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The South African Revenue Service (SARS) released trade statistics for February 2022 recording a preliminary trade balance surplus of R10.60 billion. These statistics include trade data with Botswana, Eswatini, Lesotho and Namibia (BELN).
The year-to-date (01 January to 28 February 2022) preliminary trade balance surplus of R14.67 billion is a deterioration from the R45.21 billion trade balance surplus for the comparable period in 2021. Exports increased by 7.3% year-on-year whilst imports increased by 31.4% over the same period.
Including trade data with Botswana, Eswatini, Lesotho and Namibia (BELN)
The R10.60 billion preliminary trade balance surplus for February 2022 is attributable to exports of R141.15 billion and imports of R130.55 billion. Exports increased by R10.51 billion (8.0%) between January and February 2022 and imports increased by R3.98 billion (3.1%) over the same period.
Exports for the year-to-date (01 January to 28 February 2022) increased by 12.2% to R271.78 billion from R242.24 billion over the same period during 2021. Imports for the year-to-date of R257.11 billion were 30.5% more than the R197.02 billion imports recorded during the same period in 2021. The cumulative trade balance surplus for 2022 is R14.67 billion.
On a year-on-year basis, the R10.60 billion preliminary trade balance surplus for February 2022 was a deterioration from the R32.21 billion trade balance surplus recorded in February 2021. Exports of R141.15 billion were 7.3% more than the R131.57 billion exports recorded in February 2021. Imports of R130.55 billion were 31.4% more than the R99.36 billion imports recorded in February 2021.
January 2022 preliminary trade balance surplus was revised upwards by R0.51 billion due to the ongoing Vouchers of Correction (VOC). The revision was from the preliminary trade balance surplus of R3.55 billion to the revised trade balance surplus of R4.06 billion.
Excluding trade data with Botswana, Eswatini, Lesotho and Namibia (BELN)
The trade data excluding BELN for February 2022 recorded a preliminary trade balance surplus of R1.49 billion.
Summary
The R1.49 billion preliminary trade balance surplus for February 2022 was as a result of exports of R127.63 billion and imports of R126.14 billion. Exports increased by R9.14 billion (7.7%) between January and February 2022 and imports increased by R4.44 billion (3.7%) over the same period. The preliminary cumulative trade balance deficit for 2022 was R1.72 billion compared to R31.02 billion trade balance surplus during 2021. Source (SARS)