Trade gap shrinks, credit demand too

THE trade deficit narrowed to R8.48billion in February from R24.22-billion in January after a substantial rise in exports, SA Revenue Service data showed. Exports rose 14.6% and imports fell 6.5% on a month-on-month basis. THE Kagiso purchasing managers index, which gauges activity in manufacturing‚ edged up to 47.9 in March from 47.6 in February, driven mainly by an almost four-index-point rise in the employment subindex. NEW vehicle sales were steady at 55 449 units in March compared with 55 440 units in the same period last year, data from Naamsa showed, but exports jumped by 38.5% year on year. THE South African Revenue Service exceeded its tax revenue target‚ collecting R986.4-billion for 2014-15‚ R7.4-billion higher than a revised target of R979-billion, despite being racked by internal turmoil. THE Treasury has taken the harshest steps possible to act against municipalities that do not pay Eskom by withholding financial transfers from the national budget to 60 councils‚ beginning last month. PRIVATE sector credit demand slowed to 8.67% year on year in February from 9.15% in January, Reserve Bank data showed. The broadly defined M3 measure of money supply expanded by 8.11% compared with January’s 7.35%. THE Department of Home Affairs’s “draconian” regulations for foreign tourists have led to a drop in numbers from key markets such as China and India‚ the Southern African Tourism Services Association said. MINING Minister Ngoako Ramatlhodi said there was “no consensus” with the industry over the target of 26% black ownership, forcing the government to resort to the courts over the matter. PACKAGING firm Nampak said sales growth in its domestic market was lagging its performance in the rest of Africa, and it would continue cutting costs to cope with a slowing economy. SANRAL is concerned about how much longer it can operate after its latest bond auction attracted only one bidder on Wednesday. Auctions last year and in February this year also failed to raise the revenue it needed.