Home Business SARS records R19.70bn trade balance surplus

SARS records R19.70bn trade balance surplus

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SARS temporarily Close Its Tax Branches for Physical Visits

The South African Revenue Service’s (SARS) trade statistics for September 2022 recorded a preliminary trade balance surplus of R19.70 billion.

These statistics include trade data with Botswana, Eswatini, Lesotho and Namibia (BELN), SARS said in a statement.

“The year-to-date (01 January to 30 September 2022) preliminary trade balance surplus of R175.42 billion is a deterioration from the R346.88 billion trade balance surplus for the comparable period in 2021. Exports increased by 22.0% year-on-year whilst imports increased by 27.1% over the same period,” said the revenue collector.

SARS said the R19.70 billion preliminary trade balance surplus for September 2022 was attributable to exports of R191.56 billion and imports of R171.86 billion.

SARS temporarily Close Its Tax Branches for Physical Visits
SARS

“Exports increased by R17.37 billion (10.0%) between August and September 2022 and imports increased by R3.88 billion (2.3%) over the same period. Exports for the year-to-date (01 January to 30 September 2022) increased by 12.8% to R1 519.02 billion from R1 346.54 billion over the same period during 2021.

“Imports for the year-to-date of R1 343.60 billion were 34.4% more than the R999.66 billion imports recorded during the same period in 2021. The cumulative trade balance surplus for 2022 is R175.42 billion. On a year-on-year basis, the R19.70 billion preliminary trade balance surplus for September 2022 was a deterioration from the R21.82 billion trade balance surplus recorded in September 2021.”

Exports of R191.56 billion, said SARS, were 22.0% more than the R157.03 billion exports recorded in September 2021. Imports of R171.86 billion were 27.1% more than the R135.21 billion imports recorded in September 2021.

August 2022 preliminary trade balance surplus was revised downwards by R0.98 billion due to the ongoing Vouchers of Correction (VOC). The revision was from the preliminary trade balance surplus of R7.18 billion to the revised trade balance surplus of R6.20 billion.

The trade data excluding BELN for September 2022 recorded a preliminary trade balance surplus of R8.62 billion.

SARS said the R8.62 billion preliminary trade balance surplus for September 2022 was as a result of exports of R174.54 billion and imports of R165.92 billion.

“Exports increased by R16.76 billion (10.6%) between August and September 2022 and imports increased by R3.02 billion (1.9%) over the same period. The preliminary cumulative trade balance surplus for 2022 was R90.86 billion compared to R271.72 billion trade balance surplus during 2021,” reads the statement. – SAnews


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