SA records R5.22bn trade surplus for February
bdlive.co.za - Apr 3rd 2017, 09:23
SA recorded a R5.22bn trade surplus in February after a revised deficit of R11.22bn in January, the South African Revenue Service (SARS) said on Friday.
This beat a Bloomberg consensus for a R1bn surplus.
Stanlib chief economist Kevin Lings said it was difficult to forecast trade data as it was not seasonally adjusted and was "prone to revisions".
January’s deficit was revised upwards by R0.41bn to R11.22bn.
SARS attributed the February surplus to exports of R87.79bn compared to imports of R82.57bn. Exports increased by R7.57bn (9.4%) from January to February while imports decreased by R8.86bn (9.7%).
Lings said the sharp decline in imports reflected a combination of factors including weak domestic demand, including "a lack of domestic fixed investment activity by the private sector".
He said SA’s trade balance had generally improved over the past year.
"Higher international commodity prices have provided welcome relief to SA’s balance of payments in 2016 and early 2017. Unfortunately, the slowdown in import growth largely reflects the weakness in the South African economy, rather than an improvement in import substitution."
The year-to-date trade balance deficit of R6bn for the first two months of this year was a R23.62bn improvement on the deficit for the first two months of 2016, SARS said.
Alluding to President Jacob Zuma’s Cabinet reshuffle, Lings said upcoming economic data may be overshadowed by "recent political developments".
In February, exports were boosted by the following categories:
• Vehicles and transport equipment (R4.753bn or 79%)
• Machinery and electronics (R1.408bn or 25%)
• Base metals (R996m or 10%).
In imports, the largest drops came in:
• Machinery and electronics (R3.885bn or 18%)
• Chemical products (R998m or 10%) and
• Plastics and rubber (R989m or 22%)© BusinessLIVE MMXVII
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.