WT/TPR/S/447 /Rev.1  • Eswatini  
 
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  ANNEX 2 : ESWATINI  
 WT/TPR/S/447 /Rev.1  • 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 investme nt................................ ................................ ......................  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  ................................ ................................ ............................  128 
2.3.3   Regional agreements and arrangements  ................................ ................................ .. 129 
2.4   Investment framework  ................................ ................................ ............................  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 prohibitions, restrictions and licensing  ................................ ..........................  135 
3.1.5   Anti-dumping, countervailing, and safeguard measures  ................................ .............  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   Competition policy and price controls  ................................ ................................ ...... 139 
3.3.4   State trading, state -owned enterprises, and privatization  ................................ ...........  139 
3.3.5   Government procurement  ................................ ................................ .....................  140 
3.3.6   Intellectual property rights  ................................ ................................ ....................  141 
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 /Rev.1  • 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 services  ................................ ................................ ................................ . 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 a nd dairy products  ................................ .............................  134 
Table  3.3 Membership of WIPO administered treaties, 2023  ................................ .................  141 
Table  3.4 IPR applications and registrations, 2015 -22 ................................ .........................  142 
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 quarry ing indicators, 2014/15 -2021/22  ................................ ...............  147 
Table  4.7 Electricity generation and consumption (GWh), 2014/ 15-2021/22  ...........................  148 WT/TPR/S/447 /Rev.1  • Eswatini  
 
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  Table  4.8 Access to electricity, 2014 -20 ................................ ................................ ............  149 
Table  4.9 Selected telecommunication indicators, 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/Rev.1  • 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 international trade, with a trade/GDP rati o 
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/Rev.1  • 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 Develop ment 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 revenues 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 
rand, 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, which 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 South  Africa in recent years has lowered export earnin gs, 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 hi ghest 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 country poverty line (USD  3.65 per 
day, 2017 PPP). Ov er 90% of the poor population live in rural areas and predominantly relies on 
 
1 World Bank , The World Bank in Eswatini . Viewed  at: 
https://www.worldbank.org/en/country/eswatini/overview#:~:text=Development%20chal lenges,highest%20in
%20over%20a%20decade .  
2 Ministry of Labour and Social Security: 2021 Integrated Labour Force Survey . WT/TPR/S/ 447/Rev.1  • Eswatini  
 
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  subsistence 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 th e 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 quarter 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 review 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 services. 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 Ni ño-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 significant new challenge in recent years. Large -scale 
demonstrations calling for political reform occurred in 2021, leading to loss of life, closure of 
schools, and deployment of the army. Unrest also reflects discontent with high poverty, inequality, 
and a lack of opportunities. Tensions persisted in 2022 and 2023.  
 
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/Rev.1  • Eswatini  
 
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  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 reform 
agenda that focuses on the restoration of macro economic 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 rate 
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 since 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 wideni ng 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 paymen ts, 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 
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/ . 
 
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/Rev.1  • Eswatini  
 
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  1.14.  The near -term outlook for Eswatini's economy projects continued recovery and a surge in 
SACU revenue trans fers.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, slightl y 
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 
Eswatini's merchandise exports, while textiles make 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 impo rtant categories of imported goods are mineral 
products (mostly 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 geographic 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% a nd 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 per iod, 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 (Tab le A1.3 and Chart  1.2). Only 
about 0.5% of imports are sourced 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/Rev.1  • Eswatini  
 
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  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/Rev.1  • Eswatini  
 
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  Chart  1.2 Direction of 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 i n 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 (textiles and apparel). With a 
share of over 40% each, South  Africa and the U nited 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/Rev.1  • 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 significant than inward FDI and reached about 
USD 170 million in 2021.  
 WT/TPR/S/ 447/Rev.1  • 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 m ethods 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 government: 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. Furth ermore, 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 Pri me Minister, the Deputy Prime Minister, 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 commute 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 membe rs 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 proceeds to the 
Senate for enactment.  
2.4.  Eswatini's legal system consists of Roman -Dutch law and customary Swazi law. The judicial 
branch is composed of the Supreme Court, High Courts, and Magistrate Courts, as well as 
specialized courts such as Swazi Nationa l or Customary Courts. The judges of the superior courts 
(Supreme and High Courts) are appointed by the King on the advice of the Judicial Service 
Commission. By contrast, officers of the Swazi National Courts, which administer Swazi law, are 
appointed dir ectly by the King.  
2.5.  International agreements need to be approved by Cabinet and ratified by both chambers of 
Parliament. International agreements can be invoked before domestic courts when they have been 
domesticated, i.e.  if there is a related implementati on legislation.  
2.2  Trade policy formulation and objectives  
2.6.  For Eswatini, trade is a means to achieve economic growth, economic and export 
diversification, 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 mar kets and 
take full advantage of their preferences.  
2.7.  Eswatini's trade policy is mainly formulated within the framework of SACU, of which it is a 
member. Eswatini also participates in the Common Monetary Area (CMA) (Main  Report, 
Section  1.2). Its economy is c losely 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 Department (ITD) of the MCIT is responsible for trade negotiations and 
 
