The trade balance is the difference between the value of a country’s exports and imports over a specific period of time.
South Africa’s preliminary trade balance improved in the period from 1 January to 30 November 2024 compared to the same period in 2023.
According to the preliminary trade statistics for November 2024 released by Sars this week, South Africa recorded a preliminary trade balance surplus of R34.7 billion in November thanks to exports of R180.9 billion and imports of R146.2 billion, inclusive of trade with Botswana, Eswatini, Lesotho and Namibia (BELN).
The year-to-date (1 January to 30 November 2024) preliminary trade balance surplus of R181.3 billion was an improvement from the R111.0 billion surplus for the comparable period in 2023.
Sars says on a year-on-year basis, export flows for November of R180.9 billion were 4.0% lower compared to the R188.4 billion recorded in November 2023, while import flows were lower by 9.0%, decreasing from R160.8 billion in November 2023 to R146.2 billion.
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Exports increased from October to November
On a month-on-month basis, exports increased by R2.1 billion (1.2%) from R178.8 billion to R180.9 billion between October and November 2024, while imports decreased by R18.4 billion (-11.2%) from R164.7 billion to R146.2 billion over the same period.
Export flows increased in November, driven by vehicles (goods), platinum group metals (PGMs) and iron ore and concentrates, while import flows decreased on the back of lower imports of petroleum oils excluding crude), original equipment components and aeroplanes.
Sars also points out that due to ongoing Vouchers of Correction (VOCs), the preliminary trade balance surplus of R14.6 billion announced for October 2024 was revised downwards by R500 million, with the final number at R14.1 billion.
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Preliminary trade balance: exports of R160.3 billion in November
The R20.2 billion preliminary trade balance surplus for November 2024 was due to exports of R160.3 billion and imports of R140.0 billion. Exports increased by R1.2 billion (0.8%) between October and November 2024, while imports decreased by R18.1 billion (-11.5%) over the same period.
The preliminary cumulative balance for 2024 was a surplus of R53.1 billion, compared to a R8.0 billion trade balance deficit for the corresponding period in 2023.
South Africa’s trade with the BELN countries for November 2024 shows a preliminary trade balance surplus of R14.5 billion.
According to Sars, the R14.5 billion preliminary trade balance surplus for November 2024 was due to exports of R20.7 billion and imports of R6.2 billion. Exports increased by R0.9 billion (4.6%) between October and November 2024 and imports decreased by R0.3 billion (-5.0%) over the same period.
The preliminary cumulative trade balance for 2024 was a surplus of R128.2 billion, compared to R118.9 billion in 2023.
