Today, the South African Revenue Service (SARS) releases trade statistics for January 2024, recording a preliminary trade balance deficit of R9.4 billion. The deficit is attributable to exports of R144.3 billion and imports of R153.7 billion, inclusive of trade with Botswana, Eswatini, Lesotho and Namibia (BELN).
The year-to-date (01 January to 31 January 2024) preliminary trade balance deficit of R9.4 billion was an improvement from the R24.4 billion trade balance deficit for the comparable period in 2023. On a year-on-year basis, export flows for January 2024 were 4.5% higher compared to the R138.0 billion recorded in January 2023, whilst import flows were 5.4% lower having decreased from R162.4 billion in January 2023 to R153.7 billion in the current period.
On a month-on-month basis, exports decreased by R21.2 billion (-12.8%) from R165.5 billion to R144.3 billion between December 2023 and January 2024, whilst imports increased by R3.8 billion (2.5%) from R149.9 billion to R153.7 billion over the same period. Export flows decreased in January, driven by Passenger and Goods Vehicles as well as Coal. Value of imports increased on the back of higher import flows of Original Equipment Components, Telephone Sets, and Wheat and Meslin.
Due to ongoing Vouchers of Correction (VOCs), the preliminary trade balance surplus of R14.1 billion announced for December 2023 was revised upwards by R1.5 billion, with the final number at R15.6 billion.
