South Africa posted a trade deficit of 2.4 billion rand ($349 million) in April as oil imports surged and exports of precious metals and vehicles slumped.
The deficit compared with a surplus of 971 million rand in March, the Pretoria-based South African Revenue Service said in an e-mailed statement today. The median estimate of eight economists surveyed by Bloomberg was for a 1.3 billion-rand deficit.
Crude oil prices surged to $113.93 a barrel in New York on April 29, the highest since September 2008, while South African mining exports fell for the third month in four in March, dropping 0.1 percent from the previous month, the statistics office said on May 12. Last month’s trade shortfall may result in the current account deficit widening from a seven-year low of 0.6 percent of gross domestic product in the fourth quarter.
“The trade deficit of 2.4 billion rand for April 2011 was buoyed mainly by higher imports of mineral products,” which includes oil, the revenue service said.
Exports decreased 14 percent to 51.7 billion rand in April from the previous month as shipments of precious and semi- precious stones and metals slipped by 2.1 billion rand, or 14 percent, the revenue service said. Vehicle exports plunged 20 percent in the month, while base metal shipments dropped 18 percent.
Imports fell 9 percent to 54.1 billion rand in the period, mainly due to a decline in vehicle, food and equipment component products, it said. Oil imports surged by 4.3 billion rand, or 42 percent, in April from the previous month.
Trade figures are often volatile, reflecting the timing of shipments of commodities such as oil and diamonds.
By Franz Wild
To contact the reporter on this story: Franz Wild in Johannesburg at fwild@bloomberg.net
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