S.Africa trade balance swings back into red

South Africa's monthly trade balance swung back sharply into deficit in January after a small surplus in December, keeping pressure on the ailing current account.

The massive 11.94 billion rand shortfall was just off the record gap of October last year, and was way above forecasts of a 3.3 billion rand deficit.

The South Africa Revenue Service (SARS) data -- which is notoriously volatile -- recorded an unexpected 0.39 billion rand surplus in December, raising hopes that the series of large deficits had ended.

Read more at Reuters South Africa