The South African Revenue Service (SARS) today releases trade statistics for November 2010 that record a trade surplus of R8.4 billion, compared to a trade deficit of R3.2 billion in October 2010.
Summary
The R8.4 billion surplus for November 2010 was due to an increase in exports of 20.8% and a decrease in imports of 2.4%.
Iron ore export transactions totalling R3.2 billion (reflected under mineral product exports) which occurred in October 2010 were only captured in November 2010 and is included in the surplus of R8.4 billion for November 2010. Had the transactions been captured in October 2010 the trade deficit in October 2010 would have been R0.02 billion instead of R3.2 billion and the November 2010 surplus R5.2 billion instead of R8.4 billion. All published figures do not take the above into account.
Exports for November 2010 of R60.2 billion and imports of R51.8 billion resulted in a surplus of R8.4 billion.
Exports increased by R10.4 billion (20.8%) and imports decreased by R1.3 billion (2.4%).
The cumulative deficit for the year to date is R5.0 billion compared to R29.5 billion in 2009, an improvement of R24.5 billion or 82.9%.
Trade Highlights by Category
- The October to November change (up by 20.8%) in exports of goods reflected increases mainly in:
- Mineral products increased by R5 455 million (61%);
- Precious and semi-precious stones and metals increased by R2 236 million (16%);
- Base metals and articles thereof increased by R1 216 million (15%);
- Products of the chemical or allied industries increased by R734 million (33%); and
- Vehicles, aircraft and vessels increased by R130 million (2%).
- The October to November change (down by -2.4%) in imports of goods reflected decreases mainly in:
- Machinery and electrical appliances decreased by R546 million (-4%).
- Original equipment components decreased by R363 million (-11%)
- Vehicles, aircraft and vessels decreased by R69 million (-1%); and
- An increase in Mineral products by R275 million (3%).
Trade Highlights by World Zone
The world zone results for October and November 2010 as given below are unaudited.
- Asia: The deficit decreased from R10.6 billion in October to R1.7billion in November 2010. Exports increased by R6.6 billion to R21.5 billion and
imports decreased by R2.3 billion to R23.2 billion. - Europe: The deficit decreased from R3.3 billion in October to R2.5 billion in November 2010. Exports increased by R1.1 billion to R15.0 billion and
imports increased by R0.2 billion to R17.5 billion. - America: The deficit decreased of R0.8 billion in October changed to a surplus of R0.7 billion in November 2010. Exports increased by R0.6 billion to R6.4 billion and imports decreased by R0.9 billion to R5.7 billion.
- Africa: The surplus decreased from R5.9 billion in October to R4.9 billion in November 2010. Exports increased by R0.9 billion to 9.2 billion and
imports increased by R1.8 billion to R4.3 billion. - Oceania: The deficit decreased from R0.3 billion in October to R0.2 billion in November 2010. Exports decreased by R0.03 billion to R0.1billion and imports decreased by R0.01 billion to R1.0 billion.
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Source: South African Revenue Services
