South Africa records largest trade surplus in 18 months in November 2017

South Africa’s trade surplus increased to R13.02 billion in November of 2017 from a downwardly revised R4.34 billion in October, and well above market expectations of a R1.3 billion surplus. It is the highest trade surplus since May of 2016, as exports increased 11.5 percent and imports went up 3.3 percent.

Considering the January to November 2017 period, exports increased 7.6 percent and imports remained unchanged, shifting the country’s trade balance into a R64.74 billion surplus from a R11.2 billion gap in the same period of 2016.

Compared with the previous month, exports increased to R116.1 billion. Main export partners were China (11% of total exports); the United States (9.2%); Germany (6.7%); Japan (4.8%) and India (4.6%). Imports advanced to R103.1 billion. The most important import partners were China (18.8% of total imports); Germany (11.3%); the US (5.8%); India (4.5%) and Saudi Arabia (4.5%).

Excluding trade with neighbouring Botswana, Lesotho, Namibia and Swaziland, the country posted a trade surplus of R3.8 billion in November, swinging from a R4.3 billion deficit in October.

The South African Revenue Service (SARS) on 28 December released trade statistics for November 2017 recording a trade balance surplus of R13.02 billion. These statistics include trade data with Botswana, Lesotho, Namibia and Swaziland (BLNS).

The year-to-date (01 January to 30 November 2017) trade balance surplus of R64.75 billion is an improvement on the deficit for the comparable period in 2016 of R11.22 billion. Exports for the year-to-date grew by 7.6% whilst imports for the same period showed an increase of 0.04%.

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

The R13.02 billion trade balance surplus for November 2017 is attributable to exports of R116.16 billion and imports of R103.14 billion. Exports increased from October 2017 to November 2017 by R11.99 billion (11.5%) and imports increased from October 2017 to November 2017 by R3.30 billion (3.3%).

Exports for the year-to-date (01 January to 30 November 2017) grew by 7.6% from R1 006.79 billion in 2016 to R1 083.12 billion in 2017. Imports for the year-to-date of R1 018.37 billion are 0.04% more than the imports recorded in January to November 2016 of R1 018.02 billion, leaving a cumulative trade balance surplus of R64.75 billion for 2017.

On a year-on-year basis, the R13.02 billion trade balance surplus for November 2017 is an improvement from the deficit recorded in November 2016 of R1.24 billion. Exports of R116.16 billion are 16.8% more than the exports recorded in November 2016 of R99.50 billion. Imports of R103.14 billion are 2.4% more than the imports recorded in November 2016 of R100.73 billion.

October 2017’s trade balance surplus was revised downwards by R0.22 billion from the previous month’s preliminary surplus of R4.56 billion to a revised surplus of R4.34 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 October 2017 (revised) to November 2017 are given below.

Africa:

Trade Balance surplus: R20 754 million – this is an improvement of R2 439 million in comparison to the R18 315 million surplus recorded in October 2017.

America:

Trade Balance surplus: R3 101 million – this is an improvement of R3 458 million in comparison to the R 357 million deficit recorded in October 2017.

Asia:

Trade Balance deficit: R7 593 million – this is an improvement of R4 158 million in comparison to the R11 751 million deficit recorded in October 2017.

Europe:

Trade Balance deficit: R11 169 million – this is a deterioration of R2 596 million in comparison to the R8 573 million deficit recorded in October 2017.

Oceania:

Trade Balance deficit: R 611 million – this is a deterioration of R 254 million in comparison to the R 357 million deficit recorded in October 2017.

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

The trade data excluding BLNS for November 2017 recorded a trade balance surplus of R3.87 billion. This was a result of exports of R102.76 billion and imports of R98.89 billion.

Exports increased from October 2017 to November 2017 by R11.31 billion (12.4%) and imports increased from October 2017 to November 2017 by R3.06 billion (3.2%).

The cumulative deficit for 2017 is R21.91 billion compared to R109.66 billion deficit in 2016.

Trade highlights by category

Trade highlights by world zone

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

Africa:

Trade Balance surplus: R11 596 million – this is an improvement of R2 013 million in comparison to the R9 583 million surplus recorded in October 2017.

Botswana, Lesotho, Namibia and Swaziland (Only)

Trade statistics with the BLNS for November 2017 recorded a trade balance surplus of R9.16 billion. This was a result of exports of R13.40 billion and imports of R4.24 billion.

Exports increased from October 2017 to November 2017 by R0.67 billion (5.3%) and imports increased from October 2017 to November 2017 by R0.25 billion (6.2%).

The cumulative surplus for 2017 is R86.66 billion compared to R98.43 billion in 2016.

Trade Highlights by Category