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

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

South Africa receives another downgrade to junk

Fitch Ratings on April 7 downgraded South Africa to junk status following the removal of Pravin Gordhan as finance minister and the enusing political crisis. Fitch's downgrade to 'BB+' ... more

S&P downgrades South Africa's credit rating to junk after cabinet reshuffle

Standard & Poor’s ratings agency has cut South Africa's sovereign credit rating to 'BB+' from 'BBB-' and the long-term local currency rating to 'BBB-' from 'BBB', both with a negative ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Dismiss