South Africa recorded its first current account surplus in more than two years in the fourth quarter of 2025, supported by stronger export earnings and improved commodity prices, figures released by the South African Reserve Bank show, as reported by Reuters.
The country posted a surplus of 50.2 billion rand (about $3.03 billion) in the October to December period, equivalent to 0.6 percent of gross domestic product, reversing a 72.0 billion rand deficit recorded in the third quarter. The improvement was largely driven by stronger export performance, particularly from precious metals including gold.
South Africa’s trade surplus expanded to 282.2 billion rand from 169.0 billion rand in the previous quarter, reflecting higher export revenues amid firmer global commodity prices. CNBC Africa notes that the rebound highlights the continued importance of the country’s mining sector in supporting its external balance.
The result marks the first quarterly current account surplus since the third quarter of 2023, offering a modest boost to Africa’s most industrialised economy as it navigates global market volatility and domestic economic pressures.
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