17 2 Trade context South Africa’s trade balance grew to a surplus of R10 billion in the second quarter of 2023, up from a deficit of R5.8 billion in the first quarter of 2023, but lower than the surplus of R75.5 billion in the first quarter 2022. [...] India and the UAE accounted for 49.5% of total imported litres in the second quarter of 2023, from 42.6% in the second quarter of 2022. [...] Continental trade Imports from the continent continued to grow in the year to the second quarter of 2023, amounting to R40.3 billion, from R36.7 billion in the second quarter of 2022 and R31 billion in the second quarter of 2021. [...] Similarly, exports have also continued to grow since declining in the second quarter of 2020, amounting to R133.8 billion in the second quarter of 2023 from R130.9 billion in the second quarter of 2022 and R103.4 billion in the second quarter of 2021 (see Graph 3). [...] The source of the imports surge is Russia, with imports from the country amounting to 147.6 million kilograms in the second quarter of 2023, from a base of zero in the second quarter of 2022.
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