2 February 2009
The South African Revenue Service (SARS) recognises the apparent anomaly in
the monthly reported trade statistics. We thank all those who brought this
matter to our attention.
While SARS strives to give an accurate reflection of trade movement, it
should be noted that throughout the world trade statistics are subject to
frequent review and correction. This is largely due to a variety of trade
facilitation measures that lead to post-facto corrections of imports and
exports data.
The central issue is the treatment of temporary imports of gold and the
subsequent re-export of this gold. Prior to July 2008 the trade statistics
included all direct imports but excluded all temporary imports. There was a
similar basis for reporting exports in trade statistics.
There has been a significant increase in the quantity of gold brought into
South Africa for refining purposes to be taken out of the country again. This
meant that the temporarily imported gold had to be treated differently.
The treatment of temporarily imported gold was changed in July 2008 to ensure
consistency with the technical provisions of the Customs Act. That is, gold
brought in for refining purposes (i.e. temporarily) was now included in the
import statistics.
The anomaly arises because the treatment of the temporarily imported gold
for export statistics (compiled by the South African Reserve Bank) did not
change in the same way because the SARB applies a different method to the
compilation of export statistics.
In order to clarify the distinction between imports for local consumption as
opposed to imports for temporary purposes, SARS will issue a revised report on
trade statistics this Wednesday, 4 February 2009 at 14h00. This revised report
will enable analysts to distinguish between import statistics which include
temporary imports of gold from those which do not.
Furthermore, SARS, South African Reserve Bank (SARB) and related agencies
will continue their consultations and formulate a new protocol for reporting
trade statistics. An announcement in this regard will be made shortly.
Issued by: South African Revenue Service
2 February 2009
Source: South African Revenue Service (http://www.sars.gov.za/)
