Backlogs, lower commodity prices bite into trade surplus

JOHANNESBURG - South Africa's trade surplus decreased in December.

The latest trade data released by the South African Revenue Service shows how port congestion and backlogs have affected the flow of goods into and out of the country.

Exports decreased by over R21-billion between November and December 2023, while imports dropped by almost R15-billion over the same period.

The decreases in December was driven by gold, platinum, vehicles and automotive parts.

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The overall trade performance was also negatively impacted by lower commodity prices.

The port disruptions peaked in December, with the crisis in Durban, which handles about 60 percent of the country’s container traffic, worsening.

According to economists, the trade performance is set to remain under pressure as Transnet looks to government for a capital injection.