SA Posts Trade Surplus of R15.6 Billion for October 2025 as Exports Rise, Imports Also Climb

In October, total exports reached R192.2 billion, while imports stood at R176.6 billion, inclusive of trade with neighbouring Botswana, Eswatini, Lesotho and Namibia (BELN).

South Africa recorded a preliminary trade balance surplus of R15.6 billion in October 2025, the South African Revenue Service (SARS) announced, driven by strong exports even as imports also rose. (South African Revenue Service)

In October, total exports reached R192.2 billion, while imports stood at R176.6 billion, inclusive of trade with neighbouring Botswana, Eswatini, Lesotho and Namibia (BELN). (South African Revenue Service)

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📈 Export and Import Trends

• On a year-on-year basis, export flows in October 2025 (R192.2 bn) rose by 7.4% compared to October 2024’s R178.9 bn. (South African Revenue Service)

• Imports also increased by 7.3%, from R164.5 bn a year ago to R176.6 bn this October. (South African Revenue Service)

• On a month-on-month comparison, exports rose by R5.2 bn (2.8%) from September, while imports increased by R11.8 bn (7.2%). (South African Revenue Service)

According to SARS, the export upturn in October was driven largely by shipments of gold, diamonds, and unwrought aluminium. Meanwhile, the import rise was influenced by higher importation of crude oil, petroleum oils (excluding crude), and original equipment components. (South African Revenue Service)

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📆 Year-To-Date Performance & Comparison

From 1 January to 31 October 2025, the preliminary trade surplus stood at R142.7 billion — slightly lower than the R148.1 billion surplus recorded over the same period in 2024. (South African Revenue Service)

While the surplus remains substantial, the reduction signals narrowing margin, as both exports and imports grow, with imports rising relatively faster at times.

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🔎 Context & Economic Implications

The latest data show that South Africa’s export economy — particularly its mineral and precious-metal sectors — remains a key strength, bolstered by global demand for gold, diamonds and non-ferrous metals such as aluminium. Mineral and metal exports have historically played a significant role in the country’s export earnings, contributing to foreign exchange inflows and supporting national accounts. (dmre.gov.za)

At the same time, rising import bills — especially for crude oil and petroleum products — highlight South Africa’s continued dependence on external energy supplies and global commodity price volatility. Increased imports of capital and original equipment components may reflect ongoing manufacturing and industrial activity.

Economists and trade analysts observe that a sustained surplus depends not only on export performance but also on stabilising import growth, improving value addition, and reducing vulnerability to global price swings.

Given the modest narrowing of the surplus compared with 2024, the government and businesses may face pressure to diversify exports, strengthen manufacturing value chains, and manage energy and input costs to preserve trade balance gains.