The South African Rand advanced against the Pound on Monday after South Africa posted a surprise trade surplus.
According to the South African Revenue Service, the nation’s trade balance posted a surplus of 770 million Rand in November, a sharp improvement compared to Octobers figure of a 12.4 billion Rand deficit. The figure took economists by surprise as they had been expecting a deficit of 9.4 billion Rand.
The nation’s surplus comes as car exports saw a hefty rebound after the South African economy was hit by strikes that halted production earlier in the year. The strikes saw production at the biggest factories fall and contributed to the trade deficit almost doubling to 74.7 billion Rand in the first 11 months of the year compared with the same period in 2012.
The surplus was caused by increased exports which rose by 5.3% to 86.6 billion Rand in November, boosted by a 34% jump in vehicle exports and growth of 6% in the shipment of precious and semi-precious stones and metals. Imports meanwhile fell.
Current South African (ZAR) Exchange Rates:
The US Dollar/South African Rand Exchange Rate is currently in the region of: 10.4875
The Pound Sterling/South African Rand Exchange Rate is currently in the region of: 17.2670
The Euro/South African Rand Exchange Rate is currently in the region of: 14.4437
The Australian Dollar/South African Rand Exchange Rate is currently in the region of: 9.3101
The New Zealand Dollar/South African Rand Exchange Rate is currently in the region of 8.5713
The Canadian Dollar/South African Rand Exchange Rate is currently trading in the region of 9.7905
(Correct as of 12:45 pm GMT)
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