The South African Reserve Bank published first-quarter 2026 current account balance of payments statistics showing South Africa’s seasonally adjusted and annualised current account surplus widened to ZAR 190.7 billion from ZAR 50.2 billion in the fourth quarter of 2025. As a share of gross domestic product, the surplus increased to 2.4% from 0.6%, marking the largest surplus since the third quarter of 2021. The main driver was a much larger trade surplus. The trade surplus rose to ZAR 437.9 billion from ZAR 282.2 billion as merchandise and net gold exports increased and merchandise imports declined. The value of goods and services exports increased by ZAR 78.3 billion on higher prices and volumes, while imports decreased by ZAR 96.8 billion as both prices and volumes fell. The deficit on services, income and current transfers widened to ZAR 247.2 billion from ZAR 232.1 billion, reflecting larger deficits on the primary income and current transfer accounts, although the services deficit narrowed. South Africa’s terms of trade improved further as the rand price of exports rose and import prices fell. The next release is scheduled for 10 September 2026.
South African Reserve Bank2026-06-11
South African Reserve Bank reports current account surplus widened to ZAR 190.7 billion and 2.4% of GDP in first quarter of 2026
The South African Reserve Bank reported that South Africa’s seasonally adjusted and annualised current account surplus widened to ZAR 190.7 billion, or 2.4% of GDP, in the first quarter of 2026 from ZAR 50.2 billion, or 0.6%, in the previous quarter. The improvement was driven by a wider trade surplus as exports increased and imports fell, despite a larger deficit on services, income and current transfers.