July Trade Surplus Grows as SA Import Bill Falls
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This article will count 0.25 units (15 minutes) of unverifiable CPD. Remember to log these units under your membership profile.
South Africa banked another trade surplus in July 2026. But if we look at how it got there we see that exports barely moved and the imports are the ones that made a difference.
What the numbers mean
SARS reported a preliminary trade balance surplus of R20.1 billion for July 2026, from exports of R194.0 billion and imports of R173.8 billion, including trade with Botswana, Eswatini, Lesotho and Namibia (BELN).
Month on month, exports rose R1.5 billion (0.8%) from June's revised R192.5 billion. Imports fell R1.4 billion (0.8%) from R175.2 billion. Year on year, both exports and imports were up 5.8%.
The year-to-date surplus for January to July 2026 now sits at R130.9 billion, well ahead of the R100.6 billion for the same period in 2025. That continues the trend we tracked in June's R17.8 billion surplus.
What moved
Export growth came from passenger motor vehicles, manganese ores and concentrates, and coal.
Imports fell on lower purchases of petroleum oils excluding crude, crude oil, and telephone sets including smartphones.
Africa remains the strongest region by a distance: R49.2 billion of exports against R17.3 billion of imports, a R32.0 billion surplus for the month. Asia sits on the other side of the ledger, with R90.2 billion of imports producing a R30.0 billion deficit.
If we strip out BELN the surplus drops to R9.1 billion. Trade with BELN alone delivered R11.1 billion.
The revision worth flagging
June's preliminary R17.8 billion surplus was revised down by R0.5 billion to a final R17.2 billion, because of ongoing Vouchers of Correction. May told the same story in reverse: the R1.8 billion deficit first reported for May ended up as a R4.4 billion surplus once corrected.
Preliminary means preliminary. If a client's forecast, covenant calculation or board pack leans on a fresh SARS trade figure, say so in writing.
What to do with this
Reading the trade data monthly is a small habit that turns you from the person who files returns into the person who explains the economy to the business owner.
Importer clients: a falling fuel and electronics import bill helps the national number, but it can also signal softer local demand. Ask them whether their own volumes are down, or just their input prices.
Exporter clients in vehicles, manganese and coal: July was a good month. Check that the pricing and forex cover in their books reflects it before year end.
Every client trading with Asia: the country deficit with the region is structural. Import cost pressure is not going away, so build it into the 2027 budget now.
Read the full SARS Media Release or visit the Trade Statistics webpage.
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