South African trade surplus soared 83.5%
· The South African
The South African trade surplus soared by 83.5% year-on-year in February 2026. This is all the more remarkable given the strength in the rand. The rand strengthened by 15.7% year-on-year to a monthly average of R15.9887/US$1 in February 2026 from R18.4964/US$1 in February 2025. Consequently, the increase in US dollar terms was 88.5% year-on-year.
The SA FTB Feb 2026 data is sourced from data provided by the South African Revenue ServiceThe South African Revenue Service (SARS) said the R36.9 billion surplus was attributable to exports of R168.1 billion and imports of R131.2 billion. This was the second largest surplus in the past 13 months.
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Monthly changes
On a month-on-month basis, exports increased by R12.8 billion or 8.2% to R168.1 billion from R155.3 billion. The 83.% rise in the trade surplus was driven by vehicle exports, which jumped by R7.2 billion or 55.4% to R20.1 billion.
Additionally, machinery and electricity exports rose by R2.1 billion to R11.3 billion. Base metal exports grew by R2.0 billion to R14.7 billion. However, precision optical goods fell by R2.2 billion to only R1.0 billion. Mineral products eased by R1.7 billion to R40.3 billion.
Concurrently, imports fell by R15.7 billion or 10.7% to R131.2 billion. Machinery imports declined by R4.9 billion or 13.7% to R30.8 billion. Vehicle imports dropped by R4.3 billion or 25.4% to R12.6 billion.
Regional split
Europe was the highest export growth region in the first two months of 2026 with a 17.4% year-on-year gain. This followed a 6.6% rise in 2025.
Despite the implementation of the African Free Trade Agreement in January 2021, exports to the rest of Africa fell by 15.4% in the first two months. In 2025 exports to this region decreased by 2.1%.
Country split
The top 5 countries South Africa exported to in February 2026 were: China (10.8% of total exports), Germany (9.2%), the US (7.5%), the UK (5.5%) and Japan (4.9%). This was not much different from January when the order was China (13.6%), Germany (7.9%), the US (6.7%), the UK (5.9%) and the Netherlands (5.8%). It shows that despite the strained diplomatic relations with the US, it remains South Africa’s third largest export destination.
The top 5 countries South Africa imported from in February 2026 were: China (25.4%), India (6.1%), Germany (6.1%), the US (6.0%) and Nigeria (3.6%). The January order was China (23.5%), India (7.7%), Germany (6.6%), the US (6.1%) and Oman (3.1%). Significantly, Nigeria replaced Oman before the Iran war started on 28 February 2026 and disrupted oil supplies.
The key question now is whether South Africa’s trade surplus can continue to grow at a rate of 83.5% year-on-year in coming months.