7 Constitution , Section  94(1).  WT/TPR/S/ 447/Rev.1  • Eswatini  
 
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  export promotion. Other government bodies involved in different aspects of trade policy 
formulation and implementation include the Ministries of Agriculture; Finance; Economic Planning 
and Development; Foreign Affairs; and Tourism and Environmental Affairs; as well as the Eswatini 
Revenue Service; the Central Bank of E swatini (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 Swazi land Employers and Chamber of Commerce). Through Business Eswatini, the private 
sector is represented in a number of national working committees, including the National Trade 
Negotiations Team (NTNT). Among other organizations representing the private sect or are the 
Chamber of Commerce and the Federation of the Swazi Business Community. The Eswatini Trade 
Consultative Forum provides a platform where Eswatini's national interests, negotiating positions, 
and trade negotiating strategies are deliberated. Howev er, 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 development goals, and identifies strategies such as improving 
the business environment, investment promotion, and economic diversificat ion 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 specific 
objectives to improve export performance, but was never implemented.  
2.11.  The MCIT is currently reviewing the Industrial and De velopment 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 val ue addition in non -traditional sectors; strengthen relationships 
with existing export markets to take full advantage of trade preferences; 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 Continental Free Trade Area ( AfCFTA), and SACU); 
secure Eswatini's interests in trade negotiations; promote exports through branding an d improved 
product quality; improve trade facilitation; play an effective role in SACU trade and tariff policy 
processes; and introduce technological innovation to enhance export competitiveness.  
2.12.  A National Trade Facilitation Committee (NTFC) was establish ed in  2013, reconfigured 
in 2018, and approved by the Cabinet and gazetted in  2019. The NTFC is mandated to facilitate 
both domestic coordination and implementation of provisions of the WTO Agreement on Trade 
Facilitation  (TFA) and any other trade facilita tion initiatives. It is accountable to Cabinet under the 
direction of the Cabinet's Subcommittee on Investment.  
2.13.  The Government has continued its efforts to improve the trade and investment environment 
in the form of new or updated legislation in several se ctors. Between 2007 and 2015, reforms 
focused on electricity, taxation/customs, sanitary measures and food safety, government 
procurement, competition policy, telecommunications, financial services, and air transport .9 
Since  2015, reforms have sought to s trengthen public finance management; stimulate the local 
economy and sectoral activity; improve financial services, communication, 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 en tered into force during 
the period under review (Table  2.1). 
 
8 The NDS  2023/24 -2027/28 replaced a previous Nati onal 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/Rev.1  • 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 trad e, 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, expor t subsidies), GATS enquiry point, contingency 
measures, 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 ca ses 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 organ izations, 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 (Austra lia) (DS265); EC – Export Subsidies on Sugar 
(Brazil)  (DS266); and EC – Export Subsidies on Sugar (Thailand)  (DS283).  WT/TPR/S/ 447/Rev.1  • 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 
European  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 M ercosur  and SACU members  1 November  2019 WT/COMTD/RTA11/N/1  
Agreement between M ercosur  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/R
ev.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 members  21 July 2017 G/RO/N/158  
Source:  WTO Secretariat, based on Eswatini's notifications.  
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 WT/TPR/S/ 447/Rev.1  • Eswatini  
 
