FRIDAY, 8.30AM
EXPORTS rose sharply in May to R12,32 billion, up from R10,57 billion in April, helping to push the trade balance up by almost a billion rand to R1,7 billion.
Economists, who had been hoping that the trade balance would reach R1 billion, were delighted. The cumulative trade balance from January to May is up by 70% on last year’s figure at R4,5 billion. Imports have remained stable at R10,57 billion.
The trade balance figures, coupled with Wednesday’s announcement of a higher ceiling for offshore investments by individuals, have led to increasing optimism that a cut in interest rates is likely in the third quarter.
The markets rallied yesterday, with three of the four major JSE indices closing at record highs.