SA records large trade surplus

A weaker oil price in August, together with a solid jump in mining exports, helped to push trade balance from a deficit to a surprisingly large surplus.

SOUTH Africa exported R6,84 billion more than it imported in August, the SA Revenue Service reported yesterday. This was much better than expected: The consensus expectation among economists was for a surplus of R1,2 billion.

But July's trade deficit was even worse than previously thought: SARS said SA imported R3,72 billion more than it exported, from the previous estimate of R2,88 billion.

Exports rose by 8,4 percent from July to August to R122 billion, while imports were down 1 percent to R115 billion.

The lower imports number was due in part to cheaper oil prices, which helped to lower the import cost of mineral products by 12 percent.

Exports of mineral products ( including petrol) rose by 18 percent, followed by precious metals and stones ( 10 percent), machinery and electronics (+ 11 percent), vehicles and transport equipment (+ 4 percent) and vegetables ( 6 percent).

Exports to China rose by almost 11 percent, followed by Germany (+ 7 percent) and the UK (+ 6 percent).

Investec economist Annabel Bishop cautioned that the latest figures do not yet capture the higher oil price following the recent damage to Saudi production.

Earlier t his month, t en drones struck two Saudi oil facilities — which affected half of that country's oil output, or 5 percent of the world's oil supplies.

This triggered a record spike in the oil price, which jumped by 20 percent in a single session.

September has seen the rand oil price rise to R925/ bbl to date, well up on the average in August of R904/ bbl, Bishop said.

She said that the African Continental Free Trade Area ( AfCFTA) provides an opportunity for South Africa to diversify its exports, offering a market with 55 member states, a market of 1,2 billion people and a combined GDP of US$ 3,4 trillion.

"This i s key as SA exports have declined as a share of world trade ( global exports) as SA has lost competitiveness, with a drop in the ease of business versus a decade ago, and rising costs of doing business.

“The impact of the US- Sino trade conflict has seen economic growth weaken in key areas SA trades with, weakening growth in SA in turn," Bishop said.

For the year to date, South Africa record a trade deficit of R850 million, compared to a surplus of R4,67 billion for the same period last year. — Fin24 First Mutual Holdings Limited First Mutual Properties Limited General Beltings Holdings Limited Getbucks Microfinance Bank Limited Innscor Africa Limited Lafarge Cement Zimbabwe Limited Mashonaland Holdings Limited Masimba Holdings Limited Medtech Holdings Limited Meikles Limited Nampak Zimbabwe Limited National Foods Holdings Limited National Tyre Services Limited Nmbz Holdings Limited Ok Zimbabwe Limited Old Mutual Limited Padenga Holdings Limited Powerspeed Electrical Limited Ppc Limited Proplastics Limited Rainbow Tourism Group Limited Riozim Limited Seed Co International Limited Seed Co Limited Simbisa Brands Limited Starafricacorporation Limited Truworths Limited Tsl Limited Turnall Holdings Limited Unifreight Africa Limited Willdale Limited Zb Financial Holdings Limited Zeco Holdings Limited Zimbabwe Newspapers (1980) Limited Zimplow Holdings Limited Zimre Holdings Limited Zimre Property Investiments Limited ZW0009011025 ZW0009012080

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0.1260

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0.1260 1.6500 0.4811

0.1260

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0.1260 0.0000 0.4860

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0

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