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  in 2002, the Customs Union has approached all trade negotiations as a blo c (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 (M ain Report, Section  2.4.6). 
2.22.  Eswatini is the only SACU member that participates in the COMESA.12 COMESA's objective is 
to create an integrated and unified single economic space for goods, services, capital, and labour. 
This is to be achieved 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 launched in 2000, 
and the c ustoms 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, an d 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, Eswatini 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 concluded 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 EPA 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 and 
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 
2.30.  The Swaziland Investment Promoti on Act of 1998 is the main regulatory framework for 
investment activities. The Act establishes that, in principle, both local and foreign investors may 
 
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 -
content/uploads/2020/08/F inal-Post-COVID -19-Economic -Recovery -Plan-Eswatini -14082020_compressed -
1.pdf. WT/TPR/S/ 447/Rev.1  • Eswatini  
 
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  invest without restriction in any sector of the economy.16 The Act also guarantees (i)  protection 
from u ndue 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 investment 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 restricted 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, foreign investors may be allowed to acquire land titles 
subject t o 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 implementing 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 employment 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 co mmercial 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 
2.37.  Foreign investment is also hampered by heavy state in volvement 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 overconsumption.27 
 
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. Wher e local expertise 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 . 
27 World Bank (2 022): Creating Markets in Eswatini: Strengthening the Private Sector to Grow Export 
Markets and Create Jobs . WT/TPR/S/ 447/Rev.1  • Eswatini  
 
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  Table  2.3 Eswatini inv estment 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 SACU;  
• 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). Ho wever, 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 
 
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/Rev.1  • 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 an d Trade (MCIT) and a Tax 
Identification Number (TIN). According to the authorities, it takes about three days to obtain both. 
In addition, any person wishing to engage in trading certain controlled agricultural products 
(scheduled agricultural products) mu st 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 
estab lished 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 re quired 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 or igin, 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 abolis hed 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 procedures: 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 lo w 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. Declared 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 -clearance 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 imports is through the port of 
Maputo (Mozambique), which is closer than Durban, but road infrastructu re 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 cu stoms 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  African Revenue 
Service  (SARS) in order reduce under -declaration by importers and ghost expor ts. In May  2023, 
an Authorized Economic Operator Programme was launched (Main  Report), replacing the Preferred 
Trade Programme.  
3.7.  A time release study conducted in  2018 came to the result that average time for import 
clearance from registration of the declar ation 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 a nd 
leading to congestion at the border. The largest portion of time by importers was spent on 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/Rev.1  • Eswatini  
 
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  regulatory processes. According to the authorities, a national time release study conducted in  2023 
came to the result that net clearance time is about on e 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 administratively 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 L icense Order of 1975, and the Import Control 
Order of 1976 remain the legal basis for customs 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 Cu stoms 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 o f technical assistance and 
capacity -building support of Category C designations.35 
3.1.2   Tariffs and other charges  
3.12.  SACU  members have harmonized tariffs, rules of origin, and contingency measures. 
Therefore, Eswatini applies the common external tariff (Main  Repor t, Section  3.3). 
3.13.  Under Article  26 of the SACU  Agreement, Eswatini may temporarily levy additional duties on 
imported goods from any country for the "protection of infant industries". Eswatini exercises this 
right and applies import levies to several agricu ltural goods (scheduled agricultural products) and 
milk and dairy products.  
3.14.  Under the National Agricultural Marketing Board (NAMBOARD) Act No.  13 of  1985 (as 
amended) and the Regulation Notice No.  8 (amendments effective 1  June 2013), NAMBOARD 
collects lev ies 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 mo dified 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/Rev.1  • 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 9 4.6% 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  3.2). 
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 excise  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 transport,  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 do 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 Levy  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/Rev.1  • 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 chlorofluorocarbons containing HCFC.  
3.24.  Import restrictions apply on sev eral 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 1980, 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 mot or 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 permits for the products listed above except for 
agricultural products an d 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 transferred.  
3.26.  Imports of live animals, plants and products thereof, and f ertilizers 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 co ncerned 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, permits, and licences were issued on a per -consignment basis with a lim ited 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 the 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, countervailing, and safeguard measures  
3.28.  Eswatini has no domestic legislation on t rade 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 Administration 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 ERS. Persons or companies wishing to engage in 
exporting "scheduled agricultural 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 must submit an export declaration and 
supporting documents (invoice, road manifest, and, if applicable, permits and certificates of 
 
