SARS records significant R7.18bn trade surplus

The South African Revenue Service’s (SARS) trade statistics for August 2022 recorded a preliminary trade balance surplus of R7.18 billion.

These statistics include trade data with Botswana, Eswatini, Lesotho and Namibia (BELN), the revenue collector said in a statement.

“The year-to-date (01 January to 31 August 2022) preliminary trade balance surplus of R163.36 billion is a deterioration from the R325.06 billion trade balance surplus for the comparable period in 2021. Exports increased by 11.9% year-on-year whilst imports increased by 44.9% over the same period,” said SARS.

The R7.18 billion preliminary trade balance surplus, was attributable to exports of R175.37 billion and imports of R168.19 billion.

During this period, SARS said exports decreased by R1.83 billion (1.0%), while imports increased by R15.80 billion (10.4%) over the same period.

“Exports for the year-to-date increased by 11.8% to R1 330.18 billion from R1 189.46 billion over the same period during 2021. Imports for the year-to-date of R1 166.82 billion were 35.0% more than the R864.40 billion imports recorded during the same period in 2021.

“The cumulative trade balance surplus for 2022 is R163.36 billion. On a year-on-year basis, the R7.18 billion preliminary trade balance surplus for August 2022 was a deterioration from the R40.61 billion trade balance surplus recorded in August 2021. Exports of R175.37 billion were 11.9% more than the R156.71 billion exports recorded in August 2021. Imports of R168.19 billion were 44.9% more than the R116.10 billion imports recorded in August 2021.”

The July 2022 preliminary trade balance surplus was revised upwards by R0.05 billion due to the ongoing Vouchers of Correction (VOC). The revision was from the preliminary trade balance surplus of R24.76 billion to the revised trade balance surplus of R24.81 billion.