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BUSINESS DIGESTTRADE SURPLUS FALLS SA's November trade surplus fell sharply to R378-million from R3,9-billion in November, the SA Revenue Service said on Friday. However, economists were not too disappointed by the slump as October figures were "artificially" boosted by seasonal exports of diamonds from Botswana. The trade figures comprise statistics from the regional Southern African Customs Union, not just SA. Exports in November at R11,4-billion were down from the previous month's R14,9-billion, while imports showed a marginal increase from R11-billion to R11,03-billion. Among key export categories minerals products declined in November to R1,2-billion (October: R1,4-billion), precious metals dropped to R3,4-billion (R5,8-billion), but base metals increased to R2,1-billion (R1,8-billion). For the year to date (January to November) exports totalled R115,6-billion (1995: R93,3-billion) and imports R107-billion (R90,3-billion). Economists expect a marked improvement on the 1995 trade surplus of just over R3-billion as a weaker rand traditionally provides exporters with a competitive edge and makes imports more expensive.
INFLATION RELIEF Lower-than-expected food price rises came to the rescue of inflation in November with an unchanged monthly food component giving a better-than-expected result, fuelling hopes that the consumer price index will be capped below 10%. Economists, who had been predicting a 9,5% rate, were surprised that the consumer price index rose only 9,2%, little changed from October's 9,1%, and by 0,4% on a monthly basis.
SA READY FOR TRADE TALKS SA on Friday outlined its long-awaited negotiating position in trade talks with the European Union, handing over its "mandate" during a meeting with EU officials in Pretoria. Department of Trade and Industry director of trade relations Bahle Sibisi said the move paved the way for the resumption of formal negotiations between the two sides in SA at the end of next month. Sibisi said the SA submission tackled the tricky question of the EU's insistence that SA agricultural products be excluded from any free trade deal, as well as the impact of the deal on SA's neighbours.
CHROMECORP TO EXPAND Swiss-based Suedelektra Holding AG on Friday approved the construction by its SA subsidiary Chromecorp Holdings of two additional furnaces at its facility at Wonderkop for R173-million. The two furnaces will have a capacity of 160 000 tons and increase Wonderkop's yearly capacity to 600 000 tons of ferrochrome. The investment will be financed by Chromecorp's cash flow and the furnaces are expected to be in production late next year. ¥ Reports by Business Times staff, Reuter, Sapa-AP-AFP
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