Mon, 25 May 2020

SA records biggest trade surplus in 14 months

News24
01 Apr 2020, 04:14 GMT+10

South Africa recorded its biggest trade surplus in 14 months in February as exports to Europe surged.

The trade balance swung to a surplus of R14.15 billion from a revised deficit of R2.72 billion in January, the South African Revenue Service said in a report on Tuesday.

Key insights

Trade with Asia fell the most of all regions in February, as imports from the area declined by 6.2% and exports dropped 10.1%.South Africa's total exports increased 8.6% in the month to 109.6 billion rand as shipments to Europe rose by 28.3%. Imports fell 7.9% to 95.45 billion.The trade surplus could help narrow the shortfall on South Africa's current account, and provide some support for the rand which fell to a record on Monday after Moody's Investors Service cut the nation's credit rating to junk.

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