Total export proceeds for the second quarter of 2014 are valued at R 23,887 million, showing an increase of 9.8% compared to the corresponding quarter of 2013. This increase is mainly explained by a rise in the re-exports of “Telecommunication equipment & accessories” from R 59 million in the second quarter of 2013 to R 2,014 million in the second quarter of 2014.
Compared to the previous quarter, total exports for the second quarter of 2014 rose by 11.7%, mainly as a result of increase of 51.7% in re-exports comprising mainly “Telecommunication equipment & accessories” and 14.3% in domestic exports, partly offset by a decrease of 31.4% in Ship’s stores and Bunkers (SSB).
Total export proceeds for the first semester of 2014 reached R 45,272 million, representing an increase of 7.5% over the corresponding semester of last year. The first semester exports consisted mainly of exports of “Articles of apparel and clothing accessories” (R 12,138 million), “Fish and fish preparations” (R 6,833 million), “Cane sugar” (R 4,289 million) and R 7,028 million of SSB.
Exports of Export Oriented Enterprises (EOE) for the first semester of 2014 amounted to
R 23,475 million, showing an increase of 2.0% over the corresponding period of 2013.
For the first six months of 2014, exports towards our main buyers rose for USA (+24.0%), Madagascar (+21.8%) and France (+12.3%), but declined for United Kingdom (-14.4%), Italy (-11.2%) and South Africa (-10.5%).
Total imports rose by 8.4% to reach R 41,912 million in the second quarter of 2014 from
R 38,679 million in the corresponding quarter of 2013. Compared to the previous quarter, import rose by 17.7%, mainly due to higher imports of “Machinery and equipments” (+41.0%) and “Miscellaneous manufactured articles” (+41.8%).
Total imports for the first six months of 2014 amounted to R 77,532 million, up by 1.5% over the first semester of 2013.
Imports of refined petroleum products, which amounted to R 13,866 million in the first six months of 2014, decreased by 14.1% when compared to the corresponding period of 2013.
Imports from India, our main supplier, dropped by 8.7%, while imports from China and France rose by 10.1% and 5.6% respectively.
3. Balance of trade
The trade deficit for the first semester of 2014 works out to R 32,260 million, 6.0% lower than the deficit of R 34,316 million in the corresponding period of 2013.
4. Forecast 2014
Based on recent past trends and indicative information from various sources, total exports for the year 2014 are expected to be of the order of R 94,000 million, against R 175,000 million for imports. Consequently, the trade deficit is expected to be around R 81,000 million.