South Africa recorded its biggest trade surplus in 14 months in February as exports to Europe surged.
The trade balance swung to a surplus of R14.15 billion from a revised deficit of R2.72 billion in January, the South African Revenue Service said in a report Tuesday.
- Trade with Asia fell the most of all regions in February, as imports from the area declined by 6.2% and exports dropped 10.1%.
- South Africa’s total exports increased 8.6% in the month to R109.6 billion as shipments to Europe rose by 28.3%. Imports fell 7.9% to R95.45 billion.
- The trade surplus could help narrow the shortfall on South Africa’s current account, and provide some support for the rand which fell to a record on Monday after Moody’s Investors Service cut the nation’s credit rating to junk.
© 2020 Bloomberg L.P.