SA trade account in R2.5bn surplus

01 November 2011 - 02:52 By Reuters
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South Africa's trade account recorded a trade surplus of R2.5-billion in September compared with a R3.7-billion shortfall in August, the South African Revenue Service said.

"The change in the trade balance was mainly due to increased exports of precious and semi-precious stones and mineral products and increased imports of machinery and electrical appliances," Sars said.

Exports rose by 11.1% month-on-month to R67.8- billion in September, while imports edged up by 0.8% to R65.3-billion. Economists expected a trade shortfall of R1.5-billion for September but the number was traditionally volatile and difficult to forecast.

Gina Schoeman, a senior economist at Absa Capital, said: "The fact that the trade balance has moved into more surplus territory than what the market was expecting leaves us comfortable with that we do not really have any current account deficit worries over the medium term."

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