The South African Revenue Service (SARS) said that the country recorded a preliminary trade balance surplus of R16 billion in July 2023.
SARS said that the surplus is attributable to exports of R174 billion and imports of R158 billion, inclusive of trade with Botswana, Eswatini, Lesotho and Namibia (BELN).
The year-to-date (January 1 to July 31, 2023) preliminary trade balance surplus of R19.5 billion is a deterioration from the R154.6 billion trade balance surplus for the comparable period in 2022.
“On a year-on-year basis, export flows for July 2023 were 1.2% lower compared to R176.2 billion recorded in July 2022, whilst import flows were 4.0% higher having increased from R152.0 billion in July 2022 to R158 billion in the current period,” SARS said.
The data further showed that on a month-to-month basis, exports increased by R7.7 billion (4.6%) from R166.3 billion to R174.0 billion between June and July 2023, whereas imports decreased by R13 billion (7.6%) from R171.1 billion to R158 billion over the same period.
Export flows increased in July, driven by vehicles (goods), gold and petroleum oils (excl. crude).
Value of imports declined on the back of sizeable decreases in importation of petroleum oils (excl. crude), electric accumulators, and electrical transformers, static converters and inductors.
“Due to ongoing Vouchers of Correction (VOCs), the June 2023 preliminary trade balance deficit of R3.5 billion was revised downwards by R1.2 billion, to a final trade balance deficit of R4.7 billion,” SARS further stated.
SARS further reported that the country’s trade with the rest of the world (excluding BELN) for July 2023 indicated a preliminary trade balance surplus of R5.3 billion.
The R5.3 billion preliminary trade balance surplus for July 2023 was as a result of exports of R157.9 billion and imports of R152.6 billion.
“Exports increased by R7.6 billion (5.1%) between June and July 2023 whilst imports decreased by R13.6 billion (8.2%) over the same period. The preliminary cumulative trade balance for 2023 was a deficit of R51.1 billion, compared to R87.1 billion trade balance surplus for the corresponding period in 2022,” SARS said.
BUSINESS REPORT