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September 2, 2025

International Trade and Trade Balance

July 2025

International trade measures South Africa’s demand for foreign goods and services relative to its demand for domestically produced products in global markets. The country mainly exports raw materials, including base metals, gold, other precious metals, and minerals, while importing value-added products such as vehicles, chemicals, and machinery.

In July 2025, South Africa recorded a trade surplus of R20.2 billion, indicating that exports once again surpassed imports for the month. Over the seven months of international trade in 2025, total exports increased modestly by 1.3%, from R1,116.3 billion in 2024 to R1,175.6 billion. Meanwhile, imports declined slightly by 0.1%, from R1,076.6 billion to R1,175.5 billion. This reflects a modest rise in international demand and continued caution among domestic consumers regarding imported goods.

Looking ahead, demand may see slight growth in 2025, supported by a recent 25-basis-point interest rate cut announced at the end of July. Lower interest rates, combined with low inflation, a relatively stable and appreciated Rand against the US dollar, and stable consumer and producer prices, could help boost domestic demand in the coming months.


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