South Africa Posts Widest Trade Surplus in Nearly 4 Years

South Africa's trade surplus shrank to ZAR 23.2 billion in December 2025 from the upwardly revised ZAR 37.9 billion in the prior month, as exports fell much faster than imports. Exports slipped by 12.5% month-over-month to a ten-month low of ZAR 164.3 billion, mainly due to lower shipments of vehicles & transport equipment (-39%); precious metals & stones (-26%) and base metals (-8%). Meanwhile, imports dropped by 5.8% to ZAR 141.1 billion, as steep declines in purchases of machinery & electronics (-17%); base metals (-11%) and textiles (-11%) outweighed a 21% jump in original equipment components.

South Africa's trade surplus rose to ZAR 37.7 billion in November 2025, the largest since March 2022, up from a downwardly revised ZAR 15 billion in the prior month. Imports tumbled 14.9% month-over-month to a five-month low of ZAR 150 billion, with four of the five main product sections posting declines, led by original equipment components (-51%). Purchases also fell significantly for mineral products (-24%); vehicles & transport equipment (-19%) and chemical products (-18%). Meanwhile, exports fell at a softer 1.9% to ZAR 188 billion, as reduced shipments of vegetable products (-37%) and base metals (-9%) were offset by increases in optical photographic products (90%), mineral products (6%) and vehicles & transport equipment (5%).

South Africa's trade surplus shrank to ZAR 15.6 billion in October 2025 from an upwardly revised ZAR 22.3 billion in the prior month. Imports jumped by 7.2% over a month to ZAR 176.6 billion, on account of mineral products (+15%), namely crude oil; precious metals & stones (+29%); original equipment components (+18%); base metals (+18%) and vehicles transport equipment (+8%). Imports increased from Africa (+20%) and Asia (+12.4%), but fell from Europe (-3.5%) and the Americas (-1.2%). Meanwhile, exports rose at a slower 2.8% to ZAR 192.2 billion, mainly boosted by shipments of precious metals & stones (+21%), of which gold, diamonds, and unwrought aluminium; and base metals (+21%). Conversely, exports declined sharply for vegetable products (-35%). Overseas sales went up to Africa (+8.3%), but decreased to all other destinations including the Americas (-7.9%), Asia (-2.6%), Europe (-4.1%) and Oceania (-10.2%).