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SA records biggest trade surplus in 14 months

After a revised deficit in January.
Image: Moneyweb

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.

Key insights

  • 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.

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We were on the path to recovery until Covid 19! We will make a comeback. We are more united as a country and are under much better leadership!

Let’s survive and then thrive!
But Phenomenal, a 14 month high trade surplus. This is FANTASTIC! May God Bless The best country in the world, South Africa!

World Economics are shewed in favour of certain countries and South Africa isn’t one of those countries. The surplus from these terms should be catapulting our economy to new highs but instead we get downgrades, not only at national level but also our businesses.

End of comments.

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