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SA Trade Deficit R3,9bn

| News by Staff Reporter

SA’s trade balance slipped into negative territory in July, according to Sars

South Africa’s trade deficit for July 2011 is R3,9-billion compared to a surplus of R4,9-billion the previous month, according to the SA Revenue Service (Sars).

Sars yesterday said a month-on-month decrease of R8,8-billion was recorded in SA’s trade deficit in July 2011. Surplus in July 2011 was R2,0-billion.

“The deficit was due to a decrease in exports of R4,0-billion (-6.7%) to R56,5-billion and an increase in imports of R4,7-billion (8.5%) to R60,4-billion,” Sars said in its report.

Imports were seen to climb by 8,5%, due mainly to an increase in imports of vehicles, aircraft and vessels, machinery and electrical appliances, as well as crude oil.

South Africa’s cumulative trade deficit for the year to date stands at R6,4-billion, according to Sars. This figure indicates and improvement of R1,1-billion (14,5%) when compared to the trade deficit of R7,5-billion in July 2010.

Source: www.bizpremises.co.za