South Africa’s current account remains broadly unchanged in Q3-2024

SOUTH AFRICA - Report 05 Dec 2024 by Iraj Abedian

Current account data released by the South African Reserve Bank (SARB) today indicates that, in the third quarter of 2024, the deficit on South Africa’s current account narrowed from R75.3 billion in the second quarter to R70.8 billion. Relative to GDP, however, the current account deficit remained broadly unchanged at 1% from the second quarter to the third quarter of 2024.

South Africa’s trade surplus narrowed marginally from R179.5 billion in the second quarter to R177 billion during the third quarter of 2024. The reduced quarterly trade surplus resulted from both the value of the country’s merchandise exports and merchandise imports deteriorating, but with the value of merchandise exports declining more than that of merchandise imports. All in all, the lower values of exports and imports of goods and services were due to both lower prices and volumes.

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