South Africa recorded a trade surplus of R14.06 billion in the last month of 2023, bringing the overall surplus of the year to R61 billion and heralding a sharp year-on-year nosedive from R192 billion in 2022.
It’s in stark contrast to November’s downwardly revised amount of R20.6 billion and market forecasts of R15 billion, Trading Economics has reported.
Exports went down 11.5% to R163.97 billion, while imports decreased by 9% to R149.9 billion.
Shipments fell mostly for precious metals and stones (-16%), vehicles and transport equipment (-18%) and mineral products (-8%) while purchases of original equipment components (-34%) made the biggest drag.
Exports to America and Europe fell by 13.8% and 21.7% but rose to Asia (3.7%).
Imports declined on all continents except Oceania, which soared 38.2%.
As for export and import dynamics, the former rose 1.4%, whereas imports soared by 8.7%. Exports for vehicles, aircraft and vessels rose 28.7%, compared to minerals and semi-precious mineral exports that shrank by -6%.
The country’s dismal port performance mainly manifested through last year’s fourth-quarter vessel congestion at the Port of Durban, has been cited as one of the primary reasons for the trade surplus slip.
