BUSINESS NEWS - South Africa recorded a preliminary trade surplus of R31.9b in March, driven by solid export performance and sustained demand for key commodities.
According to the latest data released by the South African Revenue Service (Sars), exports reached R187.9b, while imports stood at R156b, including trade with Botswana, Eswatini, Lesotho and Namibia (BELN).
Exports outpace imports year-on-year
The country’s trade position continues to strengthen, with the year-to-date surplus rising to R75.6b, significantly higher than the R26b recorded during the same period in 2025.
On a year-on-year basis:
- exports increased by 9.9% (from R171.0b to R187.9b)
- imports rose by 5.2% (from R148.3b to R156b).
- Monthly growth gains momentum
Month-on-month figures show strong upward movement:
- Exports climbed 12.1% (R167.7b to R187.9b)
- Imports increased 18.4% (R131.8b to R156b)
Growth in exports was largely driven by:
- Passenger vehicles
- Platinum group metals (PGMs)
- Electrical energy.
Meanwhile, imports were boosted by:
- Petroleum oils (excluding crude)
- Original equipment components
- Passenger vehicles.
Trade highlights by category
Top export sectors (Feb vs Mar 2026)
| Sector | Feb (R bn) | Mar (R bn) | Change |
|---|---|---|---|
| Mineral products | 39.9 | 51.3 | ? 29% |
| Vehicles & transport | 20.0 | 23.5 | ? 17% |
| Chemical products | 8.8 | 11.3 | ? 28% |
| Machinery & electronics | 11.3 | 13.2 | ? 16% |
| Base metals | 14.6 | 13.6 | ? 7% |
Top import sectors (Feb vs Mar 2026)
| Sector | Feb (R bn) | Mar (R bn) | Change |
|---|---|---|---|
| Machinery & electronics | 30.8 | 35.4 | ? 15% |
| Original equipment | 9.7 | 13.5 | ? 39% |
| Vehicles & transport | 12.6 | 15.6 | ? 24% |
| Chemical products | 13.8 | 16.6 | ? 20% |
| Mineral products | 24.2 | 26.9 | ? 11% |
Global trade trends
Excluding BELN countries, South Africa recorded a R22b surplus in March.
Key regional performance (March 2026)
| Region | Exports (R bn) | Imports (R bn) | Trade Balance |
|---|---|---|---|
| Africa | 50.0 | 15.5 | +34.5 bn |
| Europe | 49.8 | 44.1 | +5.7 bn |
| Asia | 58.6 | 81.0 | -22.4 bn |
| America | 15.6 | 13.7 | +1.9 bn |
| Oceania | 1.5 | 1.6 | -0.1 bn |
Exports to Africa and Europe showed notable growth, while trade with Asia remained in deficit, reflecting strong import demand from that region.
Africa drives regional growth
Trade with Africa (excluding BELN) showed strong gains:
- Exports: R32.4 billion (? 28.4%)
- Imports: R7.8 billion (? 23.6%)
- Trade surplus: R24.6 billion
This reinforces Africa’s position as a key export destination for South African goods.
BELN trade remains positive
Trade with Botswana, Eswatini, Lesotho and Namibia also contributed positively:
- Exports: R17.6 billion
- Imports: R7.7 billion
- Surplus: R9.9 billion
However, the cumulative surplus for 2026 (R27.4 billion) is slightly lower than the R32.4 billion recorded in 2025.
February figures revised
Sars also revised February’s trade surplus downward from R36.9b to R35.9b, due to ongoing corrections.
Overall outlook
South Africa’s trade performance in March signals continued resilience, supported by commodity exports and manufacturing output.
However, rising imports - particularly in machinery, fuel and equipment - highlight ongoing pressure from domestic demand and global supply chains.
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