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Free AccessSouth African Trade Surplus Boosted By Mineral Exports
VS APR TRADE BALANCE 16.0Br RAND (REVISED UP BY 0.5B)
- South Africa's May trade balance came in R 2bln stronger than anticipated, although the year-to-date trade surplus remains at just over half of that seen in the first five months of last year (R105.9bln vs R200.3bln).
- Despite May exports increasing 11.3% y/y, imports again saw more substantial growth at +38.8% y/y as global price pressures feed into import prices. Some disruptions to production continue due to the severe KwaZulu-Natal region floods in April.
- Commodity exports saw substantial month-on-month growth in May, expanding by 35% m/m and outpacing increased mineral product import costs. The squeeze on global commodity supply due to the Ukraine war has buoyed South African mineral exports, however notable upticks across vehicle and transport, machinery and chemical imports slowed the trade surplus.
Source: SARS
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.