THE trade deficit narrowed sharply to R1.1bn
in February from R18bn in January as the growth in exports far
outstripped that of imports, South African Revenue Service data showed
on Thursday.
Exports jumped 27% to R90.7bn while imports rose 2.7%
to R91.75bn. Vehicles; precious metals; machinery and electronics; and
vegetable product exports increased while those of mineral products
fell.
SA imported more vehicle and transport equipment; equipment components; textiles; and vegetable products. The imports of machinery and electronics; and mineral products, including crude oil, fell.
The latest data suggest that demand and economic growth in SA’s export markets are picking up while the weak rand is curbing demand for imports.
The cumulative deficit for this year is R19bn, which is 38.5% lower than the shortfall for the comparable period last year.
The narrowing in the trade deficit is rand supportive and implies a smaller current account deficit in the first quarter.
BDlive......
SA imported more vehicle and transport equipment; equipment components; textiles; and vegetable products. The imports of machinery and electronics; and mineral products, including crude oil, fell.
The latest data suggest that demand and economic growth in SA’s export markets are picking up while the weak rand is curbing demand for imports.
The cumulative deficit for this year is R19bn, which is 38.5% lower than the shortfall for the comparable period last year.
The narrowing in the trade deficit is rand supportive and implies a smaller current account deficit in the first quarter.
BDlive......
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