SARS releases the preliminary trade statistics for February 2024

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

South Africa recorded a preliminary trade balance surplus of R14.0 billion in February 2024. This surplus is attributable to exports of R161.8 billion and imports of R147.8 billion.

The year-to-date (01 January to 29 February 2024) preliminary trade balance surplus of R4.4 billion was an improvement from the R14.6 billion trade balance deficit for the comparable period in 2023.

On a year-on-year basis, export flows for February 2024 were 7.5% higher compared to the R150.6 billion recorded in February 2023, whilst import flows were 5.1% higher having increased from R140.6 billion in February 2023 to R147.8 billion in the current period.

On a month-on-month basis, exports increased by R17.9 billion (12.4%) from R143.9 billion to R161.8 billion between January and February 2024, whilst imports decreased by R5.9 billion (-3.8%) from R153.7 billion to R147.8 billion over the same period.

Export flows increased in February, driven by Goods and Passenger Vehicles as well as Grapes, Fresh or Dried. The value of imports decreased on the back of sizable decreases in the importation of Original Equipment Components, Telephone Sets, and
Copper Wire.

Due to ongoing Vouchers of Correction (VOCs), the preliminary trade balance deficit of R9.4 billion announced for January 2024 was revised by R0.3 billion, with the final number at R9.7 billion.

View the full report here.