South Africa’s trade surplus fell to ZAR 9.3 billion in January 2026 from the downwardly revised ZAR 22.4 billion in the prior month. It was the smallest trade surplus in five months, as exports slipped by 4.7% over a month to a one-year low of ZAR 155.8 billion. Lower shipments for machinery & electronics (-25%), vehicles & transport equipment (-24%) and chemical products (-24%) outweighed increases observed for vegetable products (29%) and precious metals & stones (11%). Overseas sales declined to Oceania (-42%), Africa (-18.3%), the Americas (-10.9%), Europe (-3.3%) and Asia (-1.5%). Conversely, imports rose by 3.9% to ZAR 146.5 billion, driven by purchases of base metals (30%); original equipment components (21%); vehicles & transport equipment (15%) and mineral products (5%), offsetting a 21% drop in prepared foodstuffs. Imports increased from Africa (45%), the Americas (20%), Oceania (11.9%) and Europe (11.6%), but slipped from Asia (-7.7%).
