South Africa’s trade surplus beats expectations

South Africa’s trade balance shifted to R9.47 billion surplus in March of 2018, from an upwardly revised R0.60 billion deficit in the previous month, and well above market expectations of a R3.7 billion surplus. It was the smallest trade surplus since October last year. Considering the first quarter of the year, the country recorded a trade deficit of R18.6 billion. 

Exports increased 9.2 percent month-over-month to R98.3 billion in March of 2018, mostly due to higher sales of base mineral (+12 percent); precious metals and stones (15 percent); base metals (19 percent) and machinery and electronics (10 percent). The most important export partners were: China (10.2 percent of total exports), the US (7.1 percent), Germany (7.0 percent), Japan (4.7 percent) and India (4.7 percent).

Imports dropped 2.0 percent month-over-month to R88.8 billion, mainly due to a fall in purchases of vegetable products (-31 percent) and mineral (-14 percent). In contrast, purchases increased for base metals (13 percent) and machinery and electronics (6 percent). Main import partners were: China (18.1 percent of total imports), Germany (10.1 percent), the US (6.3 percent), Saudi Arabia (4.9 percent) and Thailand (3.8 percent).

Excluding trade with neighboring Botswana, Lesotho, Namibia and Swaziland, the country posted a trade surplus of R1.9 billion in March.

The South African Revenue Service (SARS) on 30 April released trade statistics for March 2018 recording a trade balance surplus of R9.47 billion. These statistics include trade data with Botswana, Lesotho, Namibia and Swaziland (BLNS).

The year-to-date (01 January to 31 March 2018) trade balance deficit of R18.63 billion is a deterioration on the surplus for the comparable period in 2017 of R4.22 billion. Exports year-to-date grew by 0.4% whilst imports for the same period showed an increase of 9.1%.

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

The R9.47 billion trade balance surplus for March 2018 is attributable to exports of R98.28 billion and imports of R88.81 billion. Exports increased from February 2018 to March 2018 by R8.27 billion (9.2%) and imports decreased from February 2018 to March 2018 by R1.80 billion (2.0%).

Exports for the year-to-date (01 January to 31 March) grew by 0.4% from R267.76 billion in 2017 to R268.77 billion in 2018. Imports for the year-to-date of R287.40 billion are 9.1% more than the imports recorded in January to March 2017 of R263.54 billion, leaving a cumulative trade balance deficit of R18.63 billion for 2018.

On a year-on-year basis, the R9.47 billion trade balance surplus for March 2018 is a deterioration from the surplus recorded in March 2017 of R11.81 billion. Exports of R98.28 billion are 3.1% less than the exports recorded in March 2017 of R101.48 billion. Imports of R88.81 billion are 1.0% less than the imports recorded in March 2017 of R89.67 billion.

February 2018’s trade balance surplus was revised downwards by R1.03 billion from the previous month’s preliminary surplus of R0.43 billion to a revised deficit of R0.60 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 February 2018 (revised) to March 2018 are given below.

Africa:

Trade Balance surplus: R16 871 million – this is an improvement of R2 354 million in comparison to the R14 517 million surplus recorded in February 2018.

America:

Trade Balance deficit: R 109 million – this is an improvement of R 464 million in comparison to the R 573 million deficit recorded in February 2018.

Asia:

Trade Balance deficit: R9 153 million – this is an improvement of R5 357 million in comparison to the R14 510 million deficit recorded in February 2018.

Europe:

Trade Balance deficit: R4 959 million – this is an improvement of R2 072 million in comparison to the R7 031 million deficit recorded in February 2018.

Oceania:

Trade Balance deficit: R1 095 million – this is a deterioration of R 993 million in comparison to the R 102 million deficit recorded in February 2018.

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

The trade data excluding BLNS for March 2018 recorded a trade balance surplus of R1.99 billion. This is a result of exports of R87.51 billion and imports of R85.52 billion.

Exports increased from February 2018 to March 2018 by R7.97 billion (10.0%) and imports decreased from February 2018 to March 2018 by R1.71 billion (2.0%).

The cumulative deficit for 2018 is R39.38 billion compared to R16.66 billion deficit in 2017.

Trade highlights by category

Trade highlights by world zone

The world zone results for Africa excluding BLNS from February 2018 (Revised) to March 2018 are given below.

Africa:

Trade Balance surplus: R9 384 million – this is an improvement of R1 961 million in comparison to the R7 423 million surplus recorded in February 2018.

Botswana, Lesotho, Namibia and Swaziland (Only)

Trade statistics with the BLNS for March 2018 recorded a trade balance surplus of R7.49 billion. This is a result of exports of R10.78 billion and imports of R3.29 billion.

Exports increased from February 2018 to March 2018 by R0.30 billion (2.9%) and imports decreased from February 2018 to March 2018 by R0.09 billion (2.7%).

The cumulative surplus for 2018 is R20.74 billion compared to R20.88 billion in 2017.

Trade Highlights by Category