Johannesburg — THERE is light and dark in the latest trade statistics, which show that SA has recorded a trade surplus for the third successive month, the first time this has happened since 2003. The surplus -- which reflects the fact that SA exported more than it imported -- is a modest R447m for July, down from R3,2bn in June.
What's good about this is that a lower trade surplus suggests a lower deficit on the current account of SA's balance of payments. That means SA is that much less dependent on fickle inflows of foreign capital to finance the deficit, which Nedbank 's economists predict could fall to somewhere between 4,5% and 5% of gross domestic product this year, down from a record 7,4% last year.
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