Gold, PGMs and citrus drive R21.7bn trade surplus

South Africa recorded a preliminary trade surplus of R21.7bn in May, driven by a rise in exports and relatively stable import levels, the South African Revenue Service (Sars) said on Friday.

It said key contributors to export growth in May included gold, platinum group metals (PGMs) and citrus fruits, while imports surged due to crude oil, artificial corundum and telecommunication equipment such as smartphones.

Sars said the preliminary trade balance surplus of R21.7bn May 2025 was attributable to exports of R175.7bn and imports of R154.1bn, inclusive of trade with Botswana, Eswatini, Lesotho and Namibia (BELN).

Though the trade balance remains in surplus territory the year-to-date total is slightly lower than the previous year.

“The year-to-date (January 1 to May 31 2025) preliminary trade balance surplus of R60.3bn was lower than the R63.9bn surplus for the comparable period in 2024,” said Sars.

Compared to May 2024 both exports and imports dipped.

“On a year-on-year basis, export flows for May 2025 (R175.7bn) were 2.7% lower compared to R180.6bn recorded in May 2024. Import flows were lower by 2.5%, having decreased from R158.1bn in May 2024 to R1541-bn in the current period,” said Sars.

On a month-to-month basis, however, there was a positive shift.

“Exports increased by R10.5bn (6.3%) from R165.3bn to R175.7bn between April and May, while imports increased by R1.8bn (1.2%) from R152.3bn to R154.1bn,” said Sars.

South Africa’s trade with the rest of the world excluding BELN countries reflected a R10bn surplus, with exports of R158.5bn and imports of R148.5bn. Trade with BELN countries alone accounted for R11.7bn of the May surplus.

Tourism is also playing a key role in boosting the economy. Speaking at Africa’s Travel Indaba in May, tourism minister Patricia de Lille said: “In the first quarter of 2025, South Africa welcomed close to 2.6-million tourists, reflecting a 5.7% growth compared to the same period in 2024.”

According to UN Tourism, Africa’s tourism industry saw a 96% recovery in 2024 compared to 2019 levels, making the continent one of the fastest-growing global regions for tourism. De Lille said 75% of international arrivals came from the rest of Africa.

“In 2024 South Africa alone welcomed 8.9-million tourists, and their direct spending contribution was R91.6bn, supporting an estimated 1.6-million jobs,” she said.

De Lille said this year’s Indaba welcomed more than 1,300 exhibitors, delegates from 27 African countries and more than 1,200 vetted international buyers from 55 source markets.

She revealed the department of tourism was finalising a five-year tourism growth partnership plan aimed at increasing tourism’s contribution to the GDP from 8.8% in 2024 to 10%, boosting employment from 1.84-million to 2.5-million and attracting one million additional international air arrivals annually.

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