South Africa Recorded Trade Surplus of R5.6 Billion in August

6 October 2024 – South Africa recorded a preliminary trade balance surplus of R5.6 billion in August 2024. This surplus was attributable to exports of R165.6 billion and imports of R159.9 billion, inclusive of trade with Botswana, Eswatini, Lesotho and Namibia (BELN).

The year-to-date (01 January to 31 August 2024) preliminary trade balance surplus of R89.0 billion was an improvement from the R 44.8 billion trade balance surplus for the comparable period in 202 3. On a year-on-year basis, export flows for August 2024 (R165.6 billion) were 8.2% lower compared to R180.3 billion recorded in August 2023. Import flows were lower by 3.1%, having decreased from R1 65.1 billion in August 2023 to R159.9 billion in the current period.

On a month-on-month basis, exports decreased by R 8.6 billion (-5.0%) from R1 74.2 billion to R1 65.6 billion between July and August 2024, whilst imports increased by R2.8 billion (1.8%) from R157.1 billion to R159.9 billion over the same period. Export flows decreased in August, driven by Gold, Vehicles (Passengers), and PGMs. Import flows increased on the back of higher importation of Electric Generating Sets and Rotary Converters ; Gold ; and Crude Oil.

Due to ongoing Vouchers of Correction (VOCs), the preliminary trade balance surplus of R17.6 billion announced for July 2024 was revised downwards by R0.5 billion, with the final number at R17.1 billion.

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

South Africa’s trade with the rest of the world (excl. BELN) for August 2024 indicates a preliminary trade balance deficit of R7.7 billion.

Summary

The R7.7 billion preliminary trade balance deficit for August 2024 was as a result of exports of R146.4 billion and imports of R154.0 billion. Exports decreased by R10.5 billion (-6.7%) between July and August 2024 whilst imports increased by R2.9 billion (1.9%) over the same period.

The preliminary cumulative trade balance for 2024 was a deficit of R0.7 billion, compared to R36.8 billion trade balance deficit for the corresponding period in 2023. Source: South African Reserve Bank (SARS)