JOHANNESBURG, July 30 (Reuters) - South Africa's trade account swung back into surplus in June, partly boosted by a backlog of exports resulting from a transport strike the previous month, the South African Revenue Service (SARS) said on Friday.
SARS said the June trade balance stood at 5.6 billion rand ($762.3 million) from a shortfall of 302 million rand in May.
This was as a result of exports recording a 17.8 percent increase to 55.6 billion rand compared to a 5.2 percent rise to 49.9 billion in imports.
Analysts in a Reuters poll last week had expected the account to stay in deficit with a 2 billion rand shortfall, but the number is volatile and difficult to forecast. The June trade figure marks the second month of surplus since the start of the year.
Analysts said the number was bolstered by a backlog in exports after a labour strike hampered South Africa's rails and ports in May.
'It looks like a very strong number. It appears that ... the transport strike may have something to do with this. One waits to see if this is sustained through the July data, given that we did not have a transport strike at that time,' said George Glynos, an economist at ETM said.
Standard Chartered head of research for Africa Razia Khan said the June surplus was a reflection that South Africa's economy is still struggling after last year's recession, with imports of capital goods still depressed.
'While the rand will benefit from this news, it is interesting that it still speaks of considerable weakness in the South African economy ... While the recovery in the rest of the world helped, South Africa's own recovery looks a little less certain,' said Khan.
The rand initially strengthened to 7.33 against the dollar after release of the data at 1200 GMT from 7.34 before, but was slightly weaker at 7.35 by 1257 GMT. The yield on the benchmark 2015 government bond was at 7.585 percent from 7.65 percent.
SARS said the cumulative deficit for the year to date was 7.8 billion rand compared to a 17.8 billion shortfall at the same time last year.
(Reporting by Xola Potelwa; editing by Stephen Nisbet) (For more Reuters Africa cover visit: http://af.reuters.com/ -- To comment on this story email:SouthAfrica.Newsroom@reuters.com) ($1=7.346 Rand) Keywords: SAFRICA TRADE/
(xola.potelwa@thomsonreuters.com; +27 11 775 3530; Reuters Messaging:xola.potelwa.reuters.com@reuters.net)
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