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Frederick Mitchell, Chief Economist | Aluma Capital (Pty) Ltd
Frederick Mitchell
June 5, 2025

International Trade and Trade Balance

April 2025

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

In April 2025, South Africa recorded a trade balance surplus of R14.07 billion, indicating exports exceeded imports for that month. On an annual basis, total exports for the first four months of 2025 increased by 1.9% from R636.2 billion in 2024 to R648.4 billion in 2025. Meanwhile, imports contracted by 0.8% from R613.7 billion to R608.5 billion, reflecting a slowdown in demand.

Looking ahead, demand may see slight growth in 2025, supported by a recent interest rate cut announced at the end of May. Lower interest rates, combined with low inflation, a stable Rand, and reduced consumer and producer inflation, could further stimulate domestic demand in the coming months.

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