The deficit on SA’s trade account continued to deteriorate in October‚ with the account recording its 10th consecutive deficit for trade with non-Southern African Customs Union (non-SACU) trading partners.
A R21.2bn deficit was recorded in October‚ following a R13.8bn deficit in September‚ SARS customs and excise figures released on Friday showed.
The trade account has been in deficit since the beginning of this year‚ showing the extent to which exports are being effected by the global economic slowdown. The weaker rand has also been making imports much more expensive.
The cumulative deficit for the year to date is R104.3bn compared to a cumulative deficit of just R9.4bn in 2011.