Which way is the South African economy going? The two latest sets of economic data point in dramatically different directions. On Wednesday, the South African Revenue Service (SARS) reported that SA’s trade balance for January was completely blown out. SA recorded the highest monthly trade account deficit in its history. To make it worse, the trade deficit was two and a half times higher than the comparable deficit in 2017. Worse, there was not only a spike in imports but also a thumping simultaneous drop in exports. And still worse, every major subcategory of exports showed a decline. Motor vehicles, precious metals, processed metals and machinery exports declined more than 20%. And if that were not enough, the decline happened against the backdrop of a stronger rand, which would normally have helped imports at least. Of course, January is an odd month, with manufacturers still limbering up after the Christmas break. And traditionally, the trade account is a volatile number, unduly...
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