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Johannesburg - South Africa has again recorded a higher than expected trade surplus.
The trade account recorded a R10.3bn surplus in December compared to an R8.4bn surplus in November, the South African Revenue Service (Sars) said on Monday.
Exports decreased by 10.4% month-on-month in December, while imports fell by 15.9%. Sars said the December surplus was "buoyed by higher commodity exports, specifically iron ore, precious metals and base metals".
The increased surplus was significantly higher than forecast.
Ten economists surveyed by Reuters expected the trade account to register a R2.75bn surplus in December.
Sars said the trade account in 2010 registered a surplus for the first time since since 2003 at R5.0bn, compared with a R27.3bn shortfall in 2009.
In June and July consecutive surpluses of R5.628bn and R2bn respectively were recorded. This was followed by a large deficit of R4.7bn in August.
Analysts were surprised by the surplus spike.
Efficient Group economist Merina Willemse said it showed that SA was exporting more than it was importing.
"We did expect a surplus, but not such a huge number. We wonder if this trend will continue. Perhaps our imports have fallen or are weaker," she said.
Gina Schoeman, senior economist at Absa Capital, said the figure was likely to surprise the market.
"But the data in its nature can be very volatile. However, what we can take away from this data is that it will keep the current account deficit well behaved in the foreseeable future."
Mike Schüssler, economist at economists.co.za, said it was the first time since 2003 that SA had a positive annual trade balance, "and that is despite a very strong rand for two years".
Said Schüssler: "It's a very good number for us and it will be good for growth figures coming out for the fourth quarter. This number negates any argument that a strong rand destroys exports."
The data showed that exports of prepared foodstuffs, beverages and tobacco dropped by 25% or R459m. Exports of base metals and articles thereof fell by R1.6bn or 18%.
Exports of vehicles, aircraft and vessels decreased by R807m or 15%, while those of precious and semi-precious stones and metals dropped by R1.6bn or 10%.
Mineral product exports slipped by R908m or 6%.
Imports of original equipment components decreased by 37% or R1.1bn, while those of base metals and articles thereof decreased by 35% or R843m.
Textile and textile article imports fell by R478m or 28%, and those of products of the chemicals and allied industries decreased by R1.2bn or 24%.
Imports of plastics and rubber and articles thereof decreased by 21% or R417m, and imports of machinery and electrical appliances dropped by 18% or R2.5bn.
Imports of vehicles, aircraft and vessels rose 6% or R324m, and those of mineral products dropped by 4% or R365m.
