Well, aside from the lingering uncertainties in the global economy, our financial and business landscape is continuously and radically being redefined by evolving international standards, new best practices, disruptive digital innovation, changing customer preferences and demographic changes. For instance, our increasing population of tech-savvy millennials demand innovation and expect faster and more streamlined products and services.
The improvement in the current account reflected a revival in international demand for South African exports and a significant contraction in local demand for imports. Export volumes rebounded satisfactorily in the first quarter of this year, but lost some momentum in the second quarter, when the current account slipped into deficit again.