South Africa posted a current account surplus of ZAR 190.7 billion in Q1 2026, the largest since Q3 2021 and up sharply from ZAR 50.2 billion in the previous quarter. The trade surplus widened to ZAR 437.9 billion from ZAR 282.2 billion in Q4 2025, supported by a 3.2% increase in merchandise and net gold exports, while merchandise imports fell by 4.3%.
At the same time, the deficit on the services, income, and current transfer account increased to ZAR 247.2 billion in Q1 from ZAR 232.1 billion in Q4 2025. This reflected larger gaps on the primary income and current transfer accounts, partly offset by a smaller services deficit. Measured as a share of GDP, the current account surplus widened to 2.4% in Q1 2026 from 0.6% in Q4 2025.
