Just having a look at a few other countries, for interest:
http://store.apple.com/cn/browse/home/shop_ipad/family/ipad
The low-end iPad in China starts at 2888 Chinese Yuan = R2950.73 (compared to our price of R 4 399.00) .. interesting, so it's even cheaper in China than in the US.
It's possible they're assembled or shipped regionally, lowering shipping costs, but I suspect it's more likely mainly that competition is heavier in China from lots of other cheap electronics, and the Chinese are a frugal bunch that know the actual meaning of the phrase 'competitive pricing' (hint, MyBroadband, THAT is what "competitive pricing" means, please stop using the phrase in the South African corporate context where it means "very high prices").
On the other end, Apple Brazil sells the 32GB model (R5399 here) for 1699 Brazil reais which if I am not mistaken (? I might be, as this seems very high) is R7208.40.
*Edit* Apple Mexico sells the 16GB basic model for R4015.24 (6999 Mexican pesos) (slightly cheaper than our R4399).
*Edit2* Apple Canada, R3 566.63
*Edit3* Apple Malaysia R2 678.47
*Edit4* Apple Australia R4 155.77
*Edit5* Apple Taiwan R2 974.13