TRADE DEFICIT DECREASES IN FEBRUARY 2007 TO R2.7 BILLION, LARGELY DUE TO A MONTH-ON-MONTH DECREASE OF R2.3 BILLION IN IMPORTS OF MINERAL PRODUCTS, BASE METAL, AND MACHINERY AND ELECTRICAL EQUIPMENT AND INCREASE OF R7 BILLION IN EXPORTS OF MINERAL PRODUCTS, VEHICLES, MACHINERY AND ELECTRICAL EQUIPMENT
The South African Revenue Service announced today that February exports of R37.4 billion and imports of R40.1 billion resulted in a deficit of R2.7 billion. The decrease of the deficit is mainly as a result of a month-on-month decrease in imports of mineral products, base metal, machinery and electrical equipment and an increase in exports of mineral products, vehicles, machinery and electrical equipment. Imports decreased by R2.3 billion (5%) to R40.1 billion whilst exports increased by R6.97 billion (23%) to R37.4 billion.
Trade by Category
Trade by World Zone
Trade for the year
Compared to the same period in 2006, cumulative imports have increased by R22.8 billion (38%) and exports increased by R23 billion (48%). The increase in imports is mainly from Europe by R9.7 billion (44%), Africa by R5.1 billion (233%) and Asia by R3.9 billion (15%). Export trade increased mainly from Asia by R9.3 billion (77%), Europe by R8.3 billion (47%) and America by R2.8 billion (46%).
The year-on-year growth in imports was driven mainly by machinery, mechanical and electrical appliances (up by R6.7 billion (46%)), vehicles (up by R3.6 billion (54%)) and mineral products (up by R3.1 billion (27%)).
The year-to-date trade in exports in February 2007 versus the same period in 2006 increased mainly due to precious or semi-precious stones and metals (growth of R5.4 billion (40%), base metals (growth of R4.7 billion (57%), mineral products (growth of R5.4 billion (78%)) and machinery, mechanical and electrical appliances (growth of R2 billion (47%)).
The cumulative trade deficit for 2007 was R11.6 billion versus a deficit of R11.7 billion in 2006 (year-on-year decline of 2%). The trade deficit for the month February 2007 was R2.7 billion versus a deficit of R3.9 billion in February 2006 (decline of 31%).
ISSUED BY THE COMMISSIONER FOR THE SOUTH AFRICAN REVENUE SERVICE