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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

bdlive.co.za - 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.
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Read more about: trade | sa economy | imports | exports

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