South Africa’s trade surplus narrowed significantly in April, falling to R15 billion from a revised R30 billion recorded in March, according to the latest data released by the South African Revenue Service (SARS).
The March surplus was initially estimated at R32 billion before being revised downward.
Despite the monthly decline, South Africa’s trade performance remains considerably stronger than a year ago. The country recorded a cumulative trade surplus of R74.6 billion during the first quarter of 2026, almost triple the R26 billion surplus reported during the same period in 2025.
SARS said April’s surplus was driven by exports worth R191.6 billion against imports of R175.4 billion.
In the first four months of 2026, exports increased by 8% year on year to R700.3 billion, while imports rose marginally by 0.4% to R611 billion.
On a monthly basis, exports grew by R3.4 billion, or 1.8%, compared with March. The increase was largely driven by precious metals, whose export value surged by 30% to R52.7 billion.
Imports, however, rose at a much faster pace. The value of imports increased by R18.5 billion, or 11.8%, largely due to a sharp rise in mineral product imports, including crude oil.
Mineral product imports jumped by 76% to R48.6 billion during the month.
Regionally, Asia recorded the strongest export growth for South African goods during the first four months of the year, with exports to the region rising by 19.5% compared to the same period in 2025.
Exports to Europe also performed strongly, increasing by 15.9%.
In contrast, exports to the rest of Africa declined by 7.3% during the same period despite the implementation of the African Continental Free Trade Area (AfCFTA) in 2021. This follows a 2.1% decline in exports to African markets recorded in 2025.
China remained South Africa’s largest export destination in April, accounting for 11.2% of total exports. It was followed by Germany, the United States, the United Kingdom and Japan.
The figures indicate that the United States continues to be one of South Africa’s most important trading partners despite ongoing diplomatic tensions between the two countries.
On the import side, China remained South Africa’s largest source of imports, accounting for 21.2% of total imports during April.
The United States ranked second, followed by India, Germany and Nigeria.
Nigeria’s appearance among South Africa’s top import partners reflects shifting energy supply patterns amid disruptions to global oil markets.
The country replaced Oman as a major source of imports during April. Analysts attribute the changes partly to the impact of regional instability in the Middle East and disruptions to oil supply routes following the outbreak of conflict involving Iran earlier this year.
While South Africa’s trade surplus narrowed considerably in April, strong export growth and robust demand for precious metals continue to support the country’s overall trade position.
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