South Africa's export prices continued to outpace import prices in May.
South Africa's export prices continued to rise faster than import prices in May, according to Statistics South Africa (Stats SA), extending a trend that the South African Reserve Bank recently said helped strengthen the country's trade position in the first quarter.
Stats SA's export and import unit value indices showed export prices rose 11.8% compared with May last year and 0.5% from April. Import prices, meanwhile, fell 3.1% year-on-year and 0.5% month-on-month.
In its latest Quarterly Bulletin, the Reserve Bank said higher export prices and lower import prices improved South Africa's terms of trade during the first quarter, boosting the country's trade surplus. The latest unit value indices suggest those favourable trade conditions continued into May.
The release comes as economists recently warned that growth is likely to remain subdued at around 1.2% this year as global uncertainty and pressure on consumers continue to weigh on activity.
