Wednesday saw the South African rand drop in value for a third-straight day against the U.S. dollar after economic data indicated labor protests two months ago were harmful to the nation's fiscal operations, according to Bloomberg.
The largest economy of the African continent saw its current-account gap suffer from reduced metal exports in September, which came as a result of minimized mining production. Exports fell by roughly 12.5 billion rand, the equivalent of about $1.4 billion in U.S. currency. South Africa's trade deficit grew to its highest in about 48 months.
"It is part and parcel of the reason for South Africa's lackluster export performance and again speaks to the necessity to attract the kind of inflows required to finance our trade deficits or face the prospect of a weaker rand," states an email to Bloomberg authored by ETM Analysts.
The current-account gap increased to 6.4 percent during the second quarter of the year. The metric measures goods and services' commerce and trade.
September saw manufacturing production drop 1.1 percent in September, according to Reuters. August figures returned manufacturing production growth of 2.8 percent.
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