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Export drop hits SA trade data

Johannesburg - South Africa recorded a trade deficit of R2.474bn for its trade with non-Southern African Customs Union trading partners in November after a deficit of R6.709bn in October, according to Customs & Excise figures released on Wednesday.

A R2.35bn deficit had been expected by economists, a survey by I-Net Bridge had found.

Data showed that exports amounted to R45.85bn and imports came in at R48.33bn.

A record R17.380bn deficit was struck in January this year from a previous worst in October 2007 of R14.7bn, but South Africa achieved its first trade surplus since 2006 of R2.020bn in May and then followed up with surprise surpluses in June, July and September. The figures are volatile, however.

Data showed that imports of mineral products decreased by 21%, or R2.558bn, in November and imports of products of the chemicals and allied industries fell by 11%, or R547m.

Imports of machinery and electrical appliances rose by 1% or R92m and imports of vehicles, aircraft and vessels rose by 23%, or R956m.

Imports of original equipment components declined by R91m, or 3%.

The data also shows that exports of mineral products decreased by R1.321bn, or 15% in November, while exports of precious and semi-precious stones and metals rose by 21%, or R2.129bn. Exports of base metals declined by 5%, or R401m, and exports of vehicles, aircraft and vessels rose by 37%, or R1.608bn.

Large revisions to South African trade data were reported in early February, with the outcome showing that a previously reported year-on-year deficit increase of R18.1bn in 2008 was actually a decrease of 7.73%, or R5.4bn.

The revised data show that the cumulative revised trade deficit for January to December 2008 was R64.5bn versus a previously reported deficit of R88.0bn. This compared with an unrevised deficit of R69.9bn in 2007.

A R69.940bn deficit was recorded for 2007 from a R68.642bn deficit in 2006.

- I-Net Bridge

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