Which of the following countries has gold as its major foreign exchange earner?
Answer Details
The country that has gold as its major foreign exchange earner is South Africa. This means that gold mining and exports contribute significantly to South Africa's economy and balance of trade. Gold is a valuable and precious metal that is used for jewelry, investments, and various industrial applications.
South Africa has a long history of gold mining, and it is one of the largest producers of gold in the world. The country's gold mines are located in areas such as the Witwatersrand Basin, which is known for its rich gold deposits. Gold exports generate a significant amount of foreign currency for South Africa, which helps to boost its economy.
Gold mining is also a major employer in South Africa, providing jobs for thousands of people. However, the mining industry is not without its challenges, including labor disputes, safety concerns, and environmental impacts.
In summary, South Africa relies heavily on gold exports as a major source of foreign exchange earnings, making it an important contributor to the country's economy.