South Africa Posts 1st Current Account Surplus Since 2023

South Africa posted a current account surplus of ZAR 50.2 billion in Q4 2025, compared to a revised deficit of ZAR 72 billion in the previous period. This marks the first surplus since Q3 2023 and the largest since Q1 2022, as the trade surplus widened sharply to ZAR 282.2 billion from ZAR 169 billion in Q3 on stronger exports and weaker imports. Meanwhile, the deficit on the services, income and current transfer account narrowed from to ZAR 232.1 billion from ZAR 241 billion in the previous quarter. Similarly, the current account balance shifted to a surplus of 0.6% of GDP in Q4 2025 from a 0.9% deficit in Q3. For the full year, the deficit shrank to ZAR 35.2 billion (0.5% of GDP) in 2025 from ZAR 48.0 billion (0.7% of GDP) in 2024.

South Africa's current account deficit shrank to ZAR 57 billion in Q3 2025, from a revised ZAR 72.2 billion in the previous three-month period. The primary income account shortfall narrowed to ZAR 137 billion from ZAR 173 billion in Q2 and the secondary income gap was little changed at ZAR 29 billion. Meanwhile, the trade surplus shrank further to ZAR 178.3 billion from ZAR 187.2 billion in Q2, as the value of imports increased more than exports, with higher crude oil and refined fuel purchases weighing. At the same time, the services surplus fell to ZAR 109 billion from ZAR 129 billion. The current account deficit as a ratio of gross domestic product (GDP) narrowed to 0.7% in Q3 from a downwardly revised 1% in Q2 and below analysts' expectations of 1.3%.

South Africa's current account deficit widened to ZAR 82.8 billion in Q2 2025, from a revised ZAR 47.8 billion in the previous three-month period. It was the largest current account shortfall since Q4 2023, as the trade surplus narrowed further to ZAR 177.1 billion from ZAR 211.0 billion in Q1. At the same time, the deficit on the services, income, and current transfer account widened slightly to ZAR 259.9 billion from ZAR 258.9 billion, driven by a larger income account deficit, even as the deficits in the services and current transfer accounts narrowed. The current account deficit as a ratio of gross domestic product (GDP) widened to 1.1% in Q2 from an upwardly revised 0.6% in the preceding quarter and above analysts' expectations of 0.7%.