Trade gap shrinks as export growth rockets

01 April 2016 - 02:34 By Bloomberg, BDlive

The trade deficit narrowed sharply to R1.1-billion in February from R18-billion in January as the growth in exports far outstripped that of imports - partly thanks to a weak rand. Exports jumped 27% to R90.7-billion while imports rose 2.7% to R91.75-billion, SARS data indicated yesterday.Vehicles; precious metals; machinery and electronics; and vegetable product exports increased while those of mineral products fell.Any narrowing of the trade deficit was always likely to support the value of the rand and the currency strengthened dramatically yesterday - in part due to the Constitutional Court judgment that President Jacob Zuma pay back the money spent on his Nkandla homestead.The rand firmed more than 20c against the dollar in late trade, reaching R14.7127 to the dollar from R14.9361 at Wednesday's close - the best level in more than four months...

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