South Africa’s foreign trade balance swings into $41mn surplus in March

By bne IntelliNews April 30, 2015

South Africa recorded a foreign trade surplus of ZAR482.5mn ($40.8mn) in March, reversing a deficit of ZAR8.72bn in February (revised from an initial estimate of ZAR8.48bn), thanks to a surge in exports, preliminary data from the South African Revenue Service (SARS) showed.

The country’s exports rose 19.3% m/m to ZAR91.34bn in March, driven up mainly by a 37.8% jump in exports of precious metals and stones, a 25.1% growth in machinery and electronics exports, a 15.5% rise in base metals exports, a 12.6% increase in exports of vehicles and transport equipment, and an 8.3% rise in mineral products exports.

At the same time, imports grew 6.5% m/m to ZAR90.86bn chiefly due to a 29.1% rise in imports of vehicles and transport equipment and a 10.7% expansion in imports of machinery and electronics, whereas vegetable imports plunged 41.5%.

For the first quarter of the year, South Africa’s trade gap totalled ZAR32.62bn, compared with a shortfall of ZAR27.22bn for the same period last year. Exports fell 2.5% y/y to ZAR234.8bn, while imports edged down 0.2% y/y to ZAR267.4bn.

Related Articles

Russia's Rosneft sets foot in Mediterranean with $1.125bn Eni deal

Russia's largest oil producer state-controlled Rosneft has acquired 30% in the largest natural gas field in the Mediterranean from Italian Eni, the company announced on October 9. Rosneft that ... more

PetroSA, Rosgeo sign $400mn oil and gas exploration agreement for South Africa

South Africa's national oil company PetroSA and Rosgeo, the geological exploration company of the Russian Federation, have signed an agreement on a $400mn oil and gas development project in South ... more

South Africa’s MTN to invest $350mn in Iranian broadband

South Africa’s MTN said it has agreed, on a non-binding and preliminary basis, to invest an initial $350mn into Iranian fixed broadband provider Iranian Net. The investment will give ... more