South Africa Trade Gap Largest in 9 Months


South Africa trade deficit widened to ZAR 5.55 billion in October of 2018 from a downwardly revised ZAR 3.83 billion in the previous month and compared with market expectations of a ZAR 2.25 billion shortfall. It was the largest trade gap since January, as imports rose faster than exports. Considering the first ten months of the year, the country posted a ZAR 8.82 billion deficit.

Imports increased 9.7 percent month-over-month to ZAR 127.87 billion, mainly driven by higher purchases of vehicles and transport equipment (35 percent); chemical products (21 percent); original equipment components (11 percent); and machinery and electronics (8 percent). Meanwhile, imports declined for mineral products (-7 percent). Main import partners were: China (19.1 percent of total imports), Germany (9.1 percent), Saudi Arabia (6.7 percent), the US (5.7 percent) and Nigeria (4.9 percent).

Exports advanced 8.5 percent month-over-month to ZAR 122.32 billion, boosted by higher sales of mineral products (15 percent); vehicles and transport equipment (14 percent); prepared foodstuff (35 percent); and machinery and electronics (18 percent). On the other hand, exports dropped for vegetable products (-30 percent) and other unclassified (-59 percent). The most important export partners were: China (9.7 percent of total exports), Germany (9.4 percent), the US (6 percent), the UK (5.6 percent) and Japan (4.8 percent).

Excluding trade with neighboring Botswana, Lesotho, Namibia and Swaziland, the country recorded a trade gap of ZAR 12.97 billion in October.

South Africa Trade Gap Largest in 9 Months


South African Revenue Service | Stefanie Moya | stefanie.moya@tradingeconomics.com
11/30/2018 12:29:01 PM