SA’s trade balance widened to a preliminary surplus of R22bn in June, up from a downwardly revised R20bn in May, according to data released by the SA Revenue Service (Sars).
This means SA exported more than it imported in June, with the surplus growing slightly even though exports declined. That is because imports — including petroleum oils, smartphones and crude oil — fell more sharply than exports.
The June surplus resulted from exports totalling R170.7bn and imports of R148.6bn, inclusive of trade with Botswana, Eswatini, Lesotho, and Namibia (BELN).
Exports fell R3.3bn (down 1.9%) from May, as SA sold less gold, coal and motor vehicles.
“Production of gold domestically continues to face a number of constraints, including labour challenges, rising input costs, the effects of illegal mining and declining ore grades,” Investec economist Lara Hodes said.
Imports declined R5.3bn (down 3.5%) as SA bought less petroleum products, crude oil and smartphones.
Compared to June 2024, exports were down 2.9% and imports were up slightly by 0.6%.
Cumulatively, the trade surplus for the first half of 2025 stood at R80.2bn, down from R92bn over the same six months in 2024, highlighting the pressure on SA’s export performance.
Regionally, trade with BELN countries showed a surplus of R10.1bn in June, with exports of R16.5bn and imports of R6.3bn.
Excluding BELN, the trade surplus with the rest of the world was R11.9bn, derived from exports of R154.2bn and imports of R142.3bn.
These exports fell by R2.5bn (down 1.6%) and imports dropped by R6.1bn (down 4.1%) compared to May.
The May surplus was revised lower — from R21.7bn to R20.0bn — due to routine vouchers of correction.
“Uncertainty around the extent and effect of tariffs remains elevated, weighing on confidence and investment decisions. The Trade Conditions Survey published by the South African Chamber of Commerce and Industry (Sacci) for May and June 2025 evinced a trade environment under pressure,” Hodes said, noting that only 46% of respondents were “positive about their trade experience in May and June”, versus 56% in March.
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