South Africa swings into a R23 billion trade deficit

South Africa recorded a preliminary trade balance deficit is over R20 billion for January 2023.

Despite recording a full-year total trade surplus of R211.6 billion in 2022, South Africa is importing more than it was exporting at the start of 2023.

The deficit of R23.05 billion is a significant decline from January 2022’s R4.64 billion trade balance surplus. Exports also decreased on a month-to-month basis from December 2022 – decreasing by R23.48 billion to R139.36 billion , while imports increased MoM – from R157.85 billion to R162.41 – over the same period.

The trade statistics get worse if trade data with Botswana, Eswatini, Lesotho and Namibia is excluded.

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BusinessTechSA /  🏆 24. in ZA

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