JOHANNESBURG (Reuters) - South Africa's trade account stayed in surplus for a second consecutive month in June, pointing to easing pressures on its ailing current account and backing calls for another interest rate cut. The South Africa Revenue Service said on Friday the trade surplus widened to 3.22 billion rand in June from 2.0 billion rand the month before. The May surplus was the first in 2-1/2 years. Economists polled by Reuters had predicted a deficit of 1.3 billion rand, although the trade number is generally volatile and difficult to forecast. SARS said in a statement exports rose by 3.82 percent compared with the previous month to 43 billion rand, partly due to a 12 percent increase in exports of precious metals and stones. Imports were up 0.96 percent at 39.8 billion rand. The impact of the global economic downturn is clear on South African trade numbers, though, with both exports and imports running well below those recorded in 2008. Exports for the first six months of the year are 17 percent lower than the same period last year, while imports are down 20.8 percent. Africa's biggest economy slumped into its first recession in 17 years this year, stung by weak demand for manufactured and mining products. The surplus will help ease pressure on the current account, which remains deep in deficit, and could lead to a narrowing in the shortfall in the second quarter from 7.0 percent of GDP in Q1. It will also add weight to calls for another interest rate cut after slower-than-expected consumer and producer inflation, softer credit and money supply growth and evidence the weak economy is shedding jobs. "It implies further narrowing in the current account deficit," George Glynos, managing director of market analysts ETM, said. "On the back of the data we have had this week, this probably strengthens the argument for a rate cut ... possibly even as early as August." The cumulative deficit for the first half of the year stood at 16.6 billion rand -- including a record 17.4 billion deficit in January -- compared with 36.3 billion rand during the same period last year. The rand strengthened slightly after the trade data was released, but government bonds were steady. The central bank has cut its repo rate by 450 basis points since December to try boost growth but left it flat in June on worries about inflation. The cuts have not yet unwound the 5 percentage point in hikes between June 2006 and June 2008. | 
