Impact of Covid-19: Exports plunged 55% in 1 Month – South Africa’s trade balance swings to $2 billion (R35bn) deficit in April
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[Nice, to see black ruled South Africa taking a beating during this stupid lockdown. Notice South Africa is an IMPORTING nation. This means our manufacturing base is smashed. We are dependent on imports. This is a huge problem. Jan]
South Africa’s trade balance recorded a deficit of R35.02 billion ($2.01 billion) in April from a revised surplus of R23.94 billion in March, data from the revenue service showed on Friday.
Exports fell 55.1% on a month-on-month basis to R53.02 billion, while imports were down 6.5% to R88.03 billion, the South African Revenue Service said.
Africa’s most industrialised economy has been under lockdown since the end of March to curb the spread of the novel coronavirus — one of the world’s strictest COVID-19 lockdowns.
The government has allowed the re-opening of some sectors of the economy, but South African borders remain closed except for the transportation of goods, repatriation of South Africans and evacuation of foreign nationals.