South Africa recorded a preliminary trade surplus of R31.9bn in March, narrowing from a revised R35.9bn in February, the revenue agency reported.
The country earned R187.9bn from exports in March while imports amounted to R156bn, the South African Revenue Service (Sars) said. So far this year, the trade surplus stands at R75.6bn compared with R26bn in the first three months of 2025.
On a year-on-year basis, export flows for March were up 9.9% from a year ago, while import flows rose 5.2%, Sars said. Month-on-month, exports increased by 12.1% and imports were 18.4% higher.
The increase in export flows was driven by passenger vehicles, platinum group metals and electrical energy. Import flows increased on the back of petroleum oils, excluding crude, as well as original equipment components and passenger vehicles.
South Africa has sought to diversify its global trading partners in the face of tensions with the US, one of its top export markets for vehicles and automotive parts, platinum and other precious metals, iron and steel products, citrus, wine and other agricultural goods.
President Donald Trump’s administration slapped a tariff on South African exports last year, listing the country among several nations it accused of ripping off the US in trade for years.
In its March quarterly bulletin, the South African Reserve Bank said the US trade tariffs have significantly reduced South Africa’s export volumes, particularly passenger vehicles and parts, which are now subject to a 25% duty as well as steel and aluminium, which attract a 50% charge.
It added, however, that reduced exports to the US have coincided with a rise in export volumes to countries such as Zimbabwe and Belgium, which absorbed some of the products previously destined for America.
After peaking at R193bn in 2021, the country’s exports to the US decreased to R156.8bn in 2024.
The US still ranked as South Africa’s third-largest trading partner after China and Germany in 2025, accounting for 7.1% of total exports and 6.8% of total imports of goods.
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