Advertise with

June’s surplus was higher than the Bloomberg consensus forecast and that of Trading economics.
June’s surplus was higher than the Bloomberg consensus forecast and that of Trading economics.

June trade surplus exceeds projections but May figure revised down by over R2bn

ECONOMIC NEWS - Aug 1st 2017, 09:25

SA recorded a better-than-expected trade surplus of R10.67bn in June, from a revised R7.22bn (R9.5bn) surplus in May. 

On Monday, the South African Revenue Service (SARS) said May’s adjustment came as a result of "ongoing vouchers of correction". A voucher of correction refers to adjustments made after a bill of entry has already been filed with SARS.

June’s R10.67bn surplus was higher than the Bloomberg consensus forecast for a R9.4bn surplus. Trading economics had forecast a surplus of R8bn.

The surplus in June was a result of R102.14bn in exports and imports of R91.47bn.

In the year to date, the country has recorded a cumulative surplus of R27.68bn, compared with a cumulative deficit of R5.04bn in 2016.

"Exports decreased from May 2017 to June 2017 by R590m (0.6%) and imports decreased R4.04bn (4.2%)," SARS said.

The main contributor to the month-on-month change in exports was a 16% drop in mineral products, while imports of mineral products slumped 31%.

In June 2016, SA recorded a trade surplus of R8.38bn.
© BusinessLIVE MMXVII 

Read more about: trade | sa economy | imports | exports

Related News

SA expected to sow fewer maize hectares than in previous seasons
26/11/2019 - 10:06
South African farmers are expected to sow 2.8% fewer hectares of the food staple maize next season than forecast in October after the planting season was delayed by rains, a Reuters survey of analysts showed.

Processed meats units continue to take toll on Tiger Brands
22/11/2019 - 15:10
Food producer Tiger Brands, which is still reeling from the backlash of the listeriosis crisis, said the slow recovery in its value-added meats businesses ensured operating income fell by a fifth in its year to end-September.

The clever shift SA's economy can make: economist
13/11/2019 - 13:29
Finance minister Tito Mboweni’s medium-term budget gave a blunt presentation of the financial issues facing South Africa and it is clear that government has finally come to grips with reality, says Efficient Group economist Francois Stofberg.

Billions in investments flow in to improve SA's economy
13/11/2019 - 11:30
More businesses have pledged billions of rands in investment to the ailing South African economy at the second investment conference in Sandton.

South Africa is emerging as a new hub for Retail Forex Trading
13/11/2019 - 10:16
South Africa's financial market is said to be the most developed & organized in Africa led by big Banks like Standard Bank, ABSA, FNB, FirstRand, Nedbank & local Stock Exchange (JSE) which is the largest stock market in Africa with daily trading volume of R23.7 Billion.