According to the South African Revenue Service (SARS), South Africa’s trade deficit narrowed in May as a boost in exports outweighed the imports into the country.

The trade deficit was measured at R302-million, down from R1.9-million in April. Exports increased by 6.8%, due largely to shipments of precious and semi-precious stones and metals. Despite the increase in imports by 3.1%; led by purchases of vehicles, aircraft and boats to; total imports of R47.5-billion only narrowly exceeded the total exports of R47.2-billion.

Reported by Bloomberg