THE country recorded a current account surplus of R0,5-billion in the first quarter of 2000, the Reserve Bank said in its latest monetary policy statement. The surplus compares with a R1,5-billion deficit in the fourth quarter of last year. “Exports of goods continued to perform well and neutralised increases in merchandise imports and net service, income and transfer payments to non-residents,” the bank said. The central bank said that combined with net capital inflows not related to reserves of R3,1-billion, South Africa posted a balance of payments surplus of R3,6-billion in the first three months of the year. It said that after seasonal adjustment, the current account recorded an annualised deficit of R4,7-billion from R5,6-billion in the fourth quarter of 1999.