FX.co ★ South Africa’s Trade Surplus Nearly Halves in April as External Position Softens

South Africa’s trade surplus narrowed sharply in April 2026, with the balance shrinking to 15.16 billion rand from 31.87 billion rand in March 2026. The latest figures, updated on 29 May 2026, point to a significant cooling in external momentum after a strong first-quarter performance.

The near-halving of the surplus suggests that either export growth has lost steam, imports have accelerated, or a combination of both, eroding the robust trade position seen in March. While the country remains in surplus, the April reading indicates a less supportive backdrop for the current account and may prompt investors to reassess the strength and durability of South Africa’s external buffers heading into the mid-year period.