South Africa Current Account Logs Second Largest Surplus On Record

South Africa Current Account Logs Second Largest Surplus On Record

South Africa’s current account surplus increased substantially to the second highest level on record in the first quarter, South African Reserve Bank showed on Thursday.

The current account surplus rose to ZAR 267 billion from ZAR 198 billion in the fourth quarter.

As a ratio of gross domestic product, the current account surplus widened to 5 percent in the first quarter from 3.7 percent in the previous three months.

The trade surplus advanced to ZAR 430 billion in the first quarter from ZAR 425 billion, driven by a record merchandise exports. The shortfall on the services, income and current transfer account narrowed noticeably to ZAR 163 billion in the first quarter from a large deficit of ZAR 227 billion in the final quarter of 2020.