{"id":677133,"date":"2023-04-03T12:05:22","date_gmt":"2023-04-03T10:05:22","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=677133"},"modified":"2023-04-03T12:41:20","modified_gmt":"2023-04-03T10:41:20","slug":"sars-records-boost-for-exports-in-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/finance\/677133\/sars-records-boost-for-exports-in-south-africa\/","title":{"rendered":"SARS records boost for exports in South Africa"},"content":{"rendered":"

In February 2023, South Africa recorded a preliminary trade balance surplus of R16.1 billion, according to the South African Revenue Service (SARS).<\/p>\n

When including trade with Botswana, Eswatini, Lesotho and Namibia (BELN), South African exports totalled R154.3 billion while imports totalled R138.2 billion.<\/p>\n

However, the year-to-date (01 January to 28 February 2023) preliminary trade balance deficit of R6.6 billion marks a major deterioration from the over R17 billion trade balance surplus recorded in the same period in 2022.<\/p>\n

This decline is primarily due to a R22.7 billion trade deficit recorded in January 2023<\/a> – brought down from R23.1 billion due to the ongoing Vouchers of Correction.<\/p>\n

The R154.3 billion export flows mark a 7.95% increase from February 2022’s export flows of R143.0 billion.<\/p>\n

Import flows of R138.2 billion were also 5.8% higher than the R130.6 billion in February 2022.<\/p>\n

On a month-to-month basis, exports increased 10.7% ( R14.9 billion) from R139.4 billion in January, with imports decreasing by 14.8% (R23.9 billion) over the same period.<\/p>\n

The export flow in February was driven by passenger and goods vehicles, with OEMs returning to full production.<\/p>\n

\"\"<\/a><\/p>\n

The lower importation of crude and petroleum oils led to a decline in the value of imports.<\/p>\n

\"\"<\/a><\/p>\n

China was the biggest export market for South Africa, accounting for 10.6% of all exports.<\/p>\n

The United States (7.4%), Germany (7.4%), India (6.8%) and Japan (5.6%) made up the rest of the top five countries South Africa exported to.<\/p>\n

South Africa also imported the most (20.4%) goods from China.<\/p>\n

Germany (8.4%), the United States (8.0%), India (7.0%) and the United Arab Emirates (3.9%) made up the rest of the top five import markets for South Africa.<\/p>\n

When excluding the BELN trade data for February, South Africa’s preliminary trade surplus reduces to R7.0 billion, with imports totalling R133.2 billion and exports totalling R140.3 billion.<\/p>\n

The preliminary cumulative trade balance deficit for 2023 of R22.9 billion is still far off the R0.8 billion trade balance surplus recorded in 2022.<\/p>\n

Month-on-month, exports increased by R13.3 billion (10.6%) between January to February, with imports decreasing by R23.6 billion (-15.0%).<\/p>\n

\n

Read: One positive sign for South Africa\u2019s economy in 2023<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

South Africa recorded a preliminary trade balance surplus in February 2023. <\/p>\n","protected":false},"author":95,"featured_media":670357,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11121],"tags":[26,3246],"class_list":["post-677133","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-headline","tag-sars"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/677133","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=677133"}],"version-history":[{"count":9,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/677133\/revisions"}],"predecessor-version":[{"id":677725,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/677133\/revisions\/677725"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/670357"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=677133"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=677133"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=677133"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}