South Africa's preliminary merchandise trade surplus edged up to ZAR19.8bn ($1.18bn) in September 2026 from a revised ZAR19bn in August, as higher export values for precious metals and minerals helped offset rising imports, according to the South African Revenue Service (SARS).

Exports increased 5.1% month on month to ZAR190.6bn, while imports rose 5.2% to ZAR170.8bn, SARS said in its October 30 release. In absolute terms, exports increased ZAR9.3bn against ZAR8.4bn for imports. August's surplus was revised down from ZAR20.5bn.

The September surplus exceeded the ZAR16.4bn forecast by economists polled by Reuters by ZAR3.4bn, or nearly 21%. However, it remained below the approximately ZAR21.5bn recorded a year earlier, as imports grew faster than exports in annual terms.

Export growth was driven by higher values for platinum group metals, gold and zinc ores and concentrates. Precious metals and stones exports rose 21% from August, while base metals increased 17% and mineral products gained 4%. Vehicle and transport equipment exports declined 10%.

Imports increased mainly because of higher purchases of refined petroleum products, aircraft and data-processing equipment. Mineral product imports climbed 37% month on month, while vehicles and transport equipment rose 9%. Imports of machinery and electronics fell 5%.

The cumulative trade surplus for January–September reached ZAR169bn, compared with ZAR117.5bn in the corresponding period of 2025, an increase of nearly 44%. Nine-month exports totalled approximately ZAR1.644 trillion, against imports of ZAR1.475 trillion.

Geographically, exports to Europe increased 9.9% month on month, while imports from the region fell 18%, shifting the trade balance from a ZAR3.2bn deficit to a ZAR9bn surplus. Imports from Asia climbed 17.8%, widening South Africa's deficit with the region to ZAR37.9bn.

The headline figures include trade with Botswana, Eswatini, Lesotho and Namibia, South Africa's partners in the Southern African Customs Union. Excluding those four countries, South Africa recorded a September surplus of ZAR8.7bn, with exports of approximately ZAR172.99bn and imports of ZAR164.25bn.