South Africa reported an unexpected trade deficit for October, data released by the South African Revenue Service on Monday showed.
Exports for October were R44,1-billion while imports were R50,8-billion, resulting in a deficit of R6,7-billion.
This was in comparison with a R3,87-billion surplus in September.
In October there was an increase in imports of 21,92% and a decrease in exports of 3,18%.
Most economists expected October’s trade account to have recorded a mild surplus.
”Yes, it’s a negative surprise but it’s not something to worry about yet,” economist Mike Schussler said. ”It’s probably due to the strong rand.”
Schussler, however, said that trade data was notoriously difficult to forecast.
”Trade figures are always very volatile and it’s too early to say if this is a start of a trend.
”It depends on factors such as oil shipments — one month you get three shipments and the next month only two,” he added. — Sapa