Bilateral trade between South Africa and the U.S. increased in 2021 to $24.5 billion, with a trade imbalance of $9.3 billion in South Africa's favour. Industrial supplies and materials were the largest component of trade flows in both directions. South Africa is also a net beneficiary of investment links between the countries. The stock of South African investment in the U.S. has more than doubled since 2011, amounting to $3.5 billion in 2020, while U.S. direct investment in South Africa increased about 70% over that period, to $10 billion in 2020. This made the U.S. South Africa's fifth largest source of foreign direct investment in 2019, while the U.S. was its third largest destination for outward foreign direct investment. In the same year, U.S. investment in South Africa was concentrated in manufacturing, finance and insurance, and wholesale trade; and American multinationals operating in South Africa employed an estimated 134,600 people.
