South Africa posted a current account deficit of ZAR 205.5 billion in Q2 2026, the widest since Q4 2015, compared to a surplus of ZAR 181.6 billion in the previous period. The quarter was the first to fully capture the impact of the war in Iran, which pushed up energy prices and import costs. The trade surplus narrowed sharply to ZAR 146.4 billion from ZAR 428.8 billion in Q1, as the value of merchandise imports far outpaced that of merchandise and net gold exports. The increase in the import bill was driven largely by an 82% surge in the value of crude oil imports, reflecting South Africa’s high reliance on imported fuel. Concurrently, the shortfall on the services, income and current transfer account widened sharply to ZAR 351.9 billion from ZAR 247.2 billion, mainly attributed to a substantial increase in the primary income deficit. As a ratio of GDP, the current account balance shifted to a deficit of 2.6% in Q2, the highest since Q3 2019, from a surplus of 2.3% in Q1. source: South African Reserve Bank

South Africa recorded a Current Account deficit of 205467 ZAR Million in the second quarter of 2026. Current Account in South Africa averaged -26413.82 ZAR Million from 1960 until 2026, reaching an all time high of 307426.00 ZAR Million in the second quarter of 2021 and a record low of -241123.00 ZAR Million in the third quarter of 2013. This page provides the latest reported value for - South Africa Current Account - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. South Africa Current Account - data, historical chart, forecasts and calendar of releases - was last updated on September of 2026.

South Africa recorded a Current Account deficit of 205467 ZAR Million in the second quarter of 2026. Current Account in South Africa is expected to be -170000.00 ZAR Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the South Africa Current Account is projected to trend around -140000.00 ZAR Million in 2027 and -146000.00 ZAR Million in 2028, according to our econometric models.



Calendar GMT Reference Actual Previous Consensus TEForecast
2026-06-11 09:00 AM
Current Account
Q1 ZAR190.7B ZAR50.2B ZAR 47.0B
2026-09-10 09:00 AM
Current Account
Q2 ZAR-205.5B ZAR181.6B ZAR -85B
2026-12-03 09:00 AM
Current Account
Q3 ZAR-205.5B ZAR -170.0B


Related Last Previous Unit Reference
Balance of Trade 20140.00 17230.00 ZAR Million Jul 2026
Current Account -205467.00 181556.00 ZAR Million Jun 2026
Current Account to GDP -0.50 -0.70 percent of GDP Dec 2025
Exports 193967.30 192474.35 ZAR Million Jul 2026
External Debt 195932.00 200307.00 USD Million Mar 2026
Foreign Direct Investment 20300.00 41300.00 ZAR Million Mar 2026
Imports 173831.12 175240.03 ZAR Million Jul 2026
Terms of Trade 112.70 122.90 points Jun 2026


South Africa Current Account
Current Account is the sum of the balance of trade (exports minus imports of goods and services), net factor income (such as interest and dividends) and net transfer payments (such as foreign aid).
Actual Previous Highest Lowest Dates Unit Frequency
-205467.00 181556.00 307426.00 -241123.00 1960 - 2026 ZAR Million Quarterly
SA, Annualized

News Stream
South Africa Logs Widest Current Account Gap Since 2015
South Africa posted a current account deficit of ZAR 205.5 billion in Q2 2026, the widest since Q4 2015, compared to a surplus of ZAR 181.6 billion in the previous period. The quarter was the first to fully capture the impact of the war in Iran, which pushed up energy prices and import costs. The trade surplus narrowed sharply to ZAR 146.4 billion from ZAR 428.8 billion in Q1, as the value of merchandise imports far outpaced that of merchandise and net gold exports. The increase in the import bill was driven largely by an 82% surge in the value of crude oil imports, reflecting South Africa’s high reliance on imported fuel. Concurrently, the shortfall on the services, income and current transfer account widened sharply to ZAR 351.9 billion from ZAR 247.2 billion, mainly attributed to a substantial increase in the primary income deficit. As a ratio of GDP, the current account balance shifted to a deficit of 2.6% in Q2, the highest since Q3 2019, from a surplus of 2.3% in Q1.
2026-09-10
South Africa Posts Widest Current Account Surplus Since 2021
South Africa recorded a current account surplus of ZAR 190.7 billion in Q1 2026, the widest since Q3 2021, up from ZAR 50.2 billion in the previous period. The trade surplus surged to ZAR 437.9 billion from ZAR 282.2 billion in Q4 2025, driven by a 3.2% rise in merchandise and net gold exports, while merchandise imports dropped by 4.3%. Meanwhile, the shortfall on the services, income and current transfer account widened to ZAR 247.2 billion in Q1 from ZAR 232.1 billion in Q4 2025, reflecting larger deficits on the primary income and current transfer accounts, partly offset by a narrower services deficit. As a ratio of GDP, the country's current account surplus widened to 2.4% in Q1 from 0.6% in Q4 2025.
2026-06-11
South Africa Posts 1st Current Account Surplus Since 2023
South Africa posted a current account surplus of ZAR 50.2 billion in Q4 2025, compared to a revised deficit of ZAR 72 billion in the previous period. This marks the first surplus since Q3 2023 and the largest since Q1 2022, as the trade surplus widened sharply to ZAR 282.2 billion from ZAR 169 billion in Q3 on stronger exports and weaker imports. Meanwhile, the deficit on the services, income and current transfer account narrowed from to ZAR 232.1 billion from ZAR 241 billion in the previous quarter. Similarly, the current account balance shifted to a surplus of 0.6% of GDP in Q4 2025 from a 0.9% deficit in Q3. For the full year, the deficit shrank to ZAR 35.2 billion (0.5% of GDP) in 2025 from ZAR 48.0 billion (0.7% of GDP) in 2024.
2026-03-12