The South African Revenue Service (SARS) today releases trade statistics for November 2012 that record a trade deficit of R7.94 billion.
The R7.94 billion deficit for November 2012 arose from exports of R66.27 billion and imports of R74.21 billion.
Exports increased from October to November by R5.1 billion (8.4%) and imports decreased from October to November by R8.1 billion (-9.8%).
The decreased trade deficit of R7.94 billion in November 2012 from R21.2 billion in October 2012 was due to decreased imports of machinery and electrical appliances, vehicles, aircraft and vessels, and mineral products and exports increased in precious and semi-precious stones, vessels, aircraft and aircraft and base metals.
The cumulative deficit for the year to date is R112.7 billion compared to R18.4 billion for the same period in 2011.
Trade Highlights by Category
The October to November change (up by 8.4%) in exports of goods reflected increases/decreases mainly in:
Precious and semi-precious stones and metals increased by R3 040 million (26%);
Vehicles, aircraft and vessels increased by R1 322 million (21%);
Base metals and articles thereof increased by R 808 million (10%);
Mineral products decreased by R 675 million (-4%);
Vegetable products decreased by R 532 million (-30%).
The October to November change (down by 9.8%) in imports of goods reflected decreases mainly in:
Machinery and electrical appliances decreased by R2 517 million (-12%);
Vehicles, aircraft and vessels decreased by R2 062 million (-23%);
Mineral products decreased by R1 850 million (-11%);
Original equipment components decreased by R 701 million (-14%);
Textile and textile articles decreased by R 338 million (-13%).
Trade Highlights by World Zone
The world zone results for October and November 2012 as given below are unaudited.
Asia:The deficit decreased from R 18.2bn in October to R 13.8bn in November 2012. Exports increased by R 0.4bn to R 22.1bn and imports decreased by R 4.0bn to R35.8bn.
Europe:The deficit decreased from R 10.9bn in October to R 7.9bn in November. Exports increased by R 0.6bn to R 14.6bn and imports decreased by R 2.5bn to R 22.5bn.
America:The deficit decreased from R 1.5bn in October to R 0.4bn in November. Exports decreased by R 0.8bn to R 7.6bn and imports decreased by R 1.9bn to R 8.0bn.
Africa:The surplus increased from R 5.5bn in October to R 7.5bn in November. Exports increased by R 1.6bn to R 13.7bn and imports decreased by R 0.4bn to R 6.2bn.
Oceania:The deficit increased from R 0.1bn in October to R 0.8bn in November. Exports decreased by R 0.01bn to R 0.7bn and imports increased by R 0.7bn to R 1.6bn.
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.