Print Page   |   Report Abuse
News & Press: SARS News & Tax Administration

South African Trade Statistics for July 2012

02 September 2012   (0 Comments)
Posted by: SAIT Technical
Share |

By SARS Legal & Policy

The South African Revenue Service (SARS) recently released trade statistics for July 2012 that record a trade deficit of R6.7 billion.

Summary
The trade deficit for July 2012 increased by R1 billion to R6.7 billion (deficit of R4.0 billion in July 2011) from a deficit of R5.7 billion in June 2012. Exports increased by R1.8 billion (2.9%) to R63.5 billion and imports increased by R2.8 billion (4.1%) to R70.2 billion.

The increased trade deficit of R6.7 billion in July 2012 was mainly due to increased imports of machinery and electrical appliances, products of the chemicals or allied industries, and original equipment components.

The cumulative deficit for the year to date is R57.3 billion compared to R6.9 billion in 2011.

Trade Highlights by Category

The June to July change (up by 2.9%) in exports of goods reflected increases mainly in:

  • Mineral products increased by R1 823 million (12%);
  • Products of the chemical or allied industries increased by R1 416 million (44%);
  • Precious and semi-precious stones and metals decreased by R 402 million (-3%) and
  • Base metals and articles thereof decreased by R 923 million (-12%).

The June to July change (up by 4.1%) in imports of goods reflected increases mainly in:

  • Machinery and electrical appliances increased by R2 202 million (14%);
  • Products of the chemical or allied industries increased by R1 435 million (28%);
  • Original equipment components increased by R 661 million (15%);
  • Vegetable products increased by R 527 million (50%);
  • Base metals and articles thereof increased by R 472 million (16%);
  • Textile and textile articles increased by R 444 million (28%);
  • Vehicles, aircraft and vessels decreased by R 252 million (-3%) and
  • Mineral products decreased by R3 284 million (-20%).


Trade Highlights by World Zone

The world zone results for June and July 2012 as given below are unaudited.

  • AsiaThe deficit increased from R 9.2bn in June to R 10.5bn in July 2012. Exports increased by
    R 0.3bn to R 21.9bn and imports increased by R 1.6bn to R 32.5bn.
  • EuropeThe deficit increased from R 5.3bn in June to R 6.4bn in July 2012. Exports increased by
    R 0.2bn to R 14.6bn and imports increased by R 1.3bn to R 21.0bn.
  • AmericaThe deficit increased from R 1.7bn in June to R 1.8bn in July 2012. Exports increased by
    R 0.06bn to R 7.0bn and imports increased by R 0.1bn to R 8.7bn.
  • AfricaThe surplus increased from R 3.8bn in June to R 5.9bn in July 2012. Exports increased by
    R 1.5bn to R 12.6bn and imports decreased by R 0.6bn to R 6.6bn.
  • OceaniaThe deficit increased from R 0.05bn in June to R 0.6bn in July 2012. Exports decreased by
    R 0.1bn to R 0.7bn and imports increased by R 0.4bn to R 1.3bn.

Click here for more information.



WHY REGISTER WITH SAIT?

Section 240A of the Tax Administration Act, 2011 (as amended) requires that all tax practitioners register with a recognized controlling body before 1 July 2013. It is a criminal offense to not register with both a recognized controlling body and SARS.

MINIMUM REQUIREMENTS TO REGISTER

The Act requires that a minimum academic and practical requirments be set to register with a controlling body. Click here for the minimum requirements of SAIT.

Membership Management Software Powered by YourMembership.com®  ::  Legal