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/Rev.1  • Eswatini  
 
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  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 are made through ASYCUDA World. All documents can be submitted 
electronically. Formerly applicable fees for the export declaration were abolished in 2016.  
3.32.  Most exporters use customs clearance agents or freight forwarders that take car e 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 imports, most exports are transhipped through the port of Durban wher e 
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 
claimed.  
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 from 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   Export 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 res ulting from natural 
disasters. However, the authorities indicate that they are not applied in 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 r ebates subject to the conditions specified in the SACU Tariff 
Schedules  (Main Report, Section 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 Eswatini Investment Promotion Authority (EIPA) is in charge of all governmental export 
promotion activities. This includes the identification of new export products a nd markets, the 
promotion of Eswatini's products on world markets, and financing the participation 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 establis hed with a total of 
two companies.  
3.2.5   Export finance, insurance, and guarantees  
3.42.  The Export Credit 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 
 
38 World Bank (2018) , Swaziland Time Release Study 'Plus' .  WT/TPR/S/ 447/Rev.1  • Eswatini  
 
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  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 su bmit complete project 
proposals to their bank. The ECGS covers 90% of the FOB value of the goods to be exported, up 
from 70% at the time of the last Review. The maximum guarantee to a single exporter is 
SZL 3.3 million. The rate of interest applicable is t he 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 govern ed by a 10 -member Council, comprising representatives from the Government and the 
private sector. 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 assuranc e, accreditation, and metrology (SQAM). Additionally, it 
has a memorandum of understanding 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 pr oducers, consumers, or government agencies may submit proposals 
for new standards to SWASA. A standards advisory committee selects a proposal to be developed 
and directs it to the relevant technical committee. Currently, there are 52  technical committees f or 
different economic sectors, with over 200  members, including a range of public - and private -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 
concluded any mutual recognition arrangements in the TBT area.  
3.49.  Currently, Eswatini has three accredited testing laboratories. SWASA's Quality Assurance 
Department is responsib le for carrying out quality testing and certification. As at June  2023, 
2 certification schemes 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 Trad e 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 20 19 and 2022, Eswatini submitted 11 notifications to the WTO  TBT Committee, 
covering a broad range of measures and product categories.39 No specific trade concerns were 
 
39 WTO documents G/TBT/N/SWZ/2 -12. See also Table  2.2 in this report . WT/TPR/S/ 447/Rev.1  • Eswatini  
 
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  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 pharmaceutical imports must be done in English.  
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 health 
issues are the responsibility of the Department of Agricultural Research and Specialist Services; 
and food safety issues are dealt with by the Department of Enviro nmental 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 fee s for plant products.  
3.55.  The Animal Disease Act No.  7 of 1965 (as amended) and its regulations set out provisions 
for animal disease control. Control measures include monitoring and reporting of diseases, 
quarantine measures, notification procedures,  checks o n the  importation of animals and animal 
products, and obligations on animal owners concerning 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 produ ction stage. It provides for official inspections of slaughter 
facilities and food establishments, 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 
responsible 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 facilities.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 NaPHIS, 
which became operational in 2021. The NaPHIS has digitalized its treatment of phytosanitary 
certificat es, 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, i ts 2002 Regulations, and the Plant 
Control Act No.  7 of 1981 remain in force.  
3.58.  The Seeds and Plant Varieties Act of 2000 and its regulations outline the requirements, 
procedures, and practices of the seed value chain. The Act designates the Seed Quality Con trol 
Services Section  of the MOA as the seed certification agency and testing station. Both importers 
and exporters must register with the Registrar of Seeds. Any person intending to import seeds 
must obtain a phytosanitary certificate; the seeds must be o f 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.  
 
40 WTO document G/TBT/CS/N/174 , 23 October  2008.  
41 Imports from South  Africa for personal consumption are exempt from this requirement.  
42 There are two main government quarantine stations: Mpisi and Maphiveni.  
43 NaPHIS System. Viewed  at: https://naphis.gov.sz . WT/TPR/S/ 447/Rev.1  • Eswatini  
 
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  3.59.  The Pesticides Manag ement 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 pollution 
resulting from pesticides; (iv)  taking measures to combat pollution created by the use of 
pesticides; and (v)  monitoring the trade, use, and disposal of pes ticides. All pesticides must be 
registered. The Act also establishes a Pesticides Management Board, which shall advise the 
Government on matters relating to pesticide management.  
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 
concerns but supported Namibia's concern related t o South  Africa's revised veterinary health 
certificates for the import of cattle, sheep, and goats 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 co ntrols  
3.62.  Eswatini's competition policy legislation remained unchanged during the period under 
review. 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, wh ich 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 dominance. 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 
 
