The South African Reserve Bank published its balance of payments current account release for the fourth quarter of 2025, showing the current account moving to a surplus of ZAR 50.2 billion (0.6% of GDP, seasonally adjusted and annualised) from a deficit of ZAR 72.0 billion (0.9% of GDP) in the third quarter. This was the first quarterly surplus since the third quarter of 2023. The turnaround was driven by a sharp widening in the trade surplus to ZAR 282.2 billion from ZAR 169.0 billion as merchandise and net gold exports increased and imports fell. The value of exports of goods and services rose by ZAR 51.1 billion, reflecting higher prices, while imports of goods and services fell by ZAR 54.4 billion due to lower prices. The deficit on services, income and current transfers narrowed to ZAR 232.1 billion from ZAR 241.0 billion, mainly on a smaller primary income shortfall, despite wider deficits on services and current transfers; terms of trade improved in the quarter. On an annual basis, the current account deficit narrowed to ZAR 35.2 billion (0.5% of GDP) in 2025 from ZAR 48.0 billion (0.7% of GDP) in 2024. The next current account release is scheduled for 11 June 2026.
South African Reserve Bank 2026-03-12
South African Reserve Bank reports current account swung to a ZAR 50.2 billion surplus in Q4 2025
The South African Reserve Bank reported a fourth-quarter 2025 current account surplus of ZAR 50.2 billion (0.6% of GDP), marking the first surplus since Q3 2023. This shift from a ZAR 72.0 billion deficit in Q3 2025 was driven by a significant increase in the trade surplus, with exports rising and imports declining. The annual current account deficit narrowed to ZAR 35.2 billion (0.5% of GDP) in 2025 from ZAR 48.0 billion (0.7% of GDP) in 2024.