South Africa Trade Surplus Beats Estimates
South Africa posted a higher-than-expected trade surplus of ZAR 12.5 billion in June of 2016 from a downwardly revised deficit of ZAR 18.3 billion in the previous month. The figure came way above market expectations of ZAR 7.2 billion surplus, as exports went up 0.7 percent and imports increased at a faster 7.6 percent.
7/29/2016 1:29:07 PM
Exports rose by ZAR 0.7 billion or 0.7 percent to ZAR 105.22 billion in June of 2016 from an downwardly revised ZAR 104.68 billion in the previous month, as sales went up vegetable products (+20 percent) and machinery & electronics (+4 percent). In contrast, outbound shipments fell for vehicles & transport equipment (-4 percent), precious metals and stones (-3 percent) and mineral product (-2 percent). The main export partners were Germany (7.8 percent of total exports) China (7.6 percent), the US (7.1 percent), the United Kingdom (6.2 percent) and Botswana (4.7 percent).
Imports jumped by ZAR 6.5 billion or 7.6 percent to ZAR 92.7 billion from an upwardly revised ZAR 86.1 billion in a month earlier, boosted by higher purchases of vegetable products (+28 percent), mineral products (+20 percent), original equipment components (+10 percent), chemicals (+7 percent) and machinery and electronics (+6 percent). The major sources of imports to South Africa were China (17.5 percent of total imports), Germany (12.4 percent), the US (7 percent), Saudi Arabia (4.5 percent) and India (4.1 percent).
In the first half of 2016, the trade surplus recorded at ZAR 12.5 billion compared to ZAR 22 billion trade deficit a year earlier.