44 WTO document G/SPS/N/SWZ/3 , 13 November  2019.  
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. WT/TPR/S/ 447/Rev.1  • Eswatini  
 
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  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 
Corporation  (EPTC), Eswatini Meat Industries, and the Eswatini Water Services 
Corporation  (EWSC).  
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 
political 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 Cabinet. Reform of Eswatini's 
SOEs is supported by a loan from the African Development Bank.  
3.3.5   Government 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 authorities on the importanc e 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 regulatory 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 public 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 procurement: open tende ring, 
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 conditions 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 subcontra ct 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 with Section 47 of the  Act. Unless the application is dismissed or resolved by mutual 
 
48 Eswatini Economic Policy Analysis and Research Centre (2021) , An Analysis of the Performance of 
State -Owned Enterprises in E swatini: A Historical Overview . 
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/Rev.1  • Eswatini  
 
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  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 written 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 trademarks, patents, indus trial 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 (ARIPO). It has signed the Banjul Protocol (trademarks) and the Harare Protocol 
(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, undisclosed information, or utility 
models.  
3.81.  The P atent 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, 
an 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 hum an 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 Neighbouring Rights Act,  2018 defines the foll owing 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 t he 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 infringement 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 Fair Trading Act, 2001. In addition, the Merch andise Act 
 
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/Rev.1  • Eswatini  
 
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  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 Eswatini during the 
period under review. Regardi ng 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 regist rations, 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 
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 to 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 years. 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/Rev.1  • 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 su ch as climate change (insufficient rainfall, hailstorms, and 
severe droughts), low quality of inputs, lack of access to credit, and limited 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 low 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) accounts 
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 lease basis for growing food crops (maize,  
sorghum, rice) and for livestock production (cattle, goat, sheep, pigs). "Title D eed 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 farm ers and prevents landholders from using land as 
collateral for loans. The authorities indicate that a bill is currently before Parliament to better allow 
farmers to use SNL as collateral.  
4.4.  Frequent droughts and other extreme weather events, attributed to cl imate 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.  
Source:  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 possible thanks to rivers and dams in the 
country. Aquaculture is also practiced to a limited extent. An aquacul ture promotion programme 
provides various training activities  such as on pond construction; an aquaculture research centre is 
supposed to be operational by September  2023.  
 
55 World Bank (2022): Creating Mar kets in Eswatini: Strengthening the Private Sector to Grow Export 
Markets and Create Jobs . WT/TPR/S/ 447/Rev.1  • 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 g overnment ministries, parastatal organizations under the MOA (such as the National 
Agricultural Marketing Board (NAMBOARD), the Eswatini Dairy Board, 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 mandated to facilitate the planning and implementation of 
large irrigation and related development projects.  
4.8.  The M OA'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 prepara tion. 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 de velopment, 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 inp uts 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 efforts to further develop irrigation infrastructur e. 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 prioritizes 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 Framework  (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 Smallholder 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 wa ter 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.  
 
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/Rev.1  • Eswatini  
 
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  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 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 production 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 same 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 Sugar 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 Eswa tini. The ESA also 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 
custome rs 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" an d "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 WT/TPR/S/ 447/Rev.1  • Eswatini  
 
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  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 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 main ly 
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 mai ze, mostly 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 NMC, 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 WT/TPR/S/ 447/Rev.1  • Eswatini  
 
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  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 
Tractor-Hire Service Unit, grain storage services, and seed quality control services. Small -scale 
maize farmers 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 
Source:  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 market s, has increased in 
importance over the past years. The most common products include cabbages, baby vegetables, 
spinach, lettuce, broccoli, tomatoes, potatoes, peppers, onions, and butternuts. A revolving fund 
launched in 2023 supports horticultural farmer s. 
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 deforestation 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 E swatini. 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 con struction 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 
grammes) .. .. .. .. 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 . WT/TPR/S/ 447/Rev.1  • Eswatini  
 
