South Africa Posts Unexpected Trade Surplus After End of Transport Strike

South Africa unexpectedly posted a trade surplus in June, the biggest since December 2003, as the country’s ports cleared a backlog in exports after a strike at state transport company Transnet Ltd. ended.

The surplus of 5.6 billion rand ($762 million) followed a 302 million rand deficit in May, the South African Revenue Service said in an e-mailed statement today. The median estimate of 12 economists surveyed by Bloomberg was for a 1.6 billion rand deficit.

The surplus “was partly due to postponed merchandise trading activities” as a result of the 18-day Transnet strike in May, the revenue services said. “Positive growth in seasonal exports in the citrus industry” also contributed.

Exports swelled 18 percent to 55.56 billion rand in June from the previous month, as shipments of vegetable products surged 92 percent and exports of base metals rose 45 percent, the revenue service said. Exports of prepared foodstuffs, beverages and tobacco increased 78 percent.

Imports climbed 5.2 percent to 49.93 billion rand, with purchases of textiles rising 37 percent and machinery and electrical appliances 8 percent, the Revenue Service said. Imports of vehicles, aircraft and boats fell 23 percent.

Trade figures are often volatile, reflecting the timing of shipments of commodities such as oil and diamonds.

To contact the reporter on this story: Mike Cohen in Cape Town at mcohen21@bloomberg.net.

• Tweet
• More
  • Business Exchange
  • Buzz up!
  • Digg
• Print
• Email