South Africa recorded a trade surplus of R13-billion this November, following significant growth in exports for the year-to-date.
The trade figures were released by Statistics South Africa this week. In addition, the year-to-date trade balance surplus of R64.75-billion is an improvement on the deficit for the comparable period in 2016 of R11.22-billion.
Exports for the year-to-date grew by 7.6 percent whilst imports for the same period showed an increase of 0.04 percent. So, what is it that has contributed to the improved trade during the period under review?
The trade balance surplus for November 2017 is attributable to exports of R116.16-billion and imports of R103.14-billion. Exports increased from October 2017 to November 2017 by R11.99- billion (11.5 percent) and imports increased from October 2017 to November 2017 by R3.30-billion (3.3 percent).
Exports for the year-to-date grew from R1 006.79-billion in 2016 to R1 083.12-billion in 2017. Imports for the year-to-date of R1 018.37 billion are 0.04 percent more than the imports recorded in January to November 2016 of R1 018.02-billion, leaving a cumulative trade balance surplus of R64.75-billion for 2017.
On a year-on-year basis, the R13.02-billion trade balance surplus for November 2017 is an improvement from the deficit recorded in November 2016 of R1.24-billion.
Exports of R116.16-billion are 16.8 percent more than the exports recorded in November 2016 of R99.50-billion. Imports of R103.14-billion are 2.4 percent more than the imports recorded in November 2016 of R100.73-billion.