South Africa Trade Deficit at 16-Month High



South African trade gap widened to ZAR 21.32 billion in October from a revised ZAR 3.05 billion in the previous month due to a sharp rise in imports.

Exports contracted 1.8 percent to ZAR 89 billion from ZAR 90.6 billion in September of 2014, hurt by a fall in sales of vegetables (-38 percent) and a decline in sales of precious metals and stones (-14 percent). Yet, prepared food exports rose 23 percent and machinery and electronics increased by 9 percent.

Sales to Oceania countries grew 33.9 percent (from a revised -0.6 percent in September of 2014) and those to America rose 11.4 percent (from a revised -8.4 percent in September of 2014). Meanwhile, shipments to European countries contracted 21.3 percent (from a revised -71.5 percent in September of 2014).

Imports increased 17.8 percent to ZAR 110.32 billion from ZAR 93.7 billion in September of 2014. Purchases of mineral products rose the most (+ 34 percent), followed by equipment components (+ 26 percent), vehicles and transport equipment (+ 24 percent) and machinery and electronics (+ 15 percent). Vegetables’ purchases was the only decreased registered (- 48 percent).

Purchases from Africa rose 61.8 percent (from a revised -18.7 percent in September of 2014) and those to American countries grew 36.5 percent (from a revised -2.6 percent in September of 2014). Imports from Oceania increased by 24.3 percent (from a revised 0.7 percent in September of 2014) and those to Europe 19 percent (from a revised 1.9 percent in September of 2014).

The cumulative deficit for 2014 is ZAR 95.11 billion compared to a revised ZAR 73.08 billion deficit in 2013.

Excluding trade with neighbors Botswana, Lesotho, Namibia and Swaziland, the country’s trade gap amounted to ZAR 31.27 billion in October and ZAR 180.7 billion deficit in 2014.

South Africa Trade Deficit at 16-Month High


South African Revenue Service | Carolina Cunha | carolina.cunha@tradingeconomics.com
11/28/2014 1:01:49 PM