Advertise with fastmoving.co.za
 
 

SA’s trade account recorded a surplus of R430m in February, while January’s deficit was revised downwards by R540m, to R27.12bn.
SA’s trade account recorded a surplus of R430m in February, while January’s deficit was revised downwards by R540m, to R27.12bn.

SA trade balance swings back into surplus of R430m in February

ECONOMIC NEWS

BusinessLive - Apr 3rd 2018, 18:41

SA’s trade account recorded a surplus of R430m in February, while January’s deficit was revised downwards by R540m, to R27.12bn, data released by the South African Revenue Service (SARS) showed. 

February’s numbers bring the year-to-date deficit to R26.69bn, compared to R7.59bn over the same period in 2017. The increased deficit was as a result of a 3.1% rise in exports, while imports rose 14%.

A Trading Economics consensus had forecast a deficit of R3bn in February 2018.

The surplus recorded in February 2017 was R4.12bn, substantially higher than that of February 2018.

Along with the monthly release, SARS announced revisions totaling R16.67bn to the trade stats from January 2013 to January 2018. "The adjustment is as a result of revisions to the gold exports by the South African Reserve Bank, which supplies the gold export data to SARS." These gold revisions were published by the Bank in the March 2018 quarterly bulletin.

These adjustments resulted in the following trade balances:

• 2013: -R67.92bn (from -R69.19bn)

• 2014: -R73.41bn (from -R82.7bn)

• 2015: -R60.34bn (from -R52.2bn)

• 2016: R17.2bn (from R1.03bn)

• 2017: R77.56bn (from R79.86bn)

• 2018: -R26.69bn (from -R27.06bn)

The main changes in exports for February came in vehicles and transport equipment (up 117%), and precious metals and stones (up 14%); while imports saw a drop of 25% in machinery and electronics, and 24% in base metals.

© BusinessLIVE MMXVIII 

Read more about: trade | sa economy | exports

Related News

Massmart appoints new CEO, but shares fall on warning earnings will halve
24/05/2019 - 08:39
Shares in Massmart, which owns the Game and Makro chains, fell 12.5% to R68.24 in early trade on Thursday after the retailer said earnings in the six months to June could more than halve.

South Africans are spending less on their weekly shopping trip
23/05/2019 - 09:44
Tiger Brands, which carries brands including Koo canned foods, All Gold, and Tastic rice, said that revenue from continuing operations fell 2% to R15.4 billion in the interim period.

Another recession in 2019 is probable, warns Old Mutual economist
22/05/2019 - 10:21
SA will probably enter another recession given the weak performance in the first quarter of 2019, Old Mutual Investment Group chief economist Johann Els warned.

Nike and Adidas join 173 US shoe retailers in call to avoid ‘catastrophic’ tariffs
21/05/2019 - 12:23
Nike, Adidas, and other footwear giants urged President Donald Trump to reconsider his tariffs on shoes made in China, saying the policy would be “catastrophic for our consumers, our companies and the American economy as a whole”.

Contraction in economy looms in the first quarter
17/05/2019 - 09:16
Weak performances in the retail, mining and manufacturing sectors, which bore the brunt of the most severe power cuts the country has experienced yet, indicates that the economy contracted in the first quarter of the year.