Surplus in trade balance follows record deficit

SOUTH Africa’s trade balance improved to reflect a surplus last month, following the biggest deficit yet recorded in January.

February’s figures were also revised to show a deficit‚ from the surplus originally reported.

According to the South African Revenue Service‚ the country recorded a trade surplus of R9.47-billion in March‚ a little lower than the R11.81-billion surplus in the same period a year ago.

The trade statistics indicate the balance of South Africa’s international trade. A surplus occurs when the value of the country’s exports exceeds that of its imports.

Analysts expected a surplus after the January seasonal effect, when 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 R98.28-billion and imports of R88.81-billion. The year-to-date trade deficit of R18.63-billion is a vast deterioration compared with the surplus in the same period last year of R4.22-billion.

Imports for the year to date of R287.4billion are 9.1% higher than those recorded in the first quarter last year.

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

February’s trade surplus was revised downwards by R1.03-billion to a R600-million deficit.