South Africa’s trade balance for April is about 25% higher than expected, economists generally agree, after the South African Revenue Service (Sars) yesterday released its latest set of trade data.
Whereas market expectation predicted a surplus of R37.5 billion, Sars recorded a surplus of R51 billion.
There was however a month-on-month (m-o-m) decline from R52.5 billion in March to the current level.
It’s fitting to note that South Africa’s 12-month-long surge in export trade was mainly driven by precious metals and stones, the only exports to have increased, namely by 12%.
In comparison, perishables, especially vegetables, chemicals, base metals, vehicles, and transport-related export goods have all declined.
All in all, reported export figures for April dipped by 3.9% to R161 billion.
With the steady and strengthening global demand for commodities, economists at Stanlib and Investec agree that South Africa’s record run of exports will continue for the foreseeable future.
The country’s upward trending export figures have resulted in foreign trade surpluses.
