2.4 3.8 1.3 0.8 0.9 0.6 0.5 0.5 .. 
11-Textiles and textile articles  11.1 9.9 11.5 12.5 12.6 12.1 11.4 12.7 .. 
HS 61 and HS 62 articles of 
apparel and clothing 
accessories  8.8 7.4 9.4 10.4 10.5 10.1 9.6 10.8 .. 
12-Footwear, headgear, etc.  0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 .. 
13-Articles of stone, plaster, 
cement  0.2 0.2 0.2 0.2 0.1 0.1 0.1 0.1 .. 
14-Precious stones and metals  0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 .. 
15-Base metals and articles 
thereof  0.4 0.3 0.3 0.4 0.5 0.3 0.3 0.3 .. 
16-Machinery, electrical 
equipment  1.3 1.2 1.0 1.2 2.1 1.5 1.6 1.3 .. 
17-Transport equipment  0.2 0.4 0.3 0.3 0.5 0.6 0.5 0.3 .. 
18-Precision equipment  0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 .. 
19-Arms and ammunition  0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 .. 
20-Miscellaneous manufactured 
articles  0.5 0.4 0.6 0.6 0.7 0.6 0.6 0.6 .. 
21-Works of art, etc.  0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 .. 
Other  0.0 0.0 0.0 0.0 0.1 0.0 0.0 0.0 .. 
.. Not available.  
Source:  WTO Secretariat calculations, based on UN Comtrade database.  
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  Table  A1.3 Merchandise imports by origin, 2014 -22 
 2014  2015  2016  2017  2018  2019  2020  2021  2022  
Total imports 
(USD  million)  1,730.3  1,508.4  1,536.5  1,611.8  1,857.5  1,832.4  1,605.3  2,122.9  .. 
  (% of total)  
Americas  1.7 2.2 1.8 1.7 1.7 2.0 2.5 1.9 .. 
United  States  1.6 2.0 1.3 1.3 1.2 1.6 1.9 1.5 .. 
Other America  0.1 0.2 0.5 0.4 0.5 0.4 0.6 0.4 .. 
Europe  2.5 4.9 5.6 4.9 5.3 5.8 5.0 4.8 .. 
EU-27 1.6 3.7 4.9 3.6 3.7 4.0 4.2 3.9 .. 
Ireland  0.2 1.1 1.2 1.1 1.0 1.0 1.1 1.0 .. 
Germany  0.3 0.9 0.6 0.6 0.5 0.7 0.8 0.7 .. 
Italy 0.1 0.5 1.2 0.5 0.7 0.9 0.4 0.3 .. 
EFTA 0.1 0.5 0.3 0.3 0.4 0.4 0.2 0.2 .. 
Other Europe  0.8 0.7 0.4 1.1 1.2 1.3 0.6 0.6 .. 
United  Kingdom  0.7 0.6 0.3 0.3 0.4 0.7 0.5 0.5 .. 
Commonwealth of 
Independent States 
(CIS)a 0.0 0.1 0.5 0.3 0.3 0.1 0.0 0.0 .. 
Africa  87.1 81.4 80.1 80.2 78.4 77.0 74.7 75.5 .. 
South  Africa  85.1 79.2 78.2 78.3 74.9 73.0 71.4 72.4 .. 
Mozambique  0.3 0.1 0.3 0.2 1.4 2.4 1.0 1.6 .. 
Lesotho  0.6 0.6 0.4 0.7 0.4 0.5 0.4 0.5 .. 
Zimbabwe  0.0 0.1 0.0 0.0 0.5 0.2 0.5 0.3 .. 
Middle East  0.1 0.3 0.4 0.2 0.3 1.6 2.4 1.8 .. 
Bahrain, Kingdom 
of 0.0 0.0 0.0 0.0 0.0 0.1 0.6 0.8 .. 
United  Arab 
Emirates  0.1 0.2 0.3 0.1 0.2 1.4 1.0 0.4 .. 
Saudi  Arabia, 
Kingdom of  0.0 0.0 0.0 0.0 0.0 0.0 0.6 0.4 .. 
Asia 8.7 11.2 11.5 12.6 14.0 13.5 15.4 16.0 .. 
China  3.9 4.1 4.3 6.5 6.2 7.2 7.3 9.7 .. 
Japan  0.8 1.1 1.0 1.0 1.3 1.2 1.5 0.7 .. 
