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3 January 2022 – South Africa recorded a trade surplus of R35.83 billion in November, from a revised surplus of R27.68 billion in October, the South African Revenue Service (SARS) reported on Tuesday. According to Trading Economics, the November surplus was well above the market’s consensus expectation of only R16.8 billion.
Despite the strong number, the rand was 1.5% weaker on Tuesday, trading at R15.75/$.
Exports of precious metals and stones increased by 13% from October to November, while exports of vehicles also rose. Imports of original equipment components fell by 42%.
More than 22% of South Africa’s imports came from China, followed by the US (7.0%). The US and China both received more than 10% of South Africa’s exports.
South Africa saw a year-to-date trade balance surplus of R412.51 billion, from a surplus of R238.42 billion in the same period in 2020. This was largely due to booming commodity prices, which pushed up the value of mining exports.
Exports increased by 18% year-on-year, while imports increased by 25% over the same period. Source (Fin 24)