South Africa trade balance swings to surplus in September
Staff Writer |
South Africa posted a trade surplus of ZAR 6.70 billion in September 2016 compared to an upwardly revised ZAR 8.88 billion deficit in August and beating market expectations of ZAR 1.1 billion gap.
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Exports rose by 10.1%, boosted by higher sales of precious metals and stones and chemical products; while imports decreased by 6.6%, as purchases fell mainly for precious metals and stones, mineral products and vegetable products.
Exports jumped by ZAR 9.05 billion, or 10.1%, to ZAR 98.92 billion in September 2016 from ZAR 89.86 billion in August, boosted by higher sales of precious metals and stones (+37%), chemical products (+15%), vehicles and transport equipment (+13%) and mineral products (+11%).
By contrast, exports of vegetable products declined 13%. South African exports major destinations were the US (8.2% of total exports), China (8.1%), Germany (7.6%), Japan (4.8%) and Botswana (4.8%).
Imports went down by ZAR 6.53 billion, or 6.6%, to ZAR 92.22 billion from ZAR 98.74 billion the previous month, as purchases fell for precious metals and stones (-66%), mineral products (-30%), vegetable products (-20%) and vehicles and transport equipment (-4%).
Meantime, imports rose for miscellaneous manufactured articles (+20%), base metals (+10%) and equipment components (+5%). The main sources of imports to the country were China (18.8% of total imports), Germany (12.4%), the US (6.3%), India (4.3%) and Saudi Arabia (4.2%).
Considering the first nine months of 2016, the trade deficit shrank to ZAR 9.95 billion compared to ZAR 37.19 billion the same period a year earlier, as exports went up 5.8% and imports grew at a slower 2.2%.
Excluding trade with neighboring Botswana, Lesotho, Namibia and Swaziland, the country posted a trade balance deficit of ZAR 3.05 billion in September. ■