Trade Balance Surplus in November 2023: What you need to know

SARS has released the initial trade numbers for November 2023. In November, South Africa’s trade with Botswana, Eswatini, Lesotho and Namibia (BELN countries) showed a surplus of R21.0 billion. This is attributable to more exports (R185.8 billion) than imports (R164.8 billion).

However, for the entire year up to November 2023, even though there was a surplus of R48.5 billion, it is less than the R187.6 billion surplus for the same period in 2022.

Compared to November 2022, exports in November 2023 increased by 8.2% to R185.8 billion, while imports rose slightly by 0.1% to R164.8 billion. In the same month, exports grew by R15.6 billion (9.2%), while imports decreased by R18.3 billion (-10.0%) compared to October 2023.

This export increase was driven by iron ore, gold, and platinum. The drop in imports was mainly due to reduced imports of petroleum oils (excluding crude oil), crude oil, and original equipment components.

It’s worth noting that the initial trade deficit of R12.7 billion reported for October 2023 was later adjusted to a slightly higher deficit of R12.9 billion due to ongoing Vouchers of Correction (VOCs).

Read more in the SARS media release here.