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

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.