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SA’s trade balance plummeted yet again in November
Although politicians say South Africa’s economy is not doing too badly, the latest preliminary trade balance statistics tell a different story.
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South Africa’s trade balance plummeted again in November after its significant downturn in October, with the country recording a preliminary trade balance surplus of R48.5 billion for the period from January to November 2023, a massive decrease from the R187.6 billion surplus for the comparable period in 2022.
The preliminary cumulative trade balance for 2023 was a deficit of R71.3 billion, compared to a R76.9 billion surplus for the corresponding period in 2022.
The trade statistics released by the SA Revenue Service (Sars) for November show a preliminary trade balance surplus of R21.0 billion for November, attributable to exports of R185.8 billion and imports of R164.8 billion, including trade with Botswana, Eswatini, Lesotho and Namibia.
Year-on-year export flows for November 2023 were 8.2% higher compared to R171.7 billion recorded in November 2022, while import flows were 0.1% higher, increasing from R164.6 billion in November 2022 to R164.8 billion in the current period.
Month-to-month exports increased by R15.6 billion (9.2%) from R170.1 billion to R185.8 billion between October and November 2023, while imports decreased by R18.3 billion (-10.0%) from R183.0 billion to R164.8 billion over the same period.
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Increased exports of gold, platinum and iron ore
Export flows increased in November, driven by iron ore and concentrates, gold, and platinum, while the value of imports decreased on the back of sizable decreases in importing petroleum oils (excluding crude), crude oil and original equipment components.
Sars says due to ongoing Vouchers of Correction, the preliminary trade balance deficit of R12.7 billion announced for October 2023 was revised upwards by R0.2 billion, with the final trade balance deficit at R12.9 billion.
South Africa’s trade with the rest of the world, excluding Botswana, Eswatini, Lesotho and Namibia, for November 2023 indicates a preliminary trade balance surplus of R8.0 billion, the result of exports of R166.6 billion and imports of R158.6 billion.
In November, exports increased by R15.3 billion (10.1%) between October and November 2023, while imports decreased by R18.4 billion (-10.4%).
South Africa’s trade with Botswana, Eswatini, Lesotho and Namibia indicated a preliminary trade balance surplus of R13.0 billion in November as a result of exports of R19.2 billion and imports of R6.2 billion.
Exports increased by R0.4 billion (1.9%) between October and November and imports by R0.1 billion (2.3%).
