South Africa recorded a preliminary trade balance surplus of R37.7 billion in November 2025. This surplus was attributable to exports of R188.0 billion and imports of R150.3 billion, inclusive of trade with Botswana, Eswatini, Lesotho and Namibia (BELN).

The year-to-date (01 January to 30 November 2025) preliminary trade balance surplus of R178.8 billion was lower than the R182.5 billion trade balance surplus for the comparable period in 2024. On a year-on-year basis, export flows for November 2025 (R188.0 billion) were 4.5% higher compared to R180.0 billion recorded in November 2024. Import flows were higher by 2.9%, having increased from R146.1 billion in November 2024 to R150.3 billion in the current period.

On a month-on-month basis, exports decreased by R3.6 billion (-1.9%) from R191.6 billion to R188.0 billion between October and November 2025, whilst imports decreased by R26.4 billion (-14.9%) from R176.7 billion to R150.3 billion over the same period. Export flows decreased in November 2025, driven by Citrus Fruit, Unwrought Aluminium, and Gold. Import flows decreased on the back of lower importation of Petroleum Oils (Excl. Crude), Original Equipment Components, and Motor Vehicles (Passengers).

Due to ongoing Vouchers of Correction (VOCs), the preliminary trade balance surplus of R15.6 billion announced for October 2025 was revised downwards by R0.6 billion, with the final number at R15.0 billion.