South Africa trade surplus widens in September as imports drop

accreditation

South Africa’s trade surplus widened in September as the value of oil imports decreased.

The R5.2 billion surplus compares with a revised R4.5 billion positive balance in August, Pretoria-based South African Revenue Service said Thursday in a statement on its website. The median estimate of five economists in a Bloomberg survey was for a surplus of R2 billion.

Key Insights

The surplus may bode well for the current account, which is the broadest measure of trade in goods and services, and the rand. The deficit on the current account widened to 4% of gross domestic product in the three months through June, the biggest in a year. It’s been a key risk to the economy for years, given the country also runs a fiscal deficit, which is forecast to widen to a 11-year high of 6.5% of GDP in 2020-2021 as the government props up the cash-strapped Eskom.

The trade account has a positive balance of R2.5 billion for the first nine months of 2019, compared with R1.8 billion for the same period last year, the tax agency said.

Total export value fell 7.8% from a month earlier to R110.4 billion, led by a 10% drop in shipments of mineral products, which include iron ore and a coal, and an 11% decline in vehicle and transportation equipment.

Imports fell by 8.6% to R105.3 billion as the value of the inward shipment of mineral products, which include oil, dropped by 23%.

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed. 
Subscribe to News24
Rand - Dollar
17.77
-0.8%
Rand - Pound
20.13
+0.5%
Rand - Euro
17.57
+0.2%
Rand - Aus dollar
11.55
-0.7%
Rand - Yen
0.12
-0.4%
Gold
1,715.78
-0.6%
Silver
20.66
-1.9%
Palladium
2,260.50
-2.7%
Platinum
921.00
-1.3%
Brent-ruolie
91.80
+3.2%
Top 40
59,202
-1.1%
All Share
65,613
-1.1%
Resource 10
63,687
-1.4%
Industrial 25
79,239
-1.1%
Financial 15
13,961
-0.7%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders