South Africa recorded its biggest trade surplus in least 27 years in December as imports of equipment components, electronics and chemical products dropped.
The 15.7 billion-rand surplus ($1.3 billion) compares with November’s 13.1 billion-rand positive balance, the Pretoria-based South African Revenue Service said in an emailed statement Wednesday. It’s the 11th straight month of surpluses, the longest such streak since 1999.
Here are some highlights from the statement:
- Imports of original equipment components decreased 58 percent from November; inward shipment of machinery and electronics fell 15 percent
- Exports of mineral products retreated 12 percent; shipments of vehicle and transport equipment was down 23 percent
- Total exports fell 10 percent; total imports decreased 14.1 percent
- Trade surplus for 2017 is 80.6 billion rand, compared with 1.1 billion rand in 2016
The rand strengthened 0.9 percent to 11.8556 per dollar by 2:12 p.m. in Johannesburg on Wednesday. The yield on rand-denominated government bonds due December 2026 fell 7 basis points to 8.48 percent.
The monthly trade figures are often volatile, reflecting the timing of shipments of commodities such as oil and diamonds.