FX.co ★ South Africa Posts Widest Trade Surplus in Nearly 4 Years

In November 2025, South Africa experienced a significant increase in its trade surplus, reaching ZAR 37.7 billion, the highest since March 2022. This marks a substantial rise from the revised figure of ZAR 15 billion recorded in the previous month. The decline in imports, which dropped by 14.9% to ZAR 150 billion, played a crucial role in this surplus expansion. Notably, four out of the five main product categories saw decreases, with original equipment components plunging by 51%. Other significant reductions were observed in mineral products (down 24%), vehicles and transport equipment (19% decrease), and chemical products (18% decline). In parallel, exports experienced a milder decline of 1.9%, settling at ZAR 188 billion. While there were notable reductions in exports of vegetable products (down 37%) and base metals (down 9%), these were largely balanced out by substantial increases in the export of optical and photographic products (up 90%), mineral products (up 6%), and vehicles and transport equipment (up 5%).