In constant 2025 Rand, South Africa had a trade surplus of R55 billion in the second quarter of 2025, with exports amounting to R510 billion and imports amounting to R455 billion. However, exports declined by R24 billion in the year to the second quarter of 2025, while imports declined by R23 billion. In this period, the surplus declined by less than R400 million. The decline in imports was in part due to a R15 billion decline in the value of the top five imports. The value of the top five exports decreased by R5 billion in the year to the second quarter of 2025. Ferrochromium exports show the largest decrease, falling by almost R12 billion, followed by a R7 billion decrease in exports of goods vehicles, and an almost R6 billion fall in bituminous coal exports.

South Africa maintained a positive trade balance in the first quarter of 2025, though the surplus fell to R28 billion, from R64 billion in the fourth quarter of 2024. Year-on-year, the surplus grew from R11 billion from the first quarter of 2024, rebased by CPI to the first quarter of 2025. Exports increased by a marginal R1 billion year-on year, while imports declined by R16 billion. The decline in imports was in part due to an almost R9 billion decrease in crude oil imports, a R2 billion decline in components for motor vehicle imports, and another R2 billion cellphone imports. Year-on-year, the value of the top five imports declined by R7 billion.

South Africa's trade surplus declined by 18% to R35 billion in the year to the third quarter of 2024. Total exports for the third quarter of 2024 amounted to R510 billion, while imports amounted to R475 billion. The composition of the top five import products remains unchanged. Imports of diesel continued to fall, with a R14 billion decrease to R32 billion in the year to the third quarter of 2024. In contrast, imports of crude oil continue to grow, rising by R6 billion to R25 billion in the same period.

South Africa had a trade surplus of R54 billion in the second quarter of 2024, up from R9 billion in the second quarter of 2023, but lower than the R79 billion surplus recorded in the second quarter of 2022. Both imports and exports declined in the year to the second quarter of 2024, with imports falling from R531 billion to R465 billion, while exports declined from R540 billion to R519 billion. Imports were on an upward trajectory between the second quarters of 2020 and 2023 due to increases in imports of diesel, petrol and other petroleum products, and declined in the second quarter of 2024 as imports of these products declined. In this same period, exports have been on a downward trajectory, largely due to a decline in mineral prices (South Africa’s main export group).

South Africa had a trade surplus of R11 billion in the first quarter of 2024, up from a deficit of R5 billion in the first quarter 2023, but lower than the R22 billion surplus recorded in the fourth quarter of 2023. Both imports and exports declined in the year to the first quarter of 2024, with imports falling from R514 billion to R458 billion while exports declined from R509 billion to R469 billion. This decline continues a downward trend from the fourth quarter 2023. Since 2020 imports have increased by 27%, while exports increased by 16% between the first quarters of 2020 and 2024. 

South Africa had a R21.7 billion trade surplus in the fourth quarter of 2023, up from R7.8 billion in the fourth quarter of 2022, but lower than the R41 billion registered in the third quarter of 2023. Imports declined by R17 billion to R498 billion in the year to the fourth quarter of 2023, while exports declined by 0.5% to R519 billion in same period. This was in part due to a R22 billion fall in coal exports in the fourth quarter of 2023.

South Africa maintained a trade surplus in the third quarter of 2023, at R41 billion, up from R10 billion in the second quarter of 2023, but lower than the R53 billion from the third quarter of 2022. Exports declined by R41 billion to R529 billion in the year to the third quarter of 2023, while imports declined by R29 billion to R487 billion in the same period. The export decline was in part driven by a R42 billion decline in coal exports, with volumes declining by six billion kilograms in the year to the third quarter of 2023. The decline in imports was driven by decreasing local demand for diesel and petrol, which saw the value of both decline by R10 billion and R11 billion respectively, while volumes declined by almost one billion litres apiece. 

South Africa’s trade balance grew to a surplus of R10 billion in the second quarter of 2023, up from a deficit of R5.8 billion in the first quarter of 2023, but lower than the surplus of R75.5 billion in the first quarter 2022. Second quarter exports show higher growth compared to the first quarter of 2023, rising by R32 billion compared to R17 billion for imports. Still, year-on-year, exports declined by R36 billion, while imports grew by R30 billion. Exports amounted to R515 billion in the second quarter of 2023. In this same period, imports amounted to R505 billion.

South Africa’s first quarter trade balance declined to a deficit for the first time since the first quarter of 2019, driven in part by a decline in exports, while imports remained relatively high, even with a R5 billion quarter-on-quarter decline. In all, exports declined by R7 billion to R483 billion in the year to the first quarter of 2023, while imports increased by some R63 billion to R488 billion during the same period.