S.Africa C/A weakness persists as export destinations weaken
There is no major improvement in the S.Africa's current account despite higher USD-ZAR as export partners remain weak.While the Q4-2014 current account (C/A) deficit surprise on the narrow side at 5.1% is positive, the s…
There is no major improvement in the S.Africa's current account despite higher USD-ZAR as export partners remain weak.
While the Q4-2014 current account (C/A) deficit surprise on the narrow side at 5.1% is positive, the slowdown in import demand from South Africa's export destinations in Q1-2015 is a major concern.
China's slowdown is a particular issue for iron ore, although India's better performance offsets this somewhat.
Standard Chartered notes...
The weak euro (EUR) will limit European import demand. Lower oil prices and tighter control on infrastructurespending are positive but the external deficit outlook remains weak.
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