RTTNews - South Africa's trade surplus narrowed to ZAR 0.4 billion in July from ZAR 3.2 billion in June, the South African Revenue Service or SARS said on Monday. This was the third consecutive month of trade surplus since May 2009. Economists expected a deficit of ZAR 0.4 billion.
Exports increased 3.31% to ZAR 44.4 billion in July, while imports grew ZAR 10.54% to ZAR 44 billion.
For the January to July period, the trade deficit amounted to ZAR 17.4 billion, narrowing from ZAR 48.09 billion last year.
The nation's gross domestic product or GDP at market prices decreased a seasonally adjusted and annualized 3% in the second quarter, compared with a 6.4% fall in the previous quarter. This was the first instance of three consecutive quarters of decline in GDP since the fourth quarter of 1992.
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