S. Africa Posts Trade Surplus
World Economy

S. Africa Posts Trade Surplus

South Africa posted its biggest trade surplus in four years in December as factories cut back on imports of machinery and equipment during the year-end holiday period, Bloomberg reported. The trade surplus widened to 8.2 billion rand ($0.5 billion) from revised 0.7 billion rand in November, the Pretoria-based South African Revenue Service said in an e-mailed statement. The median of 13 economist estimates compiled by Bloomberg was for a surplus of 4.9 billion rand. “December usually delivers a surplus largely driven by the seasonal slump in imports, ” Carmen Nel, an economist at FirstRand Ltd.’s Rand Merchant Bank unit, said by phone from Cape Town before the data was released. “Some of it relates to the slowdown in domestic demand, which should curtail imports, and also the lag impact of the lower oil price.” Imports plunged by 13% to 80.6 billion rand in the month, led by a 16% drop in machinery purchases and 35% decline in equipment components. Exports fell by 5.1% to 88.8 billion rand, mainly due to a 28% plunge in vehicle shipments.


Short URL : http://goo.gl/Yh0ubI
  1. http://goo.gl/UHfFS0
  • http://goo.gl/cuuq5Q
  • http://goo.gl/8Dqxwm
  • http://goo.gl/HAKrpL
  • http://goo.gl/YEY8Bx

You can also read ...

Business confidence fell to its lowest level since August 2013 and around 7% of companies expected a contraction.
According to data from the International Monetary Fund in...
China Warned of Ballooning SOEs
Former chief of the World Bank Robert Zoellick cautioned China...
Shrinking unemployment in the US, Japan and the eurozone finally forces companies  to lift wages to retain and attract staff.
Workers in the world's richest countries are getting their...
New Zealand Q2 GDP Growth Picking Up
New Zealand’s economic growth is expected to have accelerated...
Saudi Sovereign Fund Secures $11 Billion Loan
Saudi Arabia's sovereign wealth fund said Monday it had...
Lira Eases Against Dollar
Turkey’s lira weakened against the dollar on Monday as...
By 2025 more than half of all current workplace tasks  will be performed by machines.
Robots will handle 52% of current work tasks by 2025, almost...
Myanmar Businesses Want Lower Taxes
Myanmar businesses are urging the government to lower the...