News24
30 Jul 2021, 19:42 GMT+10
June's trade surplus expanded to R57 billion from about R54 billion recorded in May, data from the South African Revenue Service (SARS) show.
The trade balance exceeds market expectations, with the Bureau of Economic Research's consensus for a surplus of R55 billion, while Investec expected a surplus of R48.6 billion.
For the year-to-date, the trade balance surplus is R255.5 billion, compared to R56.7 billion recorded over the same period last year.
Exports managed to increase 2% between May and June, to R166.5 billion, while imports decreased slightly to R108.8 billion.
For the year-to-date, exports have increased 51% for the year-to-date, to R895.7 billion. By comparison, imports increased 19.3% to R640 billion.
In a note ahead of the data being released, Investec economist Kamilla Kaplan highlighted that export performance would likely be supported by elevated commodity prices, and the expansion of international trade flows. SARS's data show that exports were mainly driven by precious metals and stones, followed by vehicle and transport equipment, although the value of the latter was much lower than that recorded in May.
On the flip side, subdued domestic consumption and investment activity have "curtailed" imports of consumption and capital goods, Kaplan said.
The rand - which was trading at R14.60 to the greenback - has since strengthened to R14.58.
Get a daily dose of Zimbabwe Star news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Zimbabwe Star.
More InformationLONDON, U.K.: At least 13 people are believed to have taken their own lives as a result of the U.K.'s Post Office scandal, in which...
WASHINGTON, D.C.: Travelers at U.S. airports will no longer need to remove their shoes during security screenings, Department of Homeland...
WASHINGTON, D.C.: An elaborate impersonation scheme involving artificial intelligence targeted senior U.S. and foreign officials in...
SLUBICE, Poland: Poland reinstated border controls with Germany and Lithuania on July 7, following Germany's earlier reintroduction...
WASHINGTON, D.C.: After months of warnings from former federal officials and weather experts, the deadly flash floods that struck the...
MOSCOW, Russia: Just hours after his sudden dismissal by President Vladimir Putin, Russia's former transport minister, Roman Starovoit,...
New Delhi [India], July 11 (ANI): Bharatiya Janata Party (BJP) MP Praveen Khandelwal criticised the comments made Punjab Chief Minister...
New Delhi [India], July 11 (ANI): Ireland batter Peter Moor has announced his retirement from international cricket at the age of 35...
By Reena Bhardwaj Washington, DC [[US], July 11 (ANI): US President Donald Trump on Thursday (local time) announced that the US will...
Vancouver [Canada], July 11 (ANI): Canadian journalist Daniel Bordman called the attack on a cafe owned by comedian Kapil Sharma a...
KHARTOUM, July 10 (Xinhua) -- It was 2 p.m. in a displacement camp on the outskirts of Port Sudan, where the relentless sun had already...
The 17th BRICS summit was more than a photo op. It was a coordinated rejection of Western power and a declaration of intent A few...