A weaker rand and robust commodity
prices boosted local exports in the second quarter of
2005, helping to compress the current account deficit
and improving the country's overall balance of payments
position.
According to the Quarterly Bulletin of the Reserve Bank
of South Africa for September, the deficit on the current
account narrowed to R51 billion in the second quarter
from R54.5 billion in the first quarter. The shortfall
contracted to 3.4 percent of gross domestic product
in the second quarter, from 3.8 percent in the first.
As a percentage of total merchandise exports, the value
of exports destined for Asian countries increased from
24.5 percent in the first quarter of 2005 to 28.6 percent
in the second. The value of exports, including merchandise
and net gold exports, amounted to R357.9 billion in
the second quarter, while imports totalled R360.1 billion.
