The South African Revenue Service (SARS) released trade statistics for May 2012 that record a trade deficit of R8.9 billion.
The trade deficit for May 2012 declined to R8.9 billion (Deficit of R1.5 billion in May 2011) compared to a deficit of R9.9 billion in April 2012, a month on month decrease of R1.0 billion. Exports increased by R10.6 billion (20.4%) to R62.8 billion and imports increased by R9.7 billion (15.6%) to R71.7 billion.
The decline of the trade deficit to R8.9 billion in May 2012 was mainly due to increased exports of precious and semi-precious stones, mineral products and machinery and electrical appliances and increased imports of mineral products and machinery and electrical appliances.
The cumulative deficit for the year to date is R45.8 billion compared to R7.5 billion in 2011.
Trade Highlights by Category
The April to May change (up by 20.4%) in exports of goods reflected increases mainly in:
Precious and semi-precious stones and metals increased by R3 808 million (37%);
Mineral products increased by R2 583 million (17%);
Machinery and electrical appliances increased by R 976 million (22%);
Vegetable products increased by R 865 million (50%);
Vehicles, aircraft and vessels increased by R 670 million (15%);
Prepared foodstuffs, beverages and tobacco increased by R 651 million (43%) and
Base metals and articles thereof increased by R 630 million (9%).
The April to May change (up by 15.6%) in imports of goods reflected increases mainly in:
Mineral products increased by R5 909 million (45%);
Machinery and electrical appliances increased by R1 188 million (7%);
Original equipment components increased by R 676 million (16%);
Vehicles, aircraft and vessels increased by R 606 million (9%) and
Products of the chemical or allied industries increased by R 427 million (8%).
Trade Highlights by World Zone
The world zone results for April and May 2012 as given below are unaudited.
Asia:The deficit decreased from R 11.4bn in April to R 10.0bn in May 2012. Exports increased by R 3.3bn to
R 22.1bn and imports increased by R 1.9bn to R 32.0bn.
Europe:The deficit decreased from R 7.7bn in April to R 5.0bn in May 2012. Exports increased by R 3.7bn to
R 15.5bn and imports increased by R 1.0bn to R 20.5bn.
America:The deficit decreased from R 2.0bn in April to R 1.4bn in May 2012. Exports increased by R 0.6bn to
R 6.6bn and imports decreased by R 0.02bn to R 8.1bn.
Africa:The surplus decreased from R 5.5bn in April to R 2.0bn in May 2012. Exports increased by R 2.6bn to
R 11.4bn and imports increased by R 6.0bn to R 9.3bn.
OceaniaThe deficit increased from R 0.2bn in April to R 0.9bn in May 2012. Exports decreased by R 0.03bn 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.