© Reuters. FILE PHOTO: A woman uses a trolley as she shops at a grocery store in East London, in the Eastern Cape province, South Africa, July 7, 2022. REUTERS/Siphiwe Sibeko

JOHANNESBURG (Reuters) – South African business confidence fell slightly in May, with lower trade volumes, fewer tourists and a weaker rand exchange rate weighing on sentiment, data showed on Wednesday.

The South African Chamber of Commerce and Industry (SACCI) business confidence index dropped to 106.9 in May from 107.1 in April.

SACCI said in a statement that it was essential to put South Africa back on a trajectory towards attracting foreign investment.

“A large part of the loss of business confidence could be regained by following the best global economic and business interests of South Africa,” it added.

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