South Africa recorded a trade deficit of ZAR 1.8 billion in May 2026, its first since January 2025, following a downwardly revised surplus of ZAR 14.4 billion in April. Exports fell by 5.7% to ZAR 178.8 billion, driven mainly by lower shipments of precious metals and stones (-21%), vehicles and transport equipment (-7%), and mineral products (-5%).
By contrast, imports increased by 3.1% to ZAR 180.6 billion, the highest level in more than two and a half years, supported by higher purchases of vehicles and transport equipment (+17%), original equipment components (+12%), mineral products (+7%), and chemical products (+6%).
