SARS releases the preliminary trade statistics for August 2023

(Media Release: Issued and provided by the South African Revenue Service)

South Africa recorded a preliminary trade balance surplus of R13.3 billion in August 2023. This surplus is attributable to exports of R181.3 billion and imports of R168.0 billion, inclusive of trade with Botswana, Eswatini, Lesotho and Namibia (BELN).

The year-to-date (01 January to 31 August 2023) preliminary trade balance surplus of R32.0 billion is a deterioration from the R160.5 billion trade balance surplus for the comparable period in 2022.

On a year-on-year basis, export flows for August 2023 were 4.6% higher at R181.3 billion compared to R173.3 billion recorded in August 2022, whilst import flows were 0.1% lower having decreased from R168.2 billion in August 2022 to R168.0 billion in the current period.

On a month-to-month basis, exports increased by R7.8 billion (4.5%) from R173.4 billion to R181.3 billion between July and August 2023, whereas imports increased by R10.0 billion (6.3%) from R158.0 billion to R168.0 billion over the same period. Export flows increased in August, driven by Citrus Fruit, Chromium Ores & Concentrates, Iron Ores, Coal, Ferro-alloys, and products of Machinery & Electronic.

The value of imports increased on the back of substantial increases in the importation of Fertilisers, Original Equipment Components, and Passenger Vehicles.

Due to ongoing Vouchers of Correction (VOCs), the preliminary trade balance surplus of R15.9 billion announced for July 2023 was revised downwards by R0.5 billion, with the final number at R15.4 billion.

Click here for Merchandise Trade Statistics August 2023

For any inquiries, please send your queries to SARSMedia@sars.gov.za or TradeStatistics@sars.gov.za