South Africa Posts First Trade Gap in 16 Months

South Africa posted a trade deficit of ZAR 1.8 billion in May 2026, the first since January 2025, compared to a downwardly revised surplus of ZAR 14.4 billion in the prior month. Exports declined by 5.7% to ZAR 178.8 billion, mainly reflecting reduced shipments of precious metals & stones (-21%); vehicles & transport equipment (-7%) and mineral products (-5%). On the other hand, imports rose by 3.1% to an over 2-1/2-year high of ZAR 180.6 billion, on higher purchases of vehicles & transport equipment (+17%); original equipment components (+12%); mineral products (+7%) and chemical products (+6%).

South Africa's trade surplus narrowed to ZAR 15.2 billion in April 2026 from a downwardly revised ZAR 30.2 billion in the previous month, as a sharp rise in imports outpaced export growth. Imports soared 11.8% to ZAR 175 billion, largely due to a 76% jump in purchases of mineral products, alongside a 5% increase in machinery & electronics. Conversely, declines were seen for precious metals & stones (-21%); textiles (-17%) and original equipment components (-10%). Meanwhile, exports rose 1.8% to ZAR 191 billion, driven by a 30% surge in precious metals and stones, which offset weaker shipments of vegetable products (-15%), chemicals (-14%), mineral products (-5%) and transport equipment (-5%).

South Africa's trade surplus shrank to ZAR 31.9 billion in March 2026 from a downwardly revised ZAR 35.9 billion in the prior month, as imports were stronger than exports. Purchases climbed by 18.4% month-over-month to ZAR 156 billion, driven by mineral products (11%); chemical products (20%); machinery & electronics (15%); vehicles & transport equipment (24%) and original equipment components (39%). Meanwhile, exports rose 12.1% to ZAR 188 billion, with higher sales of mineral products (29%), chemical products (28%), vehicles and transport equipment (17%), and machinery and electronics (16%), offsetting a 7% decline in base metals.