South Africa recorded a preliminary trade deficit of R1.8 billion in May as exports declined and imports increased, according to the latest preliminary trade statistics released by the South African Revenue Service (SARS).
Exports totalled R178.8bn in May, down 5.7% from R189.7bn in April, while imports rose 3.1% to R180.6bn from R175.2bn. The deficit followed a revised trade surplus of R14.4bn in April. Compared with May 2025, exports increased 2.7%, while imports were 17.3% higher.
SARS attributed the decline in exports to lower shipments of gold, platinum group metals (PGMs) and passenger motor vehicles. The detailed trade data showed that precious metals and stones recorded the largest month-on-month decline among export categories, falling 21%, followed by vehicles and transport equipment (-7%) and mineral products (-5%). Base metals and vegetable products were the only major export categories to record growth, increasing by 11% and 28% respectively.
Higher imports were driven by increased purchases of crude oil, original equipment components and passenger motor vehicles. By category, imports of vehicles and transport equipment rose 17%, original equipment components increased 12%, mineral products 7% and chemical products 6%, while machinery and electronics declined 4%, SARS said.
Despite the monthly deficit, South Africa’s cumulative trade surplus for the first five months of 2026 improved to R85.8bn, compared with R60.1bn over the corresponding period in 2025. Excluding trade with Botswana, Eswatini, Lesotho and Namibia, the cumulative surplus stood at R37.7bn, according to SARS.
