The South African Reserve Bank has reported a negative trend in trade.
South Africa posted a current-account deficit for the first time in three years in 2022 as imports increased and power shortages and logistics network constraints curbed exports, heightening the nation’s vulnerability to external shocks.
The current-account gap and the budget shortfall, which the Treasury sees narrowing to 4% of GDP in the fiscal year through March 2024, make South Africa vulnerable to external shocks amid deteriorating global economic prospects. The median of nine economists’ estimates in a Bloomberg survey was for a negative balance of 2.5% of GDP.
The impact of rolling blackouts and logistics infrastructure shortfalls were partially countered by the first coronavirus-restriction free summer holiday season.
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