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  4.34.  The Con stitution 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 are small -scale operations, which are  reserved for 
Eswatini citizens 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.  Mining licences are issued by the Ministr y 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 decision, based on 
the Minerals Manage ment 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 royal ty 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 Regulatory Authority (ESERA), the regulator for the s ector, issues 
licences for the generation, transmission, distribution, importation, and exportation of electricity. It 
is also responsible for regulating electricity prices. The Eswatini Electricity Company (EEC) is a 
state-owned company in charge of gener ating, 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 opera tion 
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  drough ts as was the case in 2016.  WT/TPR/S/ 447/Rev.1  • Eswatini  
 
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  Table  4.7 Electricity generation and consumption (GWh), 2014/15 -2021/22  
 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 EEC.  
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 
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 during 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 production and disposal of 
petroleum products. It also establishes the Eswatini National Petroleum Company (EN PC) 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 licence that is issued by the Ministry of Finance. The MNRE fixes retail 
prices of petroleum products such as petrol, gasoline, diesel, and illuminating para ffin. 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 decline d from nearly 34% in 2015 to 
under 27% in 2021. Manufacturing activities mostly centre on agro -processing (sugar, soft drinks, 
canned fruit) and timber products. The Ministry of Commerce, Industry and Trade (MCIT) is 
responsible for the promotion of indust rial 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 important 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 acc ess to finance; and (v)  poor 
 
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.  WT/TPR/S/ 447/Rev.1  • Eswatini  
 
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  compliance with environmental standards.60 With a view to increasing textile exports, the 
Government adopted a National AGOA Utilization Strategy and Action Plan in 2021.  
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 limitations 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 exemptions 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 
covers 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 Cen tral Bank of Eswatini  (CBE), three  commercial banks (all headquartered in 
South  Africa), and one  local development bank. Non -bank financial institutions (NBFI s) remain the 
dominant element in the financial system, with total assets of SZL  95.3 billion as a t 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, while the Financial Services Regulatory Authority (FSRA) is 
respon sible 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 sheets, and, in the case of a foreign 
financial institution, evidenc e 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 2021.64 
 
60 World Bank (2022): Creating Markets in Eswatini: Strengthening the Private Sector to Grow Export 
Markets and Create Jobs . 
61 WTO document S/DCS/W/SWZ/ , 24 January  2003.  
62 Engineering services, integrated engineering services, medical and dental services, co nsultancy 
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   WT/TPR/S/ 447/Rev.1  • Eswatini  
 
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  4.57.  According to the IMF, Eswatini's "banking sector is liquid a nd 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 Incl usion 
Strategy (NFIS) focuses 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, 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. M arket capitalization was 
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 cont ribute about 4% to Eswatini's GDP. The MCIT 
is responsible for policy formulation in the telecommunications sector. The Eswatini 
Communications Commission (ESCCOM) is responsible for regulating telecommunications services 
and networks, broadcasting service s, 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 telecommunications services in Eswatini continued to increase during 
the review period (Ta ble 4.9). However, adoption 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 . 
 
65 IMF (2023) , Kingdom of Eswatini: Staff Report for the 2023  Article  IV Consultation , IMF Country 
Report No.  23/160, p.  6. View ed 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 . 
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/Rev.1  • Eswatini  
 
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  4.63.  Eswatini Posts and Telecommunications Corporation (EPTC) provides fixed -net ser vices, 
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 (national backbone) connectivity. It has been noted that EPTC's unbundling is among 
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), established in 2013 and managed by 
ESCCOM, seeks to ensure that all citizens have access to Internet, broadcasting, and postal 
services at affordable prices. Universal acces s throughout the country is to be achieved by 2025. 
Until end -2022, the Fund has had an accumulated expenditure of some SZL  94 million.  
4.66.  New legislation on electronic communications, cybercrime, and data protection was enacted 
in 2022. The Electronic Commun ication 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 da ta. The Computer Crime and Cybercrime Act,  2022 criminalizes offences committed 
through the usage of computer systems and electronic communications networks. It enables the 
investigation and collection of evidence for computer and network -related crimes. I n 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 services 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 respectively 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 mostly 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 the 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 370  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 po rts 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 of 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 runway 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 mediu m-sized aircraft. Air passengers in Eswatini totalled 36,157 in 2022.  
 
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/Rev.1  • Eswatini  
 
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  4.72.  In accordance with the Civil 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, com menced 
operations in March  2023 with a twice -daily flight to Johannesburg.  
4.74.  Air cargo services remain 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 cargo 
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 und erstanding 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 righ ts. 
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.