1 October 2019 – A weaker oil price in August, together with a solid jump in mining exports, helped to push SA’s trade balance from a deficit to a surprisingly large surplus.
South Africa exported R6.84bn more than it imported in August, the SA Revenue Service reported on Monday. This was much better than expected: The consensus expectation among economists was for a surplus of R1.2bn.
But July’s trade deficit was even worse than previously thought: SARS said SA imported R3.72bn more than it exported, from the previous estimate of R2.88bn.
Exports rose by 8.4% from July to August to R122bn, while imports were down 1% to R115bn. The lower imports number was due in part to cheaper oil prices, which helped to lower the import cost of mineral products by 12%.
Exports of mineral products (including petrol) rose by 18%, followed by precious metals and stones (10%), machinery and electronics (+11%), vehicles and transport equipment (+4%) and vegetables (6%).
Exports to China rose by almost 11%, followed by Germany (+7%) and the UK (+6%).Source (Fin 24) https://bit.ly/2mmE1so