South Africa recorded a preliminary trade surplus of R37.7bn in November, more than double the R15bn surplusreported in October,according to data released by the South African Revenue Service (Sars) this week. The surplus was the result of exports worth R188bn and imports amounting to R150.3bn, inclusive of trade with Botswana, Eswatini, Lesotho and Namibia (BELN). The November figures mark South Africa’s largest monthly trade surplus in 2025, with December data still outstanding.
Month on month, exports fell by R3.6bn (1.9%), while imports dropped by R26.4bn (14.9%). On a year-on-year basis, exports were 4.5% higher than November 2024, while imports rose 2.9% over the same period. The year-to-date trade surplus stood at R178.8bn, slightly below the R182.5bn recorded in the same period of 2024.
Sars said the decline in exports was driven mainly by lower shipments of citrus fruit, unwrought aluminium and gold, while the drop in imports was led by reduced purchases of petroleum oils (excluding crude), original equipment components and passenger vehicles. TheOctober surpluswas revised down to R15bn from R15.6bn after adjustments to account for late trade declarations and corrections made by importers and exporters. Excluding trade with BELN countries, South Africa recorded a surplus of R25.7bn with the rest of the world, reflecting exports of R169bn and imports of R143.3bn.
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Within the BELN region, the surplus was R12bn, with exports of R19.1bn and imports of R7bn, both slightly lower than in October. Exports to Asia were valued at R54.8bn, to Europe R46.8bn, to Africa R47.9bn, to the Americas R16.4bn and to Oceania R1.9bn. Imports from Asia totalled R81.9bn, from Europe R34.1bn, from Africa R15.2bn and from the Americas R17.4bn.
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