SA records biggest trade surplus in 14 months

(iStock)
(iStock)

South Africa recorded its biggest trade surplus in 14 months in February as exports to Europe surged.

The trade balance swung to a surplus of R14.15 billion from a revised deficit of R2.72 billion in January, the South African Revenue Service said in a report on Tuesday.

Key insights

  • Trade with Asia fell the most of all regions in February, as imports from the area declined by 6.2% and exports dropped 10.1%.
  • South Africa’s total exports increased 8.6% in the month to 109.6 billion rand as shipments to Europe rose by 28.3%. Imports fell 7.9% to 95.45 billion.
  • The trade surplus could help narrow the shortfall on South Africa’s current account, and provide some support for the rand which fell to a record on Monday after Moody’s Investors Service cut the nation’s credit rating to junk.
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