22 August 2022 – The Unit Value Indices (UVI) for exported and imported commodities both increased by 8.5% in June, with ores and mineral exports and crude petroleum imports being the main contributors to the annual escalation, according to the latest data released by Statistics South Africa (SSA) on Thursday.
SSA reported that the UVI for imported commodities showed an annual rate of change of 8.5%, representing a 3.3% month-on-month (m-o-m) increase compared to May, while the UVI for exported commodities declined by 1.2% m-o-m to hit 8.5% for the same period.
“The main contributors to the annual rate of 8.5% (for exports) were ores and minerals (8%), other transportable goods (1.8%) and metal products, machinery and equipment (-2.1 percentage points). The main contributor to the monthly decrease of 1.2% was metal products, machinery and equipment (-1.7 percentage points),” SSA said.
For imports, the main contributors to the annual rate of 8.5% were crude petroleum (10.8%), other transportable goods (3.4%), and metal products, machinery and equipment (-6.6%).
“The main contributors to the monthly increase of 3.3% were crude petroleum (2%) and other transportable goods (1.2%),” SSA said.
The calculation of unit value indices of commodities in exports and imports covers transactions reported by the South African Revenue Service. The results are used to compile export and import UVIs, which are a measure of changes in export prices of locally produced commodities and changes in prices of imported commodities. Source: Freight News
