Trade statistics for January 2024
In 2023, South Africa had more exports than imports, resulting in a trade surplus of R62.2bn. The total trade value was R4.02trn, with exports at R2.04trn and imports at R1.98trn.
SARS released trade stats for January 2024, showing a trade deficit of R9.4 billion. The deficit is caused by exports of R144.3 billion and imports of R153.7 billion. This includes trade with Botswana, Eswatini, Lesotho, and Namibia (BELN).
The trade balance deficit from January 1st to January 31st, 2024, was R9.4 billion. This was an improvement from the R24.4 billion deficit recorded in the same period in 2023. In January 2024, exports increased by 4.5% compared to January 2023, reaching R138.0 billion. Imports, on the other hand, decreased by 5.4% from R162.4 billion in January 2023 to R153.7 billion in the current period.
On a month-on-month basis, exports decreased by R21.2 billion (-12.8%) from R165.5 billion to R144.3 billion between December 2023 and January 2024, whilst imports increased by R3.8 billion (2.5%) from R149.9 billion to R153.7 billion over the same period. Export flows decreased in January, driven by Passenger and Goods Vehicles as well as Coal. Value of imports increased on the back of higher import flows of Original Equipment Components, Telephone Sets, and Wheat and Meslin.
Due to ongoing Vouchers of Correction (VOCs), the preliminary trade balance surplus of R14.1 billion announced for December 2023 was revised upwards by R1.5 billion, with the final number at R15.6 billion.
See the full media release here.
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