Other Asia 3.9 6.0 6.2 5.1 6.6 5.1 6.6 5.6 .. 
India 1.5 4.1 2.5 2.2 3.7 2.1 3.4 2.7 .. 
Chinese  Taipei  1.3 1.1 1.0 0.8 0.9 0.8 1.0 1.2 .. 
Australia  0.0 0.0 0.1 0.1 0.0 0.0 0.0 0.5 .. 
Malaysia  0.2 0.2 0.2 0.1 0.2 0.4 0.7 0.5 .. 
Other  0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 .. 
Memo:          
  
SACU  85.7 79.9 78.8 79.0 75.4 73.5 71.9 72.9 ..  
.. Not available.  
a Commonwealth of Independent States, including certain associate and former member States.  
Source:  WTO Secretariat calculations, based on UN Comtrade database.  
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  Table  A1.4 Merchandise exports by destination, 2014 -22 
 2014  2015  2016  2017  2018  2019  2020  2021  2022  
Total exports  
(USD  million)  2,011.2  1,820.5  1,716.4  1,801.0  1,842.4  2,001.6  1,752.1  2,068.5  .. 
  (% of total)  
Americas  2.9 1.0 1.0 0.9 0.7 1.1 1.5 0.9 .. 
United  States  2.8 1.0 1.0 0.8 0.7 1.1 1.5 0.9 .. 
Other America  0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 .. 
Europe  13.6 11.6 9.2 4.4 4.5 6.2 5.9 5.4 .. 
EU-27 11.8 10.7 6.2 3.7 3.3 5.5 3.1 3.2 .. 
Spain  2.3 2.3 1.5 0.7 0.0 1.7 0.1 1.4 .. 
EFTA 0.2 0.2 0.3 0.1 0.1 0.1 0.2 0.3 .. 
Other Europe  1.6 0.7 2.7 0.6 1.1 0.5 2.6 1.9 .. 
United  Kingdom  1.6 0.7 2.7 0.6 1.1 0.5 2.6 1.9 .. 
Commonwealth of 
Independent States 
(CIS)a 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 .. 
Africa  81.4 87.2 89.3 94.2 92.9 92.2 92.1 92.9 .. 
South  Africa  58.8 62.7 65.4 69.4 68.5 66.6 65.0 67.9 .. 
Kenya  3.2 3.9 3.7 5.9 5.1 6.3 7.2 5.6 .. 
Nigeria  4.5 4.6 4.6 4.7 4.2 5.0 5.9 3.9 .. 
Mozambique  3.5 3.9 3.5 3.3 3.3 3.5 4.0 3.4 .. 
Zimbabwe  1.5 2.0 2.3 1.5 1.5 0.8 1.5 2.4 .. 
Tanzania  1.6 2.0 2.3 2.0 1.9 1.9 1.6 1.9 .. 
Botswana  0.7 0.9 0.9 0.7 1.0 1.4 1.1 1.5 .. 
Namibia  0.8 1.1 1.0 1.1 1.0 1.1 1.1 1.1 .. 
Zambia  0.8 1.0 0.9 0.6 0.8 1.0 0.6 1.0 .. 
Uganda  1.4 1.0 1.1 1.3 1.4 1.2 1.7 0.9 .. 
Congo  0.0 0.0 0.1 0.1 0.1 0.1 0.7 0.7 .. 
Angola  2.1 1.9 1.6 1.5 1.6 1.0 0.2 0.6 .. 
Mauritius  0.5 0.6 0.6 0.7 0.8 0.6 0.6 0.5 .. 
Middle East  0.2 0.1 0.1 0.1 0.1 0.1 0.1 0.1 .. 
Asia 1.9 0.1 0.3 0.4 1.6 0.2 0.3 0.5 .. 
China  1.7 0.0 0.0 0.0 1.3 0.0 0.0 0.0 .. 
Japan  0.0 0.0 0.0 0.0 0.1 0.0 0.1 0.1 .. 
Other Asia  0.1 0.1 0.3 0.3 0.3 0.2 0.3 0.4 .. 
Other  0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 .. 
Memo:          
.. 
SACU  60.6 64.9 67.5 71.3 70.5 69.2 67.4 70.8 .. 
.. Not available.  
a Commonwealth of Independent States, including certain associate and former member States.  
Source:  WTO Secretariat calculations, based on UN Comtrade database.