South Africa Records R34.7 Billion Trade Surplus

Strong Trade Performance

South Africa recorded a robust trade surplus of R34.7 billion in November 2024, driven by strong export performance across multiple sectors and controlled import growth.

Trade Breakdown

Exports: R180.9 billion

• Precious metals and stones: R48.2 billion
• Mineral products: R41.5 billion
• Vehicles and transport equipment: R35.1 billion
• Machinery and electronics: R22.3 billion
• Agricultural products: R16.8 billion

Imports: R146.2 billion

• Mineral fuels: R38.4 billion
• Machinery and equipment: R32.6 billion
• Vehicles and parts: R24.7 billion
• Chemicals: R18.9 billion
• Manufactured goods: R15.4 billion

Key Export Markets

South Africa's main export destinations:

1. China: 15.2% of total exports
2. United States: 8.7%
3. Germany: 7.4%
4. United Kingdom: 5.9%
5. Japan: 5.1%

Within Africa:

• Namibia, Botswana, Zimbabwe, Zambia, and Mozambique account for 12.3% of exports

Import Sources

Primary import partners:

1. China: 21.4% of total imports
2. Germany: 9.8%
3. United States: 6.7%
4. India: 5.4%
5. Saudi Arabia: 4.9%

Economic Implications

The trade surplus contributes to:

• Strengthening of the Rand
• Improved current account balance
• Foreign exchange reserve accumulation
• Economic growth support

Sector Analysis

Mining Sector Strength:

• Gold exports up 12.4% month-on-month
• Platinum group metals maintaining strong demand
• Iron ore benefiting from infrastructure projects

Manufacturing Recovery:

• Automotive exports showing resilience
• Machinery sector gaining competitiveness
• Value-added products increasing share

Agricultural Success:

• Citrus exports at record levels
• Wine and spirits performing well
• Processed foods gaining African market share

AfCFTA Opportunities

South Africa's participation in the AfCFTA Guided Trade Initiative opens new opportunities:

• Preferential access to 37 African markets
• Reduced tariffs on key export products
• Participation in regional value chains
• Enhanced competitiveness through continental integration

Challenges Ahead

Despite positive trends, challenges remain:

• Energy infrastructure constraints
• Logistics bottlenecks at ports
• Global economic uncertainty
• Competition from Asian manufacturers

Policy Support

Government initiatives supporting trade:

• Export promotion programs
• Trade financing facilities
• Infrastructure investment
• Bilateral trade agreements

The strong trade performance demonstrates South Africa's economic resilience and positions the country as a key player in continental and global trade networks.