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Trade Balance of Goods in South Africa: Overview from 2017 to 2023

Trade Balance of Goods in South Africa: Overview from 2017 to 2023

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TGM StatBox. (2024). Trade Balance of Goods in South Africa: Overview from 2017 to 2023. TGM StatBox.
Chart Details
Data Source: Calculate based World Trade Organization (WTO)'s data (export - import)
Timeframe: 2017-2023
Country: South Africa
Published date: 2024
Note: The trade balance reflects the difference between the value of a country’s exports and imports of goods. This figure was calculated by TGM StatBox, using data from the World Trade Organization (WTO). A positive balance signals a surplus, while a negative one indicates a deficit.
Key Takeaways
South Africa’s trade balance fluctuated significantly from a deficit of -12,628.6 million USD in 2017 to a surplus of 1,772.0 million USD in 2020, driven by strong export performance in minerals and metals during the pandemic. However, the balance returned to a deficit of -13,305.9 million USD in 2022 and further widened to -19,892.0 million USD in 2023, reflecting rising imports of machinery and fuel alongside weakening commodity prices.

The persistent deficits underscore South Africa’s dependency on commodity exports, which are vulnerable to global price volatility, and its reliance on imports for industrial and consumer needs.

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