US slowdown sees exports drop - Africa records best ever levels

EXPORTS FELL fell by R2.786-billion month-on-month (m/m) to R17.462-bn in February - a 13.8% m/m decline, but a 10.9% year-on-year (y/y) increase. According to the Standard Bank economics division, the dramatic slowdown in the US is impacting on domestic exports - as shipments to the US fell by 13% in February following a 5% decline in January. ÒThe slowdown in Europe is also weighing on domestic exports, said the report, Òwith shipments falling by 7% in February - after a 30% fall in January.Ó Exports to Asia have fallen by 27% over the last two months. ÒOn a positive note though,Ó said the Standard analysis, Òexports to the rest of Africa remain close to their historic best levelsÓ. Imports fell by R1.573-bn to R15.160-bn (a -9.4% m/m decline, but a 9% y/y increase). According to the Standard, imports to SA from all major trading regions declined in February - with the most noticeable fall being goods shipped from Europe and Asia. Imports from Europe fell by R3.3-bn, from Asia R3-bn and the US R1.2-bn.