South African Revenue Service (SARS) trade statistics for August 2022 recorded a preliminary trade balance surplus of R7.18 billion.
These statistics include trade data with Botswana, Eswatini, Lesotho and Namibia (BELN), the tax collector said in a statement.
“The year-to-date trade balance surplus (January 1 to August 31, 2022) of R163.36 billion is a deterioration from the trade balance surplus of R325.06 billion. rands for the comparable period in 2021. Exports increased by 11.9% YoY while imports increased by 44.9% over the same period,” SARS said.
The preliminary trade balance surplus of R7.18 billion was attributable to exports of R175.37 billion and imports of R168.19 billion.
During this period, SARS said exports decreased by R1.83 billion (1.0%), while imports increased by R15.80 billion (10.4%) during of the same period.
“Year-to-date exports increased by 11.8% to R1,330.18 billion, compared to R189.46 billion in the same period of 2021. The year of R166.82 billion was 35.0% higher than the R864.40 billion imports recorded during the same period in 2021.
“The cumulative trade balance surplus for 2022 is R163.36 billion. On an annual basis, the preliminary trade balance surplus of R7.18 billion for August 2022 was a deterioration from the trade balance surplus of R40.61 billion recorded in Aug. 2021. Exports of R175.37 billion were 11.9% higher than exports of R156.71 billion recorded in Aug. 2021. imports of R168.19 billion were 44.9% higher than imports of R116.10 billion recorded in August 2021.”
The preliminary trade balance surplus for July 2022 has been revised upwards by R0.05 billion due to ongoing correctional bills (VOCs). The revision moved from the preliminary trade balance surplus of R24.76 billion to the revised trade balance surplus of R24.81 billion.
(With contributions from the South African government press release)