We have extracted the top relevant highlights from this week’s BUSA Economic Briefing.
- Despite inclement weather the container terminals at our ports handled 11 046 TEUs per day, with a projected 11 302 TEUs projected for next week. This is always positive for for the industry.
- The South African Revenue Service (SARS) revenue collection from the “two-pot” retirement scheme was R7,2bn so far, above the R5bn expected. This additional disposable income could start filtering through to automotive sales.
- New vehicle sales rose by 5,5% y/y in October after falling by 4,1% y/y in September and a 4,9% y/y drop in August. The 2023 sales were below those of 2008. In 2023 car sales fell by 4,4%, while medium commercial vehicle sales slipped by 0,6%. Light commercial and heavy commercial vehicle sales rose by 11,6% and 12,8% respectively. October 2024 saw the best passenger car sales since October 2019.
- The retail price of petrol will rose by 25 cents per lire (c/l) on 6 November, while the wholesale price of diesel will increase by 21 c/l.
- The China manufacturing index rose to 50,3 in October from 49,3 in September and 50,4 in August.
- The outcome of the US elections on Tuesday and the decisions of the Chinese Communist Party Standing Committee National People’s Congress on Friday will help to determine the economic course ahead for the world’s two largest economies. US voters will also be making their choices as to who will represent them in the Senate and the House of Representatives and in several states they will vote on state-wide ballot measures. The Standing Committee meeting in China on the other hand will be a harmonious affair, but still of vital importance, as the meeting will decide how large a stimulus package will be launched to revive the Chinese economy.
