South Africa's merchandise trade deficit decreased from the previous month in June, data released by the South African Revenue Service showed Tuesday.
The trade deficit decreased to ZAR5.7 billion in June from ZAR8.9 billion in May. In June 2011, the balance was a surplus of ZAR4.9 billion. Economists were looking for a deficit of ZAR5.5 billion.
The decline in trade deficit was driven mainly by lower exports of mineral products and decrease in imports of mineral products, machinery and electrical appliances, products of the chemicals or allied industries, base metals and original equipment components, the agency said.
Export of goods decreased 1.7 percent sequentially to ZAR61.7 billion in June. Shipments mineral products dropped by 13 percent, while dispatches of precious and semi-precious stones and metals increased 3 percent, data showed.
At the same time, the value of imports declined 6 percent on a monthly basis to ZAR67.4 billion during the month.
by RTT Staff Writer
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