30 January 2009
Trade deficit decreases in December 2008 from R12,1 billion to R9,0 billion
mainly due to a month on month reduced imports of machinery, base metals,
vehicles and motor vehicle parts, and a month on month increase in exports of
precious metals and stones, and vegetable products.
The South African Revenue Service (SARS) today released trade statistics
indicating that December exports of R48,54 billion and imports of R57,59
billion resulted in a deficit of R9,05 billion. Imports decreased by R8,35
billion (12,67%) to R57,59 billion and exports decreased by R5,34 billion
(9,91%) to R48,54 billion. Highlights include a month on month decrease in
imports of machinery and electrical appliances, base metals and articles
thereof, vehicles and motor vehicle parts, and a month on month decrease in
exports of vehicles, base metals and articles thereof, and machinery and
electrical appliances.
Trade Highlights by Category
* The November to December change down by 12,67% in imports of goods
reflected decreases mainly in machinery and mechanical appliances down by R2,4
billion (14%), base metals and articles thereof down by R1,2 billion (37%),
original equipment components down by R1,1 billion (35%) and vehicles down by
R1,1 billion (16%); and an increase in precious metals and stones up by R2,2
billion (41%). The November to December change in exports of goods
(decrease of 9,91%) reflected a decrease in vehicles is down by R2,8 billion
(33%), base metals down by R1,7 billion (21%), and machinery and electrical
appliances down by R1,0 billion (18%); and an increase in exports of precious
metals and stones is up by R0,9 billion (9%).
* Month on month exports decreased particularly as a result of decreased
values of trade in goods such as pig iron, ferrous compounds, aircraft engine
parts, filter apparatus, motor vehicles and aircraft.
* The month on month decrease in imports is the result of decreased values
of trade in goods such as flat rolled products of iron and steel, electrical
motors, telephone sets, motor vehicles, aircraft and parts for motor and
transport vehicles.
Trade Highlights by World Zone
* The surpluses and deficits for December 2008 as given below for the world
zones are in respect of unaudited figures, and those for November 2008 are
audited.
* The trade deficit with Asia decreased from R11,1 billion in November to
R7,2 billion in December. Exports to Asia decreased by R1,8 billion to
R13,6 billion and imports decreased by R5,7 billion to R20,8 billion.
* The trade deficit with Europe decreased from R7,4 billion in November to
R1,9 billion in December. Exports decreased by R0,4 billion to R14,8 billion
and imports decreased by R5,9 billion to R16,7 billion.
* The trade deficit with America increased from R1,6 billion in November to
R4,7 billion in December. Exports decreased from R7,3 billion to R5,0
billion and imports increased from R8,9 billion to R9,7 billion.
* The trade surplus with Africa decreased from R4,2 billion to R0,1
billion. Imports increased from R6,5 billion to R8,9 billion and exports
decreased from R10,7 billion to R9,0 billion in December.
Trade for the year
The cumulative trade deficit for January 2008 to December 2008 was R88,0
billion versus a deficit of R69,9 billion (audited) for the same period in
2007; this represents a year on year growth of R18,1 billion (34%). The
cumulative trade deficit for January 2006 to December 2006 was R68,6 billion
(audited), reflecting a year on year growth of R1,3 billion (21%) in 2007.
Compared to the same period in 2007, the growth in exports was 35% and the
growth in imports 34%. Cumulative imports increased by R189,9 billion
(34%) from R561,2 billion to R751,1 billion and exports increased by R171,8
billion (35%) from R491,3 billion to R663,1 billion. With respect to the
same period in 2006, the growth in exports in 2007 was 25% (a cumulative
increase of R97,3 billion year on year) and the growth in imports 21%
(reflecting a cumulative increase of R98,6 billion).
Issued by: South African Revenue Service
30 January 2009
