The South African Revenue Service (SARS) today releases trade statistics for August 2012 that record a trade deficit of R12.2 billion.
Summary
The trade deficit for August 2012 increased by R5.5 billion to R12.2 billion (deficit of R3.8 billion in August 2011) from a deficit of R6.7 billion in July 2012.
Exports decreased by R2.1 billion (-3.3%) to R61.4 billion and imports increased by R3.4 billion (4.9%) to R73.6 billion.
The increased trade deficit of R12.2 billion in August 2012 was mainly due to increased imports of mineral and chemical products, combined with a decline in exports of mineral and chemical products.
The cumulative deficit for the year to date is R69.9 billion compared to R8.7 billion in 2011.
Trade highlights by category
The July to August change (down by -3.3%) in exports of goods reflected decreases mainly in:
- Mineral products decreased by R2 907 million (-17%).
- Products of the chemical or allied industries decreased by R1 297 million (-28%).
- Precious and semi-precious stones and metals decreased by R61 million (0%) and
- Base metals and articles thereof increased by R819 million (12%).
The July to August change (up by 4.9%) in imports of goods reflected increases mainly in:
- Mineral products increased by R3 294 million (24%).
- Products of the chemical or allied industries increased by R748 million (11%).
- Original equipment components increased by R276 million (5%).
- Vehicles, aircraft and vessels decreased by R648 million (-9%) and
- Machinery and electrical appliances decreased by R1 394 million (-8%).
Trade highlights by World Zone
The world zone results for July and August 2012 as given below are unaudited.
Asia
The deficit increased from R10.5 billion in July to R11.3 billion in August 2012. Exports decreased by R1.2 billion to R20.7 billion and imports decreased by R0.5 billion to R32.0 billion.
Europe
The deficit increased from R6.4 billion in July to R8.3 billion in August 2012. Exports decreased by R0.5 billion to R14.1 billion and imports increased by R1.4 billion to R22.4 billion.
America
The deficit decreased from R1.8 billion in July to R 0.5 billion in August 2012. Exports increased by R0.6 billion to R7.6 billion and imports decreased by R0.7 billion to R8.0 billion.
Africa
The surplus decreased from R5.9 billion in July to R1.8 billion in August 2012. Exports decreased by R0.6 billion to R12.0 billion and imports increased by R3.5 billion to R10.1 billion.
Oceania
The deficit increased from R0.6 billion in July to R0.01 billion in August 2012. Exports increased by R0.2 billion to R0.9 billion and imports decreased by R0.3 billion to R1.0 billion.
For more detail, visit our website, www.sars.gov.za, Customs and Excise, Trade Data.
