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

Dismiss