South Africa trade balance swings to surplus in February

South Africa posted a trade surplus of ZAR 5.22 billion in February of 2017 compared to an upwardly revised ZAR 11.22 billion gap in January. Exports advanced 9.4 percent, due to higher sales of vehicles & transport equipment and machinery & electronics while imports went down 9.7 percent, mainly due to lower purchases of machinery & electronics.

Exports rose to ZAR 87.8 billion mainly driven by higher sales of vehicles & transport equipment (79 percent), machinery & electronics (25 percent), base metals (10 percent), plastics & rubber (33 percent) and prepared foodstuff (17 percent). Major destinations for exports were China (8.6 percent of total exports), Germany (7.9 percent), the US (6.7 percent), Japan (5.7 percent) and India (4.6 percent).

Imports declined to 82.6 billion, as purchases went down for: machinery & electronics (-18 percent), chemical products (-10 percent), plastic & rubber (-22 percent), base metals (-15 percent), vegetable products (-25 percent) and vehicles & transport equipment (-6 percent). Imports came mainly from China (18.3 percent of total imports), Germany (11.8 percent), the US (6.4 percent), Saudi Arabia (5.5 percent) and India (4.9 percent).

Excluding trade with neighboring Botswana, Lesotho, Namibia and Swaziland, the country posted a trade gap of ZAR 1.2 billion in February.

The South African Revenue Service (SARS) on 31 March released trade statistics for February 2017 recording a trade balance surplus of R5.22 billion. These statistics include trade data with Botswana, Lesotho, Namibia and Swaziland (BLNS). The year-to-date trade balance deficit (01 January to 28 February 2017) of R6 billion is an improvement on the deficit for the comparable period in 2016 of R23.62 billion.

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

The R5.22 billion trade balance surplus for February 2017 is attributable to exports of R87.79 billion and imports of R82.57 billion. Exports increased from January 2017 to February 2017 by R7.57 billion (9.4%) and imports decreased from January 2017 to February 2017 by R8.86 billion (9.7%).

Exports for the year-to-date (01 January to February 2017) grew by 7.0% from R156.98 billion in 2016 to R168 billion in 2017. Imports for the year-to-date of R174 billion are 3.7% less than the imports recorded in January to February 2016 of R180.60 billion.

On a year-on-year basis, the R5.22 billion trade balance surplus for February 2017 is an improvement from the deficit recorded in February 2016 of R5.39 billion. Exports of R87.79 billion are 2.0% more than the exports recorded in February 2016 of R86.04 billion. Imports of R82.57 billion are 9.7% less than the imports recorded in February 2016 of R91.43 billion.

January 2017’s trade balance deficit was revised upwards by R0.41 billion from the previous month’s preliminary deficit of R10.81 billion to a revised deficit of R11.22 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 January 2017 (revised) to February 2017 are given below.

Africa:

Trade Balance surplus: R13 405 million – this is a 34.0% increase in comparison to the R10 005 million surplus recorded in January 2017.

America:

Trade Balance deficit: R1 988 million – this is a 18.1% decrease in comparison to the R2 428 million deficit recorded in January 2017.

Asia:

Trade Balance deficit: R6 460 million – this is a 55.7% decrease in comparison to the R14 582 million deficit recorded in January 2017.

Europe:

Trade Balance deficit: R3 920 million – this is a 61.0% decrease in comparison to the R10 054 million deficit recorded in January 2017.

Oceania:

Trade Balance deficit: R 682 million – this is a deterioration in comparison to the R 137 million deficit recorded in January 2017.

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

The trade data excluding BLNS for February 2017 recorded a trade balance deficit of R1.20 billion, a result of exports of R78.49 billion and imports of R79.69 billion.

Exports increased from January 2017 to February 2017 by R7.25 billion (10.2%) and imports decreased from January 2017 to February 2017 by R9.21 billion (10.4%).

The cumulative deficit for 2017 is R18.86 billion compared to R38.92 billion deficit in 2016.

Trade highlights by category

Trade highlights by world zone

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

Africa:

Trade Balance surplus: R6 991 million – this is a 96.5% increase in comparison to the R3 558 million surplus recorded in January 2017.

Botswana, Lesotho, Namibia and Swaziland (Only)

Trade statistics with the BLNS for February 2017 recorded a trade balance surplus of R6.41 billion, a result of exports of R9.30 billion and imports of R2.89 billion.

Exports increased from January 2017 to February 2017 by R0.32 billion (3.5%) and imports increased from January 2017 to February 2017 by R0.35 billion (13.9%).

The cumulative surplus for 2017 is R12.86 billion compared to R15.31 billion in 2016.

Trade Highlights by Category