South Africa trade balance swings to deficit in January

South Africa posted a trade deficit of ZAR 10.81 billion in January of 2017 compared to an upwardly revised ZAR 12.41 billion surplus in December and below market forecasts of a ZAR 16 billion deficit. Imports jumped 12.5 percent, mainly due to higher purchases of equipment components and machinery & electronics. Exports went down at a faster 14 percent, due to lower sales of vehicles & transport equipment and mineral products.

The balance of trade in South Africa averaged -18.60 ZAR Million from 1957 until 2017, reaching an all time high of 18730.94 ZAR Million in May of 2016 and a record low of -23426.17 ZAR Million in January of 2015.

Excluding trade with neighboring Botswana, Lesotho, Namibia and Swaziland (BLNS), the country posted a trade gap of ZAR 17.6 billion in January.

The South African Revenue Service (SARS) today released trade statistics for January 2017 recording a trade balance deficit of R10.81 billion. These statistics include trade data with Botswana, Lesotho, Namibia and Swaziland (BLNS).

Including trade data with Botswana, Lesotho, Namibia and Swaziland (BLNS)

The R10.81 billion trade balance deficit for January 2017 is attributable to exports of R80.59 billion and imports of R91.40 billion. Exports decreased from December 2016 to January 2017 by R13.09 billion (14.0%) and imports increased from December 2016 to January 2017 by R10.13 billion (12.5%).

On a year-on-year basis, January 2017’s R10.81 billion trade balance deficit is an improvement from the deficit recorded in January 2016 of R19.55 billion. Exports of R80.59 billion are 15.8% more than the exports recorded in January 2016 of R69.62 billion. Imports of R91.40 billion are 2.5% more than the imports recorded in January 2016 of R89.17 billion.

December 2016’s trade balance surplus was revised upwards by R0.37 billion from the previous month’s preliminary surplus of R12.04 billion to a revised surplus of R12.41 billion as a result of ongoing Vouchers of Correction (VOC’s).

Trade highlights by category

Trade highlights by world zone

The world zone results from December 2016 (Revised) to January 2017 are given below.

Africa:

Trade Balance surplus: R10 350 million – this is a 38.5% decrease in comparison to the R16 816 million surplus recorded in December 2016.

America:

Trade Balance deficit: R2 451 million – this is a 30.6% increase in comparison to the R1 876 million deficit recorded in December 2016.

Asia:

Trade Balance deficit: R14 434 million – this is a 353.8% increase in comparison to the R3 181 million deficit recorded in December 2016.

Europe:

Trade Balance deficit: R10 121 million – this is a 243.6% deterioration in comparison to the R2 945 million deficit recorded in December 2016.

Oceania:

Trade Balance deficit: R 136 million – this is an 81.1% decrease in comparison to the R 719 million deficit recorded in December 2016.

Excluding trade data with Botswana, Lesotho, Namibia and Swaziland (BLNS)

The trade data excluding BLNS for January 2017 recorded a trade balance deficit of R17.57 billion. This was a result of exports of R71.30 billion and imports of R88.87 billion.

Exports decreased from December 2016 to January 2017 by R11.70 billion (14.1%) and imports increased from December 2016 to January 2017 by R9.90 billion (12.5%).

The cumulative deficit for 2017 is R17.57 billion compared to R26.73 billion deficit in 2016.

Trade highlights by category

Trade highlights by world zone

The world zone results for Africa excluding BLNS from December 2016 (Revised) to January 2017 are given below.

Africa:

Trade Balance surplus: R3 596 million – this is a 57.4% decrease in comparison to the R8 437 million surplus recorded in December 2016.

Botswana, Lesotho, Namibia and Swaziland (Only)

Trade statistics with the BLNS for January 2017 recorded a trade balance surplus of R6.75 billion. This was a result of exports of R9.29 billion and imports of R2.53 billion.

Exports decreased from December 2016 to January 2017 by R1.39 billion (13.0%) and imports increased from December 2016 to January 2017 by R0.24 billion (10.2%).

The cumulative surplus for 2017 is R6.75 billion compared to R7.18 billion in 2016.

Trade Highlights by Category