South Africa Balance of Trade

South Africa recorded a trade deficit of 7766.20 Million ZAR in March of 2013. Balance of Trade in South Africa is reported by the South African Revenue Service. Historically, from 1957 until 2013, South Africa Balance of Trade averaged -167.07 Million ZAR reaching an all time high of 10327.90 Million ZAR in December of 2010 and a record low of -24526.70 Million ZAR in January of 2013. South Africa has been posting trade deficits primarily due to deterioration in commodities exports and high imports of fuel and high value added goods. The country is rich in mineral resources and is the world’s major exporter of chromium and platinum (8 percent of total exports). Other exports include: gold (8 percent), coal (6 percent), iron ores (7 percent) and motor vehicles and car parts (5 percent). Main imports are: fuel (24 percent of total imports), motor vehicles (10 percent), electronics (3 percent) and pharmaceuticals (2 percent). Main trading partners are Japan (10 percent of exports and 6 percent of imports) and Germany (7 percent of exports and 11 percent imports). Others include: United States, China and United Kingdom. This page includes a chart with historical data for South Africa Balance of Trade.

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South Africa Balance of Trade
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South Africa Trade Deficit Narrows to 7.77 billion ZAR in March from 9.7 billion ZAR in February
South African Revenue Service | Joana Taborda | joana.taborda@tradingeconomics.com  |  4/30/2013 2:23:28 PM


The reduction in the trade deficit from 9.7 billion ZAR in February of 2013 to 7.77 billion ZAR in March was due to a 2.9 percent increase in exports and a 0.3 percent decline in imports.

Exports increased from February to March by 1.81 billion ZAR (2.9 percent) and imports decreased from February to March by 0.19 billion ZAR (-0.3 percent). The reduction in the trade deficit to 7.77 billion ZAR in March was due an increase in exports of mineral products and base metals, and a decline in imports of mineral products and foot &

The February to March change (up by 2.9 percent) in exports of goods reflected increases mainly in mineral products (increased by 6 percent) and base metals and articles thereof (increased by 12 percent). Exports of precious and semi-precious stones and metals decreased 7 percent.
 
The February to March change (down by 0.3 percent) in imports of goods reflected decreases mainly in imports of mineral products (down by 18 percent) and in footwear, headgear, and articles made therewith (decreased by 52 percent). Imports of vehicles, aircraft and vessels increased by 33 percent; products of the chemicals or allied industries grew by 18 percent and original equipment components increased by 13 percent. 
 
Trade deficit with Asia declined, as exports climbed and imports fell.
Trade deficit with Europe and Oceania increased, as both exports and imports went up.  
Trade surplus with Africa increased, as exports climbed and imports went down. 
 
The cumulative deficit for 2013 is 41.84 billion ZAR compared to 27.57 billion ZAR in 2012.
 
Year-on-year, the trade deficit widened in March of 2013 to 7.77 billion ZAR from 5.51 billion ZAR recorded in March of 2012. Compared with the same month of the previous year, in March of 2013, exports grew by 4.3 percent and imports by 7.3 percent.

ARCHIVE
South Africa Trade Deficit Narrows in February The reduction in the trade deficit from 24.5 billion ZAR in January of 2013 to 9.52 billion ZAR in February was due to a 17 percent increase in exports and a 7.7 percent decline in imports. 2013-03-28
South Africa Reports the Biggest Trade Deficit on Record The increased trade deficit of 24.53 billion ZAR in January 2013 from 2.70 billion ZAR in December 2012 was due to increased imports of machinery and electrical appliances, mineral products, base metals, chemical products, plastics and rubber, textile and textile articles, and original equipment components. Exports decreased in precious & semi-precious metals, machinery and electronics, vehicles, vessels and aircraft. 2013-02-28



Balance of Trade | Notes

The balance of trade is the difference between the monetary value of exports and imports in an economy over a certain period of time. A positive balance of trade is known as a trade surplus and occurs when value of exports is higher than that of imports; a negative balance of trade is known as a trade deficit or a trade gap.






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