South Africa’s trade deficit narrowed in February as oil imports fell and gold and diamond exports increased.

The trade gap shrank to 8.5 billion rand ($700 million) from a record 24.2 billion rand in January, the Pretoria-based Revenue Service said in an e-mailed statement on Tuesday. The median estimate of 17 economists surveyed by Bloomberg was for a shortfall of 5.7 billion rand. The deficit for the first two months of the year was 32.7 billion rand compared with 15.5 billion rand in 2014.

The volume of oil imports fell 22 percent in February as the price of Brent crude started to recover from an almost six-year low on Jan. 13. Importers such as Eskom Holdings SOC Ltd. used the record-low oil costs to step up their purchases. The utility, which generates about 95 percent of South Africa’s power, is burning more diesel as it struggles to meet demand.

“For the rest of 2015 we expect exports to recover and that should help us to record a lower trade deficit,” Isaac Matshego, an economist at Nedbank Group Ltd., said by phone from Johannesburg. “All of this depends on the avoidance of major production disruptions.”

The gap on the current account, the broadest measure of trade in goods and services, averaged 5.4 percent of gross domestic product in 2014 and will narrow to 4.5 percent this year, according to the National Treasury. A current-account deficit of close to 5 percent of GDP puts pressure on the rand, Jeffrey Schultz, an economist at BNP Paribas Cadiz Securities in Johannesburg, said by phone.

The rand declined 0.4 percent and to 12.1979 per dollar as of 2:49 p.m. in Johannesburg. Yields on government rand bonds due December 2026 fell six basis points to 7.89 percent.

Exports Climb

Exports rose 15 percent to 76.9 billion rand in February as shipments of vehicles and transport equipment surged 74 percent and sales of precious metals and stones increased 30 percent. Shipments of mineral products, which include coal and iron ore, fell by 1.9 billion rand, or 11 percent.

Imports fell 6.5 percent to 85.3 billion rand as purchases of mineral products, which include oil, dropped 23 percent. Machinery and electronics purchases declined by 2.4 billion rand, or 11 percent.

The monthly trade figures are often volatile, reflecting the timing of shipments of commodities such as oil and diamonds.

SA Trade Statistics for February 2015 (SARS): Highlights

The R8.48 billion deficit for February 2015 is due to exports of R76.85 billion and imports of R85.33 billion. Exports increased from January 2015 to February 2015 by R9.78 billion (14.6%) and imports decreased from January 2015 to February 2015 by R5.96 billion (6.5%). The cumulative deficit for 2015 is R32.70 billion compared to R15.49 billion in 2014.

The trade data excluding BLNS for February 2015 recorded a trade deficit of R16.85 billion. This is a result of exports of R66.05 billion and imports of R82.90 billion. Exports increased from January 2015 to February 2015 by R8.33 billion (14.4%) and imports decreased from January 2015 to February 2015 by R6.13 billion (6.9%). The cumulative deficit for 2015 is R48.16 billion compared to R31.04 billion in 2014.

Trade statistics with the BLNS for February 2015 recorded a trade surplus of R8.37 billion. This is a result of exports of R10.79 billion and imports of R2.43 billion. Exports increased from January 2015 to February 2015 by R1.46 billion (15.6%) and imports increased from January 2015 to February 2015 by R0.17 billion (7.7%). The cumulative surplus for 2015 is R15.46 billion compared to R15.56 billion in 2014.

Trade highlights by category

The month-on-month export movements: