April 30 (Bloomberg) -- South Africa posted an unexpected trade surplus in March as a global economic recovery spurred demand for coal and vehicle exports.The surplus of 458 million rand ($62.5 million) followed a 5.7 billion rand deficit in February, the South African Revenue Service said in an e-mailed statement today. The median estimate of 11 economists surveyed by Bloomberg was for a 2.5 billion rand deficit.
South Africa is boosting coal supplies to India and China as Asian economies rebound and build power plants. India’s imports from Richards Bay Coal Terminal increased 27 percent in the first quarter from a year ago, while China boosted purchases by 38 percent, the terminal said on April 22. Vehicle sales are also rebounding as the global recovery strengthens.
Last month’s surplus may help to narrow the deficit in the current account, the broadest measure of trade in goods and services, which slumped to 2.8 percent of gross domestic product in the fourth quarter, the lowest level in more than four years. That may underpin the rand, which climbed 1.7 percent against the dollar in the first three months of the year.
Exports surged 28 percent to 51.5 billion rand in March from the previous month as shipments of mineral products, which includes coal, jumped 42 percent, the Revenue Service said. Vehicle, aircraft and vessel exports increased 68 percent, while sales of precious metals, such as platinum, climbed 24 percent.
Imports rose 11 percent to 51 billion rand, boosted by machinery, chemical and rubber products, the Revenue Service said.
Trade figures are often volatile, reflecting the timing of shipments of commodities such as oil and diamonds.
--Editors: Philip Sanders, Karl Maier
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