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< What the Big Mac index says about the value of the rand
Economics Main Page >

SA Balance of payment adjustment for Q1:2018
​
​Date: 6 June 2018

Category: Economics

Related Topics

In this article we take a look at the balance of payment (BOP) adjustments made by the South African Reserve Bank (SARB) in which they supplement  merchandise trade statistics as published by SARS in order to account for the trade in services, as SARS customs data only covers goods. And international trade takes place in both goods and services.

We take a look at the impact additional adjustments made by SARB has on our trade balance.

Picture
Rice paddy
  • SA trade data page

How much in services are South Africa importing and exporting?

The bar chart below shows the total value traded in goods and services and the net trade in services for the last 5 quarters (from quarter 1, 2017 to quarter 1, 2018). Note this reflects annualised rates. Thus its an estimate of overall BOP adjustments for a full year each quarter.
chart created with amCharts | amCharts
As the bar chart above shows the value between the payment for and selling of services are very similar, and there has been minimal fluctuations over the last 5 quarters. In the first quarter of 2018 the estimated annual total value traded by South Africa in services and adjusted for seasonality are shown below:
  • Selling of services:  R206billion
  • Buying of services: R206.5billion
Thus estimated net trade in services (seasonally adjusted and annualised) amounted to -R500million for Q1:2018
​
The image below shows the trade balance (in goods as obtained from SARS customs data) and the adjusted trade balance after taking services into account for the last 5 quarters.
chart created with amCharts | amCharts
From the bar chart above readers can see the positive trade balance reported in the four quarters of 2017 is substantially lower when services are taken into account. Thus one should be careful to fixate on the trade balance numbers as published by SARS as adjustments for trade in services still needs to be made.

And trade in services is not insignificant, with it averaging around R400billion (for both buying and selling of services) a year. Which is around 17.4% of the value of goods being traded, as trade in goods averages around R2.3trillion a year.

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