October trade deficit far worse than expected

In October 2015, South Africa’s trade balance recorded a deficit of R21.39 billion.

In September the trade deficit was R1.26 billion.

Economists polled by Reuters expected a shortfall of R4.9 billion.

Retailers are indicating sales volume growth significantly below that of the run-up to Christmas in 2014, despite retailers' efforts to contain selling price inflation.

The Money Show’s Bruce Whitfield interviewed George Glynos, Managing Director and Chief Economist at ETM Analytics.

Scroll down for quotes from the audio below.

I’m so tired of being negative all the time, but this economy doesn’t make it easy for us.

George Glynos, Managing Director and Chief Economist at ETM Analytics

The weak rand is boosting the value of imports.

George Glynos, Managing Director and Chief Economist at ETM Analytics

Think a weak currency is the way to go? Think again!

George Glynos, Managing Director and Chief Economist at ETM Analytics

Commodity prices are causing us to suffer terribly.

George Glynos, Managing Director and Chief Economist at ETM Analytics

We’ve scored plenty of own goals in the mining and manufacturing sectors.

George Glynos, Managing Director and Chief Economist at ETM Analytics

We’re unable to take advantage of a weak currency.

George Glynos, Managing Director and Chief Economist at ETM Analytics

We’re capital and skills scarce. Beneficiation requires both.

George Glynos, Managing Director and Chief Economist at ETM Analytics

Car manufacturing has grown, but we’re very much an assembly plant. We import a massive amount of what we export.

George Glynos, Managing Director and Chief Economist at ETM Analytics

Thankfully the oil price is lower. Unfortunately it’s been offset by our weaker currency.

George Glynos, Managing Director and Chief Economist at ETM Analytics

I’ve been reading about predictions of oil at $30 per barrel.

George Glynos, Managing Director and Chief Economist at ETM Analytics

We think there’s a good chance the Fed will start hiking in December. But the hiking cycle will be very shallow, we think. This is good news for emerging markets and the South African rand.

George Glynos, Managing Director and Chief Economist at ETM Analytics

The rand is cyclical. There will come a point in time when it will recover.

George Glynos, Managing Director and Chief Economist at ETM Analytics

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