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Trade balance swings into sharp deficit

Johannesburg - South Africa recorded a much wider than expected trade deficit of R11.39bn ($1.08bn) in March after a R1.72bn surplus in February, data from the South African Revenue Service showed on Wednesday.

This figure included trade data with Botswana, Lesotho, Namibia, and Swaziland (BLNS).

The latest data brings the cumulative deficit for 2014 to R27.69bn compared to R21.61bn over the same period in 2013.

Economists polled by Reuters had forecast a trade shortfall of R1.5bn for March but the data is volatile and often difficult to predict.

"The R11.39bn deficit for March 2014 can be attributed to exports of R80.26bn and imports of R91.65bn."

Including the BLNS countries' data, exports decreased by R2.51bn (3%) between February and March, while imports increased 11.6% to R9.52bn.

Mineral products exports decreased by R3 645m, or 16.7%, which was R3 966m or 19.8% excluding BLNS countries' data.

Precious metals and stones exports decreased by R477m or 3.6%, which was R992m or 8.1% excluding BLNS.

Chemical exports increased R891m or 20%, which was R848m or 23.2% excluding BLNS.

Machinery and electronics exports increased by R685m or 9%, which was R517m or 8.3% excluding BLNS data.

From February to March, imports increased by 11.6%, or 12.1% excluding BLNS.

Mineral products imports increased by R7150m or 36.9%, which was R7 148m or 37% excluding BLNS countries.

Machinery and electronics imports grew by R2 332m or 13.4%, which was R2 355m or 13.6% excluding BLNS.

Vegetable products imports increased by R813m or 77%, which was R806m or 78.1% excluding BLNS data.

Imports of vehicle and transport equipment increased by R809m or 9.3%, which was R794m or 9.2% excluding BLNS.


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