South Africa posted an unexpected trade surplus in September after iron ore shipments resumed following a rail accident, boosting exports.

The South African Revenue Service said that the surplus of ZAR 3.6 billion (USD 516 million) followed a deficit of ZAR 4.7 billion in August. The median estimate of 10 economists surveyed by Bloomberg was for a shortfall of ZAR 2.3 billion.

South Africa may return to trade deficits as the rand’s 9% gain against the dollar since June 1 curbs export growth and an economic recovery fuels imports. Mr Kevin Lings an economist at Stanlib Asset Management in Johannesburg said that “Exports are likely to struggle to accelerate significantly into 2011, given the still strong rand.”

Iron-ore exports increased last month after Transnet Ltd., the state owned port and rail operator, reopened its Sishen- Saldanha railroad on July 28 following a derailment that forced a six day shutdown. Exports of mineral products, which include coal and iron ore, surged 27% or ZAR 2.6 billion in September as companies caught up with the backlog.

The 861 kilometer railway carries about 34 million tonnes of iron ore exports a year from mines near Sishen in the Northern Cape to the port at Saldanha in the Western Cape.

Total exports rose 9.6% to ZAR 53.2 billion in September from the previous month, boosted also by a 21 percent increase in precious metal exports. Imports declined 6.9% to ZAR 49.5 billion mainly due to a 35% slump in vehicle and aircraft purchases.

Rising export demand helped limit South Africa’s trade deficit to 9.5 billion rand in the first nine months of the year, almost half the 18.5 billion rand shortfall posted in the same period last year, according to the revenue service.

(Sourced from Bloomberg)