South African Trade Deficit Narrows in June

In June of 2013, South African trade deficit narrowed for the second month in a row to ZAR 7.71 billion, from ZAR 11.5 billion in May, due to a rebound in mining exports.
South African Revenue Service | Joana Taborda | 7/31/2013 1:56:21 PM
Shipments reached ZAR 68.21 billion, while imports decreased from May to June by ZAR 1.58 billion to ZAR 75.92 billion.

From May to June, exports increased 3.4 percent. While shipments of precious and semi-precious stones, metals and mineral products recorded the highest increases (13 percent and 8 percent, respectively), exports of chemical products went down by 11 percent. Mineral products accounted for 26.7 percent of total exports (up from 25.3 percent in May), precious stones for 21.2 (from 19.3 percent in the previous month) and base metals for 11.7 percent (down from 12.2 percent).

From May to June imports went down for the second consecutive month by 2 percent, due to fall in imports of plastics and rubber articles (- 13 percent) and vehicles, aircrafts and vessels (- 11 percent). Imports of machinery and electrical appliances increased 4 percent. Machinery and appliances accounted for 26.3 percent of total imports (up from 24.9 percent in May) and mineral products for 21.9 percent (from 22.1 percent).

Trade deficit with Asia, America and Oceania increased while that with Europe declined. Trade surplus with Africa widened.

Year-on-year, exports increased 10.58 percent and imports rose 12.6 percent. The trade deficit widened to ZAR 7.71 billion in June of 2013 from ZAR 5.93 billion recorded in the same month last year.

The cumulative deficit for 2013 reached ZAR 75.94 billion compared to ZAR 51.58 billion in 2012.

South African Trade Deficit Narrows in June