South Africa had a current account surplus in Q4
The SARB said the balance on the current account switched from a deficit of R72 billion in Q3 to a surplus of R50.2 billion in Q4.
The South African Reserve Bank (SARB) said the balance on the current account switched from a deficit of R72 billion in the third quarter to a surplus of R50.2 billion in the fourth quarter.
This was the first surplus since the third quarter of 2023.
The current account balance as a ratio of gross domestic product (GDP) switched to a surplus of 0.6% in the fourth quarter. This was from a deficit of 0.9% in the third quarter.
The deficit on the current account narrowed to R35.2 billion or 0.5% of GDP in 2025 from R48.0 billion or 0.7% of GDP in 2024.
The National Treasury in the 25 February 2026 Budget forecast a deficit of 0.9% of GDP in 2025.
Fourth quarter 2025 current account balance detail
South Africa’s trade surplus grew to R282.2 billion in the fourth quarter of 2025 from R169.0 billion in the third quarter of 2025. This was because the value of exports exceeded those of imports.
The value of exports of goods and services in the fourth quarter of 2025 rose by R51.1 billion. This reflected higher precious metal prices such as gold.
The value of imports of goods and services fell by R54.4 billion due to a stronger rand. This resulted in lower import prices.
The deficit on the services, income and current transfer account narrowed to R232.1 billion in the fourth quarter from R241.0 billion in the third quarter.
This was due to a smaller shortfall on the primary income account. However, the deficits on the services and current transfer accounts widened.
The deficit on the services, income and current transfer account narrowed to 3.0% of GDP in the fourth quarter from 3.1%.
South Africa’s terms of trade improved in the fourth quarter to 117.2 from 110.8 in the third quarter. This was because the rand price of exported goods and services rose. The rand price of imports fell.
2025 current account balance detail
In 2025, the trade surplus narrowed slightly to R212.1 billion from R214.3 billion in 2024. This was 2.8% of GDP in 2025 from 2.9%.
Conversely, the deficit on the services, income and current transfer account narrowed to 3.2% of GDP in 2025 from 3.6% in 2024.
Additionally, the index value of South Africa’s terms of trade improved in 2025 to 112.0 from 108.0 in 2024.
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