R13 billion in October 2006) largely due to a month-on-month increase in
imports of mineral products and machinery
30 November 2007
The South African Revenue Service (SARS) announced today that October
exports of R41,53 billion and imports of R56,26 billion resulted in a deficit
of R14,73 billion.
Imports increased by R12,11 billion (27,4%) to R56,26 billion whilst exports
increased by R1,72 billion (4,3%) to R41,53 billion. The year-on-year
cumulative deficit increased from R55 billion to R70 billion. Highlights
include a month-on-month increase in imports of mineral products, machinery,
and original equipment components and a month-on-month increase in exports of
base metals.
Trade highlights by category
* The September to October change (up by 27,42%) in imports of goods
reflected increases mainly in mineral products (up by R6,6 billion - 100%),
machinery (increase of R2,0 billion - 17%) and original equipment components
(increase of R1,4 billion - 44%).
* Imports of mineral products escalated mainly due to the increase in imports
of petroleum oils and crude oil. Mineral product imports were R13,7 billion in
October 2006 compared to R13,2 billion in 2007, despite crude oil price
increases during this year. The increase in import trade of machinery,
mechanical appliances and electrical equipment is as a result of the higher
value of month-on-month imports of items such as air and vacuum pumps,
filtering machinery, graders and levellers. The increased import value of
vehicles and aircraft is mainly due to greater imports of motor vehicles.
* The September to October change in exports of goods (increase of 4,3%)
reflected an increase in exports of base metals (up by R2,2 billion - 35%),
machinery and mechanical appliances (increase of R740 million (17%).
* The month-on-month exports increased as a result of higher values of trade in
goods such as iron steel, nickel and aluminium products, as well as motor
vehicle filtering equipment.
Trade highlights by world zone
* The surpluses and deficits for September 2007 as given below for the world
zones are in respect of audited figures, and those for October 2007 are
unaudited.
* The trade deficit with Asia increased from R9,8 billion in September to R11,4
billion in October. Exports to Asia increased by R1,8 billion to R12,0 billion
and imports increased by R3,4 billion to R23,4 billion.
* The trade deficit with Europe increased from R1,6 billion in September to
R4,9 billion in October. Exports increased from R13,2 billion to R13,6 billion
and imports increased by R3,7 billion to R18,4 billion.
* Month-on-month the trade deficit with America has increased from R0,8 billion
to R1,8 billion. Exports decreased R0,4 billion to R5,3 billion and imports
increased from R6,5 billion to R7,1 billion.
* The trade surplus with Africa has decreased from R4,3 billion in September to
R83 million in October. Imports increased by R4,9 billion to R6,4 billion and
exports increased by R0,7 billion to R6,4 billion.
Trade for the year
The cumulative trade deficit for January to October 2007 was R70,1 billion
versus a deficit of R55,3 billion for the same period in 2006. This represents
a growth of R14,8 billion (27%) year-on-year in 2007 versus year-on-year growth
of R33,5 billion (154%) in 2006 (measured against audited figures for 2005 and
2006).
Compared to the same period in 2006, the growth in exports, 25,4%, was
similar to the growth in imports, at 25,6%. Cumulative imports increased by R96
billion (25,7%) from R373 billion to R469 billion and exports increased by R81
billion (25,4%) from R318 billion to R399 billion.
Issued by: South African Revenue Service
30 November 2007
Source: South African Revenue Service (http://www.sars.gov.za)
