South Africa: SARS 'Error' Adds Extra R18 Billion to Trade Deficit

Johannesburg — SA's trade deficit last year is likely to have been overstated by at least R18bn, due to an error that could have contributed to the rand's sharp depreciation and negative market perceptions of SA amid unprecedented global financial volatility.

SA's widening trade deficit and shortfall on the current account - its broadest measure of trade in goods and services - is seen as the biggest threat to the volatile rand, which lost 28% against the dollar last year.

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