Trade Statistics for March 2024 in South Africa
South Africa recorded a preliminary trade balance surplus of R7.3 billion in March 2024. The surplus of R7.3 billion was caused by exports totaling R164.1 billion and imports amounting to R156.8 billion. This includes trade with Botswana, Eswatini, Lesotho, and Namibia (BELN).
The trade balance surplus from January 1st to March 31st, 2024, was R10.8 billion. This was an improvement from the R5.7 billion deficit in the same period in 2023.
In March 2024, export flows totaled R164.1 billion, a 15.3% decrease from the R193.7 billion recorded in March 2023. Import flows also decreased by 15.2%, dropping from R184.9 billion in March 2023 to R156.8 billion in the current period.
On a month-to-month basis, exports increased by R2.9 billion (1.8%) from R161.2 billion to R164.1 billion between February and March 2024, whilst imports also increased by R9.0 billion (6.1%) from R147.8 billion to R156.8 billion over the same period. Export flows increased in March, driven by Gold, Coal, and Chemical Wood Pulp. Imports increased due to higher imports of Petroleum Oils (excluding Crude), Crude Oil, and Banknotes.
Due to ongoing Vouchers of Correction (VOCs), the preliminary trade balance surplus of R14.0 billion announced for February 2024 was revised downwards by R0.7 billion, with the final number at R13.3 billion.
Do you need a Quote for our Tax and Accounting Services?
Contact our team via any of the following channels to get a proposal for your accounting and tax services:
Subscribe to our newsletters.
Disclaimer:
The views or opinions expressed on this site are solely those of the original authors and other contributors.
The material and information contained on this website is for general information purposes only.
This information is for general purposes only. Don't use this information for making business, legal and tax decisions without consulting a professional.
We do not make any express or implied representation, as to the completeness or accuracy of the information published.
Tax law changes regularly, and any tax information on this site might be outdated.
We are not responsible for any other websites that you may access through links on our website.
ZPA accepts no liability for any loss or damage arising from the use of any material on this site.
