The South African Reserve Bank reported that South Africa’s current account swung from a surplus of ZAR 181.6 billion, or 2.3% of gross domestic product, in the first quarter of 2026 to a deficit of ZAR 205.5 billion, or 2.6% of GDP, in the second quarter. The figures are seasonally adjusted and annualized. The trade surplus narrowed sharply from ZAR 428.8 billion to ZAR 146.4 billion as imports rose much faster than exports. The deficit on services, income and current transfers widened from ZAR 247.2 billion to ZAR 351.9 billion, driven mainly by a substantially larger primary income deficit. South Africa’s terms of trade also deteriorated as import prices increased more than export prices.
2026-09-10South African Reserve Bank
South African Reserve Bank reports current account swing to 2.6% of GDP deficit in second quarter
The South African Reserve Bank reported that the current account shifted from a 2.3% of GDP surplus in the first quarter of 2026 to a 2.6% deficit in the second quarter. A sharp narrowing of the trade surplus and a larger primary income deficit drove the reversal, while the terms of trade deteriorated.