The South African Reserve Bank published balance of payments data showing South Africa’s seasonally adjusted and annualised current account deficit narrowed to R57.0 billion in the third quarter of 2025 from a revised R72.2 billion in the second quarter. As a share of gross domestic product, the deficit eased to 0.7% from 1.0%. The goods trade surplus narrowed to R178.3 billion from R187.2 billion as merchandise imports rose more than goods exports. Exports and imports of goods and services increased by R30.8 billion and R50.7 billion respectively, reflecting higher volumes and prices. The deficit on services, income and current transfers fell to R235.3 billion from R259.4 billion, supported by a smaller primary income shortfall, even as the services and current transfer deficits widened; as a percentage of GDP, this deficit narrowed to 3.0% from 3.4%. Terms of trade improved slightly including gold and more notably excluding gold, as the rand price of exports increased more than that of imports. The next release is scheduled for 12 March 2026.
South African Reserve Bank 2025-12-04
South African Reserve Bank reports Q3 2025 current account deficit narrows to R57.0 billion and 0.7% of GDP
The South African Reserve Bank reported that South Africa's seasonally adjusted and annualised current account deficit narrowed to R57.0 billion in Q3 2025 from R72.2 billion in Q2, reducing the deficit to 0.7% of GDP from 1.0%. The goods trade surplus decreased as imports rose more than exports, while the deficit on services, income, and current transfers fell to R235.3 billion, narrowing to 3.0% of GDP from 3.4%. Terms of trade improved slightly, with export prices increasing more than imports.