March 2009 – The Trade Deficit Trend Persists On the afternoon of 30 April 2009 the South African Revenue Service (Sars) released the import and export trade statistics for March 2009. Continuing the trend of the preceding months, March recorded a deficit of R512 million, resulting in a cumulative deficit for the year to date of R19.038 billion. According to Sars the trade deficit of R512 million was mainly due to increased exports, which increased from February to March 2009 by R7.905 billion (17.94%) to R51.966 billion, and imports increasing by R7.846 billion (17.58%) to R52.478 billion, for the same period. A closer analysis of the category of imports reveals machinery and mechanical appliances [up by R2.271 billion (19%)]; vehicles, vessels and aircraft [up by R2.037 billion (55%)]; and mineral products [up by R1.071 billion (11%)]. As for exports, precious metals and stones [up by R2.923 billion (30%); base metals and articles thereof [up by R1.285 billion (21%)]; and mineral products [up by R0.946 billion (10%)]. A quick look at the world zones reveals the following. Asia: The deficit decreased from R4.8bn in February 2009 to R4.1bn in March 2009. Exports increased by R3.3bn to R16.4bn and imports increased by R2.6bn to R20.6bn; Europe: The deficit increased from R2.9bn in February 2009 to R4.8bn in March 2009. Exports increased by R3.0bn to R15bn and imports increased by R4.9bn to R19.8bn; America: The deficit increased from R1.8bn in February 2009 to R2.9bn in March 2009. Exports decreased by R0.4bn to R4.7bn and imports increased by R0.7bn to R7.6bn; and Africa: The surplus increased from R4.2bn in February 2009 to R6.5bn. Exports increased by R1.4bn to R9.6bn and imports decreased by R0.8bn to R3.1bn. For a comprehensive review and analysis of the March 2009 trade statistics, visit www. tradeinsight.co.za and download your copy of Trade Trend Insight. Generalised System of Preferences (GSP) In last week’s issue we noted the publication of the Draft Rules for the Russian Generalised System of Preferences (GSP), on which comment is due by close of business on 08 May 2009. The Russian GSP is by no means the only GSP from which South African exporters can benefit. There are many more, namely European Community (EC), Norwegian, Switzerland, and Turkey. If you are interested in additional information on the GSPs visit the Sars website (www. sars.gov.za) and download all the necessary documentation. Georgia Becomes the 137th Member of the HS Convention On 27 March 2009, Georgia deposited with the Secretary General of the World Customs Organisation (WCO) its instrument of accession to the International Convention on the Harmonised Commodity Description and Coding System (Harmonised System), thus becoming the 137th Contracting Party to the Harmonised System. Georgia has been a Member of the WCO since 29 October 1993. The Harmonised System Convention will enter into force in Georgia on 01 January 2011, unless Georgia decides to specify an earlier date. Applications and Amendments – 01 May 2009 There were no tariff applications (increase, reduction, or rebate of the customs duty), trade remedy amendments, tariff amendments and trade remedy amendments for 01 May 2009 published at the time of going to print. If you are interested in establishing whether a tariff application or a trade remedy or a draft rule amendment (to the Act) is still subject to comment, please visit TARIFF BOOK (www.cargoinfo.co.za) or alternatively you can go to the EVENTS CALENDAR (www. tariffandtrade.co.za or www. ttinews.co.za) and click on any date for further information.
