SA recorded a preliminary trade balance surplus of R34.7bn in November 2024.
For the 11 months to end-November a preliminary trade surplus of R181.3bn was recorded, Sars reported in a release Tuesday, an improvement from the R111bn surplus for the comparable period in 2023.
The year-on-year November surplus was attributable to exports of R180.9bn and imports of R146.2bn inclusive of trade with Botswana, Eswatini, Lesotho and Namibia (BELN). Exports were 4% lower compared to R188.4bn recorded in November 2023 while imports were lower by 9% from the November 2023 figure of R160.8bn.
On a month-on-month basis between October and November 2024, exports increased by R2.1bn (1.2%) from R178.8bn while imports decreased by R18.4bn (-11.2%) from R164.7bn.
Exports in November were driven by vehicles, platinum group metals, and iron ore and concentrates. Import flows decreased on the back of lower importation of petroleum oils (excluding crude oil), original equipment components and aeroplanes.
“Due to ongoing vouchers of correction (VOCs), the preliminary trade balance surplus of R14.6bn announced for October 2024 was revised downwards by R0.5bn, with the final number at R14.1bn,” Sars said.
SA’s trade with the BELN countries for November 2024 showed a preliminary trade balance surplus of R14.5bn due to exports of R20.7bn and imports of R6.2bn.
Exports increased by R0.9bn (4.6%) between October and November 2024 and imports decreased by R0.3bn (-5.0%) over the same period. The preliminary cumulative trade balance for 2024 was a surplus of R128.2bn, compared to R118.9bn in 2023.
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