South Africa trade surplus narrows in July

South Africa’s trade surplus decreased to R8.99 billion in July of 2017 from a downwardly revised R10.56 billion surplus in June, beating market expectations of a R5.8 billion surplus. Exports fell 8.7 percent and imports declined at a slower 8 percent. Considering the January to July period, exports rose 4.4 percent and imports tumbled 2.2 percent, shifting the country’s trade balance into a R36.6 billion surplus from a R4.703 billion gap in the same period of 2016.

Compared with the previous month, exports declined to R93.09 billion from R102.02 billion, mainly due to lower shipments of precious metals and stones (-21 percent); base metals (-12 percent); mineral products (-5 percent); machinery and electronics (-5 percent) and wood and wood articles (-30 percent). Major destinations for exports were China (8.7 percent of total exports), Germany (7.8 percent), the US (7.6 percent), Japan (5.3 percent) and Namibia (4.3 percent).

Imports fell to R84.11 billion from R91.46 billion, due to lower purchases of mineral products (-27 percent); original equipment components (-17 percent); base metals (-18 percent); vehicles and transport equipment (-11 percent) and machinery and electronics (-5 percent). Imports came mainly from China (18 percent of total imports), Germany (11.9 percent), the US (7 percent), India (5.4 percent) and Japan (3.6 percent).

Excluding trade with neighboring Botswana, Lesotho, Namibia and Swaziland, the country posted a trade surplus of R2.3 billion in July.

The South African Revenue Service (SARS) has released trade statistics for July 2017 recording a trade balance surplus of R8.99 billion. These statistics include trade data with Botswana, Lesotho, Namibia and Swaziland (BLNS). The year-to-date trade balance surplus (01 January to 31 July 2017) of R36.63 billion is an improvement on the deficit for the comparable period in 2016 of R4.70 billion. Exports for the year-to-date grew by 4.4% whilst imports for the same period declined by 2.2%.

Including trade data with Botswana, Lesotho, Namibia and Swaziland (BLNS)

The R8.99 billion trade balance surplus for July 2017 is attributable to exports of R93.09 billion and imports of R84.10 billion. Exports decreased from June 2017 to July 2017 by R8.92 billion (8.7%) and imports decreased from June 2017 to July 2017 by R7.35 billion (8.0%).

Exports for the year-to-date (01 January to 31 July 2017) grew by 4.4% from R629.65 billion in 2016 to R657.34 billion in 2017. Imports for the year-to-date of R620.71 billion are 2.2% less than the imports recorded in January to July 2016 of R634.36 billion, leaving a trade balance surplus of R33.63 billion.

On a year-on-year basis, the R8.99 billion trade balance surplus for July 2017 is an improvement from the surplus recorded in July 2016 of R0.41 billion. Exports of R93.09 billion are 2.7% more than the exports recorded in July 2016 of R90.66 billion. Imports of R84.10 billion are 6.8% less than the imports recorded in July 2016 of R90.26 billion.

June 2017’s trade balance surplus was revised downwards by R0.11 billion from the previous month’s preliminary surplus of R10.67 billion to a revised surplus of R10.56 billion as a result of ongoing Vouchers of Correction (VOC’s).

Trade highlights by category

Trade highlights by world zone

The world zone results from June 2017 (revised) to July 2017 are given below.

Africa:

Trade Balance surplus: R17 407 million – this is a deterioration in comparison to the R22 418 million surplus recorded in June 2017.

America:

Trade Balance deficit: R881 million – this is an improvement in comparison to the R2 217 million deficit recorded in June 2017.

Asia:

Trade Balance deficit: R9 806 million – this is an improvement in comparison to the R11 705 million deficit recorded in June 2017.

Europe:

Trade Balance deficit: R3 898 million – this is an improvement in comparison to the R5 213 million deficit recorded in June 2017.

Oceania:

Excluding trade data with Botswana, Lesotho, Namibia and Swaziland (BLNS)

The trade data excluding BLNS for July 2017 recorded a trade balance surplus of R 2.28 billion, attributable to exports of R83.09 billion and imports of R80.81 billion.

Exports decreased from June 2017 to July 2017 by R4.70 billion (5.4%) and imports decreased from June 2017 to July 2017 by R7.64 billion (8.6%).

The cumulative deficit for 2017 is R16.06 billion compared to R64.72 billion deficit in 2016.

Trade highlights by category

Trade highlights by world zone

The world zone results for Africa excluding BLNS from June 2017 (Revised) to July 2017 are given below.

Africa:

Trade Balance surplus: R10 701 million – this is a deterioration in comparison to the R 11 201 million surplus recorded in June 2017.

Botswana, Lesotho, Namibia and Swaziland (Only)

Trade statistics with the BLNS for July 2017 recorded a trade balance surplus of R6.71 billion, attributable to exports of R10.01 billion and imports of R3.30 billion.

Exports decreased from June 2017 to July 2017 by R4.22 billion (29.7%) and imports increased from June 2017 to July 2017 by R0.29 billion (9.7%).

The cumulative surplus for 2017 is R52.68 billion compared to R60.02 billion in 2016.

Trade Highlights by Category