The South African Reserve Bank published its balance of payments current account statistics for the second quarter of 2025, showing the seasonally adjusted and annualised current account deficit widened to R82.8 billion (1.1% of GDP) from a revised R47.8 billion (0.6% of GDP) in the first quarter. South Africa’s goods trade surplus narrowed from R211.0 billion to R177.1 billion as the value of exports fell more than merchandise imports. The value of exports of goods and services decreased by R23.3 billion, reflecting lower volumes, while total imports including services increased by R8.2 billion due to higher prices. The shortfall on the services, income and current transfer account widened slightly from R258.9 billion to R259.9 billion, driven by a larger income account deficit even as the deficits on services and current transfers narrowed; as a share of GDP, this shortfall narrowed from 3.5% to 3.4%. Terms of trade (including gold) deteriorated as the rand price of imports rose more than that of exports. The next release is scheduled for 04 December 2025.
South African Reserve Bank 2025-09-11
South African Reserve Bank reports current account deficit widens to R82.8 billion or 1.1% of GDP in Q2 2025
The South African Reserve Bank reported a widening of the current account deficit to R82.8 billion (1.1% of GDP) in Q2 2025, up from R47.8 billion (0.6% of GDP) in Q1. The goods trade surplus narrowed due to a R23.3 billion decrease in export values and an R8.2 billion increase in imports. The services, income, and current transfer account shortfall slightly widened, with terms of trade deteriorating as import prices rose more than export prices.