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The South African Revenue Service (SARS) has released the nation’s preliminary trade statistics for November 2023.
According to the SARS press release, South Africa’s November 2023 preliminary trade balance was ZAR21 billion (approximately $1.14 billion). The YTD balance, however, was only ZAR48.5 billion as of end November 2023.
This represents a significant decline in balance of trade – less than half of 2022’s comparable January to November balance of ZAR187.6 billion.
In fact, it means that South Africa’s total trade revenues amount to just over a quarter of what they were worth this time last year.
The SARS press release went on to say that:
R18.4 billion (-10.4%) over the same period. The preliminary cumulative trade balance for 2023 was a deficit of R71.3 billion, compared to R76.9 billion trade balance surplus for the corresponding period in 2022.”
Other highlights from the report included:
- Exports increased by ten percent (ZAR15.3 billion) on a monthly basis between October and November 2023
- The main exports for the country remained mineral products, precious metals and stones and vehicles and transport equipment as in October 2023
- Imports decreased by 10.4 percent (ZAR18.4 billion) on a monthly basis between October and November 2023
- The main contributor to the drop in imports was the country’s mineral products, which were down 21 percent between October and November
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