The 10,8 per cent decline in imports was insufficient to offset the decline in exports, and this resulted in a contraction of the trade account surplus in the first quarter of 2003 to R32 billion, from R43,1 billion in the final quarter of 2002.
Looking at the market activity, the monthly average turnover on the JSE Securities Exchange SA (JSE) during the 12 months ending in April 2003 amounted to R75 billion. This was slightly higher than  BIS Review 23/2003  3  the monthly average for the preceding 12 months (R70 billion).