South Africa’s trade surplus widened to another record of R57.7bn in June, data from the South African Revenue Service showed. This is primarily a reflection of surging prices for the metals and minerals that South Africa pulls out of the ground and exports.
The trade surplus in June rose to R57.7-billion – its highest level – from R54.4-billion in May, the SA Revenue Service said in a statement on Friday.
“Exports for the year-to-date (1 January to 30 June 2021) increased by 51.0% to R895.7-billion from R593.29-billion over the same period during 2020. Imports for the year-to-date of R640.16-billion were 19.3% more than the R536.58-billion recorded during the same period in 2020. The preliminary cumulative trade balance surplus for 2021 is R255.56-billion,” the SA Revenue Service said.
That is almost five times the cumulative trade surplus of R56.71-billion for the first six months of last year. Exports in June amounted to R166-billion, almost 44% more than the R116-billion recorded in June of last year.
This is driven primarily by the commodities cycle. Exports of precious metals and stones rose 7% in June compared with May, to almost R51-billion. Base metals exports rose 9% to almost R14-billion. Overall exports only increased…