South Africa Current Account Surplus Widened in 1Q

By Maria Martinez

South Africa's current account surplus widened in the first quarter, posting the second-largest surplus ever recorded in the African country, the Reserve Bank said Thursday.

The current account increased to a surplus of 267 billion rand ($19.44 billion) in the first quarter from a ZAR198 billion surplus registered in the fourth quarter of 2020.

South Africa's current account as a ratio of gross domestic product rose to a surplus of 5.0% in the first quarter from a surplus of 3.7% in the fourth quarter.

South Africa's imports and exports of goods increased in the first quarter as trade continued to recover from the pandemic-related low earlier in the year, the country's Reserve Bank said. South Africa's trade surplus widened to ZAR430 billion in the first quarter from ZAR425 billion in the fourth quarter.

The larger trade surplus resulted from the value of merchandise exports increasing to a record high while the value of imports rose to a lesser extent, the bank said.

Write to Maria Martinez at [e-mail]

(END) Dow Jones Newswires

06-10-21 0527ET