FX.co ★ South Africa Posts Smallest Trade Surplus in 5 Months

South Africa's trade surplus narrowed to ZAR 9.3 billion in January 2026, down from a downwardly revised ZAR 22.4 billion in December. This marked the smallest surplus in five months, as exports declined by 4.7% month-over-month to a one-year low of ZAR 155.8 billion. The drop in exports was largely driven by sharp decreases in shipments of machinery and electronics (-25%), vehicles and transport equipment (-24%), and chemical products (-24%), which more than offset gains in vegetable products (29%) and precious metals and stones (11%).

In contrast, imports increased by 3.9% to ZAR 146.5 billion, supported by higher purchases of base metals (30%), original equipment components (21%), vehicles and transport equipment (15%), and mineral products (5%). These rises more than compensated for a 21% decline in imports of prepared foodstuffs.