South Africa posts record trade deficit

2012-11-30 16:16

South Africa’s trade deficit soared to record levels last month, official data has shown.

The South Africa Revenue Service reported the deficit increased by 54% between September and October, on the back of a slump in metals exports.

This led to the exchange rate of the rand being pushed down today.

Mining output has been significantly slowed by a wave of deadly labour strikes which curbed platinum and gold production.

The deficit stood at more than R21 billion (US2.4 billion) versus nearly R14 billion (US1.6 billion) the month before.

The rand slumped against the dollar and the euro shortly after the figures were released, with the South African currency hitting 52 week lows against the single European currency.

- Sapa - AFP

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