Import Tracker - Q3 2020

Download:

South Africa had a trade surplus of R109 billion in the third quarter of 2020, up from R6 billion in the third quarter of 2019. In constant 2020 Rand, this is the highest trade surplus South Africa has had in the past decade. The high surplus appears to be the result of low imports due to lower crude oil imports, as well as the increased spread of COVID-19 pandemic among major trade partners like Germany and the United State, while exports surpassed pre-COVID-19 levels due to high exports to China and the US. In the year to the third quarter of 2020, exports grew by 10% to R388 billion, from R353 billion in the third quarter of 2019. However, between the third quarter of 2010 and the third quarter of 2020, exports grew by 49%. In contrast, imports declined by 20% to R278 billion in the year to the third quarter of 2020, and grew just 8% between the third quarter of 2010 and the third quarter of 2020.