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SARS Releases Trade Statistics For October 2020

4 December 2020 – The South African Revenue Service (SARS) today releases trade statistics for October 2020 recording a trade surplus of R36.13 billion. These statistics include trade data with Botswana, Eswatini, Lesotho and Namibia (BELN). The year-to-date (01 January to 31 October 2020) trade surplus of R203.23 billion is an improvement from the R3.27 billion surplus for the comparable period in 2019. Exports increased by 21.5% year-on-year whilst imports declined by 5.7% over the same period.

Including trade data with Botswana, Eswatini, Lesotho and Namibia (BELN)

The R36.13 billion trade surplus for October 2020 is attributable to exports of R149.16 billion and imports of R113.03 billion. Exports increased by R13.55 billion (10.0%) between September and October 2020 and imports increased by R10.78 billion (10.5%) over the same period.

Exports for the year-to-date (01 January to 31 October 2020) increased by 5.0% to R1 130.95 billion from R1 077.03 billion over the same period during 2019. Imports for the year-to-date of R927.72 billion were 13.6% less than the R1 073.75 billion imports recorded during the same period in 2019. The cumulative trade surplus for 2020 is R203.23 billion.

On a year-on-year basis, the R36.13 billion trade surplus for October 2020 was an improvement from the R2.82 billion surplus recorded in October 2019. Exports of R149.16 billion were 21.5% more than the R122.73 billion exports recorded in October 2019. Imports of R113.03 billion were 5.7% less than the R119.91 billion imports recorded in October 2019.

September 2020’s trade surplus was revised downwards by R0.15 billion due to the ongoing Vouchers of Correction (VOC).The revision was from the preliminary surplus of R33.51 billion to the revised surplus of R33.36 billion.

Excluding trade data with Botswana, Eswatini, Lesotho and Namibia (BELN)

The trade data excluding BELN for October 2020 recorded a trade surplus of R27.10 billion.

Summary

The R27.10 billion surplus for October 2020 was as a result of exports of R135.56 billion and imports of R108.46 billion. Exports increased by R11.92 billion (9.6%) between September and October 2020 and imports increased by R11.02 billion (11.3%) over the same period.

The cumulative surplus for 2020 was R132.07 billion compared to R78.58 billion deficit during 2019. Source (SARS)