January Trade Surplus Shrinks as Imports Rise and Exports Ease
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According to the latest Media Release by SARS, South Africa recorded a preliminary trade surplus of R9.3 billion in January 2026, a narrower margin compared with December’s surplus. The result came as exports softened and imports rebounded at the start of the year.
📉 Exports Decline as Imports Pick Up
Exports for January fell to R155.8 billion, while imports climbed to R146.5 billion, keeping the country in surplus territory despite shifting global demand and higher energy-related imports.
Exports fell R7.6 billion (-4.7%) month-on-month, from R163.4 billion in December to R155.8 billion in January. Key export declines included:
Vehicles and transport equipment
Iron ores and concentrates
Chromium ores and concentrates
Imports increased R5.4 billion (+3.9%), rising from R141.0 billion in December to R146.5 billion in January. Key drivers of import growth:
Crude oil
Original equipment components
Aeroplanes and aircraft-related purchases
Despite the monthly shift, the broader picture remains positive. Compared with January 2025, exports were 4.9% higher, while imports were 11.4% lower, helping South Africa start the year with a stronger trade position.
🌐 Global Performance Snapshot
Excluding trade with Botswana, Eswatini, Lesotho, and Namibia (BELN), South Africa recorded a R1.5 billion surplus with the rest of the world.
Regional trade balances showed mixed performance:
Africa: R18.3 billion surplus, though exports to the region declined month-on-month
Asia: R22.9 billion deficit, reflecting continued reliance on imported goods
Europe: R2.7 billion surplus
America: R2.5 billion deficit
Oceania: R624 million deficit
📊 Key Sector Movements (Dec 2025 – Jan 2026)
Top Export Changes:
Vehicles & Transport Equipment: ▼ 24% to R12.9 billion
Machinery & Electronics: ▼ 25% to R9.2 billion
Chemical Products: ▼ 24%
Vegetable Products: ▲ 29% to R11.5 billion
Precious Metals & Stones: ▲ 11% to R39.8 billion
Top Import Changes:
Vehicles & Transport Equipment: ▲ 15% to R17.0 billion
Base Metals: ▲ 30% to R8.6 billion
Original Equipment Components: ▲ 21%
Mineral Products: ▲ 5% to R24.7 billion
Prepared Foodstuffs: ▼ 21%
What This Means for Business Accountants
Trade data often signals shifts in economic momentum before they appear in company financials. For accountants advising businesses or managing finance functions, several signals stand out:
Import growth may signal rising production activity, especially in sectors relying on machinery, fuel, and components.
Export volatility in vehicles and mining commodities can affect revenue projections in manufacturing and resource-linked industries.
Regional trade remains a key opportunity, particularly within Africa, where South Africa maintains a strong surplus.
January’s smaller surplus reflects the usual start-of-year adjustment in global trade flows. But the year has begun with exports still outperforming imports compared to the same period last year, a positive signal for South Africa’s external balance.
Read more on this on the Trade Statistics webpage.
