South Africa slumps into a deficit

• South Africa's current account slumped to a deficit of 2.6% of GDP, or R205.5 billion, in the second quarter.
• The trade surplus narrowed sharply to R146.4 billion from R428.8 billion in the first quarter, driven by the value of imports rising more than exports.
• The larger-than-anticipated deficit on the current account coincides with the first full quarter to reflect the impact of the Iran war, which began on 28 February and has constrained traffic through the Strait of Hormuz.