Balance of payments improvement

Bongani Mkongi

The ANC welcomes the significant improvement in the Balance of Payments in which South Africa significantly "narrowed its trade deficit to R2.9 billion in September 2014 from a revised 16.75 billion rand in August 2014.

What is particularly exciting is that "exports rose by 14 billion rand as production came back in full cycle after the strike action in recent months".

The South African Revenue Services (SARS) has also reported that exports of precious metals and stones, including platinum, surged 45% to R4.85 billion and mineral product shipments rose R3.91 billion, while export of vehicles and transport equipment rose by R2.07 billion, chemical products R1.04 billion and other unclassified exports increased by R606 million. This is good news.

We wish to thank the ANC Government for taking bold steps to re-industrialise our economy to enable and encourage value-addition through the "beneficiation drive".