South African Balance of Payments | TradeAnswers

South African Balance of Payments

Figures current at 29 September 2026. Source: TradeAnswers.

The current account, as a share of GDP
Year	Current account	Trade balance	Context
2026	About -1.5%	Surplus	Commodity prices supportive
2025	About -1.0%	Surplus	Improved terms of trade
2024	About -1.4%	Surplus	Moderate deficit
2022	About -0.5%	Large surplus	Commodity boom
2021	About +3.7%	Record surplus	Commodity prices and weak imports
2020	About +2.0%	Surplus	Imports collapsed in the pandemic
2019	About -2.6%	Small surplus	Typical of the decade
2013	About -5.8%	Deficit	The widest of the modern era
2008	About -5.5%	Deficit	Before the crisis

What makes up the current account
Component	Typical position	Driver
Trade in goods	Surplus	Mining exports against oil and machinery imports
Services	Deficit	Transport and travel
Primary income	Large deficit	Dividends paid to foreign shareholders
Secondary income	Deficit	SACU transfers to neighbouring states

Why it matters to the rand
Situation	Effect on the rand
Deficit funded by direct investment	Stable, that capital is sticky
Deficit funded by portfolio flows	Fragile, that capital leaves quickly
Surplus	Supportive
Terms of trade improving	Supportive
Deficit widening with weak funding	The classic emerging market vulnerability

Data maintained by TradeAnswers · updated as the figures change