CAPE TOWN: A 13% surge in exports helped the South African motor industry slash its trade deficit by more than one-third last year. The deficit the value gap between exports and imports fell from R24bn in 2013 to R15.8bn.
Having breached the R100bn export barrier for the first time in 2013, at R102.7bn, the industry shipped out R115.7bn in vehicles and components last year. A market recovery in the European Union (EU), the local industry’s biggest trading partner, was a major stimulus for growth. Imports also grew but only at 3.8%, from R126.7bn to R131.5bn.
