South Africa Posts Trade Deficit Of R4.31 Billion In October

2 December 2022 – South Africa recorded a trade deficit of R4.31 billion in October, down from a revised surplus of R26.16 billion in September, data from the South African Revenue Service (SARS) showed.

These statistics include trade data with Botswana, Eswatini, Lesotho and Namibia (BELN).

The year-to-date (01 January to 31 October 2022) preliminary trade balance surplus of R181.29 billion is a deterioration from the R366.22 billion trade balance surplus for the comparable period in 2021. Exports increased by 8.1% year-on-year whilst imports increased by 27.8% over the same period.

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

The R4.31 billion preliminary trade balance deficit for October 2022 is attributable to exports of R159.61 billion and imports of R163.92 billion. Exports decreased by R32.67 billion (-17.0%) between September and October 2022 and imports decreased by R2.19 billion (-1.3%) over the same period.

Exports for the year-to-date (01 January to 31 October 2022) increased by 12.3% to R1 677.87 billion from R1 494.17 billion over the same period during 2021. Imports for the year-to-date of R1 496.58 billion were 32.7% more than the R1 127.95 billion imports recorded during the same period in 2021. The cumulative trade balance surplus for 2022 is R181.29 billion.

On a year-on-year basis, the R4.31 billion preliminary trade balance deficit for October 2022 was a deterioration from the R19.35 billion trade balance surplus recorded in October 2021. Exports of R159.61 billion were 8.1% more than the R147.63 billion exports recorded in October 2021. Imports of R163.92 billion were 27.8% more than the R128.28 billion imports recorded in October 2021.

September 2022 preliminary trade balance surplus was revised upwards by R6.46 billion due to the ongoing Vouchers of Correction (VOC). The revision was from the preliminary trade balance surplus of R19.70 billion to the revised trade balance surplus of R26.16 billion.

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

The trade data excluding BELN for October 2022 recorded a preliminary trade balance deficit of R14.28 billion. Summary The R14.28 billion preliminary trade balance deficit for October 2022 was as a result of exports of R143.94 billion and imports of R158.22 billion.

Exports decreased by R31.33 billion (-17.9%) between September and October 2022 and imports decreased by R1.95 billion (-1.2%) over the same period. The preliminary cumulative trade balance surplus for 2022 was R81.25 billion compared to R280.86 billion trade balance surplus during 2021.

Summary

The R9.97 billion preliminary trade balance surplus for October 2022 was as a result of exports of R15.67 billion and imports of R5.70 billion. Exports decreased by R1.34 billion (-7.9%) between September and October 2022 and imports decreased by R0.24 billion (-4.1%) over the same period. The preliminary cumulative trade balance surplus for 2022 was R100.04 billion compared to R85.36 billion in 2021. Source: SARS