South Africa records a trade surplus for the first five months

South Africa is sitting on an approximately R45.19 billion trade surplus for the months of January to May 2024, with the People’s Republic of China maintaining its top spot as the country’s largest trading partner. This is according to preliminary trade statistics from the South African Revenue Service (SARS) for the first five months of 2024.

Exports and imports breakdown
According to SARS, during this period, South Africa recorded R812.34 billion of exports and R767.15 billion of imports. This leaves the country with a preliminary trade surplus of R45.19 billion for these five months, which is a 148.3% improvement from the R18.2 billion trade balance surplus recorded in the same period of 2023.

From January to May 2024, South Africa’s largest exports were:

  • Gold, platinum, diamonds, jewellery and precious metals – R144.48 billion;
  • Ores – R132.08 billion;
  • Vehicles and accessories – R89.62 billion;
  • Crude oil, coal, petroleum and electricity – R79.84 billion;
  • Iron and Steel – R48.07 billion

During the same period, the country’s largest imports were:

  • Crude oil, coal, petroleum and electricity – R160.74 billion;
  • Catalytic converters, computer and mechanical appliances – R97.76 billion;
  • Cellphones, electrical equipment and machinery – R74.04 billion;
  • Vehicle components – R69.18 billion;
  • Vehicles and accessories – R51.29 billion

Intercontinental trade and trade balances
Looking at intercontinental trade for this five-month period, South Africa’s largest export partners remain that of Asia (R247.81 billion) and Africa (R227.65 billion). These two continents are also where South Africa records its largest trade deficit and surplus respectively, with a R133.91 billion deficit from Asia and a R149.27 billion surplus from Africa.

The country’s largest import continents are that of Asia (R381.72 billion) and Europe (R219.25 billion).

South Africa’s biggest trade deficit is with China, with the country sitting with a R61.36 billion trade deficit. This is followed by Saudi Arabia (-R16.9 billion), India (-R16.89 billion) and Nigeria (-R17.88 billion). Trade between China and South Africa is set to grow further after several announcements on trade were made at the BRICS summit, held in South Africa in August 2023.

At the summit, the countries said that they have agreed to narrow the trade deficit by increasing access to Chinese markets for South African products.

The biggest trade surplus for 2024 thus far is from Mozambique, sitting at R42.30 billion. This is followed by the United Kingdom (+R29.08 billion), Botswana (+R29.03 billion) and Zimbabwe (+R24.44 billion).

Table 1: South African exports and imports from January to May 2024

Source: SARS

Looking at South Africa’s biggest trade partners by country, China still takes up the lion’s share.

Looking at exports for January to May 2024, the largest countries were:

  • China – R93.24 billion;
  • United States – R61.49 billion;
  • Germany – R54.76 billion;
  • Mozambique – R50.90 billion;
  • United Kingdom – R42.24 billion.

Looking at South Africa’s largest import partners for the first 5 months of 2024, these were:

  • China – R154.74 billion;
  • Germany – R61.26 billion;
  • India – R52.06 billion;
  • United States – R50.59 billion;
  • United Arab Emirates – R24.95 billion.