March surplus welcome after earlier record deficits

SOUTH Africa’s trade balance improved to reflect a surplus in March, following the biggest deficit ever recorded in January. February’s figures were also revised to show a deficit, from the surplus that was originally reported.

According to the South African Revenue Service (SARS), SA recorded a trade surplus of R9.47-billion in March, a little lower than the surplus of R11.81billion seen in the same period a year ago.

The trade statistics indicate the balance of SA’s international trade.

Analysts expected a surplus after the seasonal effect in January, where the result of many exporters being closed for the festive season, wore off. A Trading Economics consensus had forecast a surplus of R3.7-billion.

The March surplus is attributable to exports of R98.28billion and imports of R88.81billion.

The year-to-date trade deficit of R18.63-billion is a vast deterioration when compared to the surplus in the same period in 2017 of R4.22-billion.

Imports for the year to date of R287.40-billion are 9.1% higher than those recorded in the first quarter of last year.

Exports decreased from December to January 2018 by R23.52-billion (22.6%) while imports increased by R19.45-billion (21.9%).

February 2018’s trade surplus was revised downwards by R1.03-billion from the previous month’s preliminary surplus of R430-million to a revised deficit of R600-million.