South African Trade Growth Decelerates

South African Trade Growth Decelerates

South Africa's imports and exports through August 2013; year-over-year changeSouth Africa's imports and exports through August 2013; year-over-year change

The value of South Africa’s imports and exports continued to increase year-over-year in August 2013, although at a slower pace than in July, according to preliminary trade statistics from the South African Revenue Service.

South Africa's imports were valued at 89.8 billion rand (about US$8.9 billion) in August 2013, up 21.9 percent from August 2012, when they were valued at $7.3 billion, but down 0.1 percent from July 2013. In the first eight months of 2013, the value of imports was up 17.3 percent over the same period in 2012, and totaled $63.2 billion. Among the top source regions that South Africa imports from, imports from Europe saw the highest year-over-year increase through August, up 22.0 percent. Asia was the second top source region for South African imports in the first eight months of 2013, up 18.8 percent from the same period in 2012.

South Africa's exports increased 15.1 percent in value year-over-year in August, and totaled $7.0 billion. On a month-to-month basis, South Africa’s exports fell 7.6 percent in August. For the January-August 2013 period, exports were valued at roughly $52.3 billion, 11.3 percent higher than they were during the same period in 2012. Exports to other African nations saw the highest year-over-year increases through August, up 19.7 percent. The region that saw the second-highest growth in South African exports in the first eight months of 2013 was Europe, with exports up 15.6 percent.