JOHANNESBURG, Mar 12 – South African Reserve Bank has reported that South Africa recorded a current account surplus in the fourth quarter of 2025, marking its first positive balance since the third quarter of 2023.
The country’s current account balance shifted from a deficit of 72 billion rand in the third quarter of 2025 to a surplus of 50.2 billion rand in the fourth quarter. As a share of the economy, the balance moved from a deficit of 0.9% of gross domestic product to a surplus of 0.6%.
On an annual basis, the current account deficit also narrowed. For the full year 2025, the deficit stood at 35.2 billion rand, equivalent to about 0.5% of GDP, compared with 48 billion rand or 0.7% of GDP recorded in 2024.
A key factor behind the improvement was a significant widening in the country’s trade surplus. The trade balance expanded from 169 billion rand in the third quarter to 282.2 billion rand in the fourth quarter. The increase was supported by higher values for merchandise exports and net gold exports, alongside a decline in merchandise imports.
Exports of goods and services rose by 51.1 billion rand during the quarter, largely driven by higher export prices. Meanwhile, the value of imports fell by 54.4 billion rand as import prices declined.
For the full year, the trade surplus narrowed slightly to 212.1 billion rand, representing 2.8% of GDP, compared with 214.3 billion rand or 2.9% of GDP in 2024.
The deficit in the services, income and current transfers account also improved modestly. It declined from 241 billion rand in the third quarter to 232.1 billion rand in the fourth quarter. The improvement was mainly due to a smaller deficit in the primary income account, although deficits in the services and current transfer accounts increased.
As a share of GDP, this combined deficit narrowed from 3.1% in the third quarter to 3.0% in the fourth quarter. On a yearly basis, it declined from 3.6% of GDP in 2024 to 3.2% in 2025.
The country’s terms of trade also improved in the fourth quarter. Export prices, measured in rand, increased while import prices declined, strengthening the value of South Africa’s trade position during the period.
