The South African trade surplus soared by 58.3% year-on-year in March 2026 to R31.9 billion. This followed a R35.9 billion surplus in February and an R8.5 billion surplus in January.
Consequently, the first quarter 2026 surplus of R75.6 billion was almost triple the first quarter 2025 surplus of R26 billion.
The South African Revenue Service (SARS) said the R31.9 billion surplus in March was attributable to exports of R187.9 billion and imports of R156.0 billion. This was the third largest surplus in the past 14 months.
Monthly changes
On a month-on-month basis, exports increased by R20.2 billion or 12.1%. This was driven by mineral products, which jumped by R11.4 billion or 29% to R51.3 billion. These are mostly bulk exports of coal, chrome ore, iron ore, and manganese ore. They exceeded the value of precious metals, which declined by 1.3% to R40.7 billion.
Additionally, vehicle exports rose by R3.4 billion or 17% to R23.5 billion. Chemical products increased by R2.8 billion or 28% to R11.3 billion.
Imports rose by R24.2 billion or 18.4% to R156.0 billion. Machinery imports jumped by R4.6 billion or 15% to R35.4 billion. Original components that are used to make vehicles grew by R3.8 billion or 39% to R13.5 billion. Vehicle imports increased by R3 billion or 24% to R15.6 billion.
Regional split
Asia was the highest export growth region in the first three months of 2026 with a 15.9% year-on-year gain. This was closely followed by Europe with a 15.8% year-on-year rise.
Despite the implementation of the African Free Trade Agreement in January 2021, exports to the rest of Africa fell by 8.3% in the first three months. In 2025 exports to this region decreased by 2.1%.
Country split
The top 5 countries South Africa exported to in March 2026 were: China (11.1% of total exports), Germany (8.8%), the US (7.4%), Japan (5.6%) and the UK (5.4%).
This was not much different from February when the order was China (10.8%), Germany (9.2%), the US (7.5%), the UK (5.5%) and Japan (4.9%). In January the order was China (13.6%), Germany (7.9%), the US (6.7%), the UK (5.9%) and the Netherlands (5.8%).
It shows that despite the strained diplomatic relations with the US, it remains South Africa’s third largest export destination.
The top 5 countries South Africa imported from in March 2026 were: China (22.0%), India (7.6%), Germany (7.5%), the US (5.4%) and Oman (3.7%).
The February order was China (25.4%), India (6.1%), Germany (6.1%), the US (6.0%) and Nigeria (3.6%). The January order was China (23.5%), India (7.7%), Germany (6.6%), the US (6.1%) and Oman (3.1%).
Significantly, Nigeria replaced Oman before the Iran war started on 28 February 2026 and disrupted oil supplies. In March Oman was back in fifth spot. This is because Oman has a port that is south of the Strait of Hormuz.
