SA's trade deficit with its non-Southern African Customs Union trade partners rocketed to R7.005-billion in May, following a R2.418-billion deficit in April, Customs and Excise figures released on Friday said.

Most economists had expected a narrowing deficit — to R2.0-billion — as opposed to a deficit which nearly tripled.

According to the figures, the main contributors were the surging imports of minerals products, which increased by R3.826-billion. Vehicles, aircraft and vessels imports increased by R1.093-billion, while electrical equipment imports surged by R1.107-billion.

The gaping deficit is likely to keep the rand weak, as foreign investors, already concerned about the country's current account deficit, will not be encouraged to plug the deficit with foreign capital — as has been the case in the past.

The SA Reserve Bank Monetary Policy Committee is also more likely to push up interest rates sooner rather than later following the release of the figures.

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