June trade surplus exceeds projections but May figure revised down by over R2bn
June’s surplus was higher than the Bloomberg consensus forecast and that of Trading economics
SA recorded a better-than-expected trade surplus of R10.67bn in June, from a revised R7.22bn (R9.5bn) surplus in May.
On Monday, the South African Revenue Service (SARS) said May’s adjustment came as a result of "ongoing vouchers of correction". A voucher of correction refers to adjustments made after a bill of entry has already been filed with SARS.
June’s R10.67bn surplus was higher than the Bloomberg consensus forecast for a R9.4bn surplus. Trading economics had forecast a surplus of R8bn.
The surplus in June was a result of R102.14bn in exports and imports of R91.47bn.
In the year to date the country has recorded a cumulative surplus of R27.68bn, compared with a cumulative deficit of R5.04bn in 2016.
"Exports decreased from May 2017 to June 2017 by R590m (0.6%) and imports decreased R4.04bn (4.2%)," SARS said.
The main contributor to the month-on-month change in exports was a a 16% drop in mineral products, while imports of mineral products slumped 31%.
In June 2016, SA recorded a trade surplus of R8.38bn.