South Africa’s current account deficit moderates

SOUTH AFRICA - Report 07 Dec 2023 by Iraj Abedian

Current account data released by the South African Reserve Bank (SARB) today indicates that, in the third quarter of 2023, the deficit in South Africa’s current account narrowed significantly, from R185.2 billion in the second quarter to R19.3 billion. Relative to GDP, the current account deficit narrowed from 2.7% in the second quarter to 0.3% in the third quarter.

South Africa’s trade surplus widened from R22.2 billion in the second quarter to R189.1 billion during the third quarter of 2023. The larger quarterly trade surplus resulted from both the value of the country’s merchandise exports and merchandise imports deteriorating, but with the value of merchandise imports declining more than that of merchandise exports. All in all, the lower value of exports of goods and services was because of lower prices, while the decline in the value of imports of goods and services was largely on account of lower volumes.

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