South Africa’s current account deficit declines in Q3-2025

SOUTH AFRICA - Report 04 Dec 2025 by Iraj Abedian

Current account data released by the South African Reserve Bank (SARB) today indicates that, in the third quarter of 2025, the deficit on South Africa’s current account narrowed from R72.2 billion in the second quarter to R57 billion. Relative to GDP, the current account deficit narrowed from 1% in the second quarter to 0.7% in the third quarter of 2025.

South Africa’s trade surplus narrowed further, slipping from R187.2 billion in the second quarter to R178.3 billion during the third quarter of 2025. The reduced quarterly trade surplus resulted from merchandise imports rising at a faster pace than goods exports over the period. The value of goods and services exports and imports rose by R30.8 billion and R50.7 billion, respectively, in the third quarter of 2025, driven by increases in both volume and prices. Consequently, the narrowing of the current account deficit was primarily driven by movements within the services, income, and current transfer account.

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