{"id":715014,"date":"2023-08-31T16:02:37","date_gmt":"2023-08-31T14:02:37","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=715014"},"modified":"2023-08-31T16:02:37","modified_gmt":"2023-08-31T14:02:37","slug":"sars-records-r16-billion-trade-boost-for-south-africa","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/finance\/715014\/sars-records-r16-billion-trade-boost-for-south-africa\/","title":{"rendered":"SARS records R16 billion trade boost for South Africa"},"content":{"rendered":"\n

South Africa saw a preliminary trade balance surplus of R16.0 billion in July 2023, data from the South African Revenue Service (SARS) shows.<\/p>\n\n\n\n

SARS said that this surplus was due to exports of R174.0 billion and imports of R158.0 billion, including trade with Botswana, Eswatini, Lesotho and Namibia (BELN).<\/p>\n\n\n\n

However, the year-to-date preliminary trade balance surplus of R19.5 billion is a massive decline from the R154.6 billion trade balance surplus for the same period in 2022. <\/p>\n\n\n\n

Export flows for July 2023 were 1.2% lower than the R176.2 billion seen in July 2022, while import flows increased 4% from R152.0 billion in July 2022 to R158.0 billion in the current period.<\/p>\n\n\n\n

Exports between June and July 2023 rose by 4.6% from R166.3 billion to R174.0 billion, whilst imports decreased 7.6% from R171.1 billion to R158.0 billion over the same period.<\/p>\n\n\n\n

SARS said that the export flows increase was driven by Vehicles (Goods), Gold and Petroleum Oils (Excl. Crude). <\/p>\n\n\n\n

Whereas the value of imports declined due to large decreases in the importation of Petroleum Oils (Excl. Crude), Electric Accumulators, and Electrical Transformers, Static Converters and Inductors.<\/p>\n\n\n\n

Due to ongoing Voichers of Corrections, the June 2023 preliminary trade was revised downwards from R3.5 billion to R4.7 billion. <\/p>\n\n\n

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\"\"<\/a><\/figure><\/div>\n\n\n
\"\"<\/a><\/figure>\n\n\n\n

According to SARS, China was South Africa’s biggest trading partner in exports and imports.<\/p>\n\n\n\n

The top five export markets for South Africa were as follows: <\/p>\n\n\n\n

    \n
  1. China (8.9%)<\/li>\n\n\n\n
  2. Germany (8.0%)<\/li>\n\n\n\n
  3. United States (7.6%)<\/li>\n\n\n\n
  4. Mozambique (5.6%)<\/li>\n\n\n\n
  5. Japan (5.0%)<\/li>\n<\/ol>\n\n\n\n

    Whereas, the top five countries where South Africa imported from were: <\/p>\n\n\n\n

      \n
    1. China (21.5%)<\/li>\n\n\n\n
    2. United States (9.7%)<\/li>\n\n\n\n
    3. Germany (8.3%)<\/li>\n\n\n\n
    4. India (5.7%)<\/li>\n\n\n\n
    5. Thailand (3.5%)<\/li>\n<\/ol>\n\n\n\n

      Excluding neighbours<\/strong><\/p>\n\n\n\n

      When trade with BELN is excluded, South Africa\u2019s trade with the rest of the world for July 2023 sees a preliminary trade balance surplus of R5.3 billion. <\/p>\n\n\n\n

      This was due to imports of R152.6 billion and exports of R157.9 billion, with exports increasing by R7.6 billion and imports decreasing by R13.6 billion from June to July. <\/p>\n\n\n\n

      However, the preliminary trade balance without BELN for 2023 stands at a deficit of R51.1 billion, compared to the R87.1 billion trade surplus in 2022. <\/p>\n\n\n\n

      \n\n\n\n

      Read<\/strong>: Big changes for FICA and trusts go live in South Africa<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

      SARS says South Africa recorded a preliminary trade balance surplus in July 2023. <\/p>\n","protected":false},"author":95,"featured_media":694185,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11121],"tags":[26,3246],"class_list":["post-715014","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\/715014","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=715014"}],"version-history":[{"count":3,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/715014\/revisions"}],"predecessor-version":[{"id":715064,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/715014\/revisions\/715064"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/694185"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=715014"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=715014"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=715014"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}