South Africa Trade Surplus Narrows in December

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South Africa’s trade surplus shrank to ZAR 23.2 billion in December 2025 from the upwardly revised ZAR 37.9 billion in the prior month, as exports fell much faster than imports. Exports slipped by 12.5% month-over-month to a ten-month low of ZAR 164.3 billion, mainly due to lower shipments of vehicles & transport equipment (-39%); precious metals & stones (-26%) and base metals (-8%). Meanwhile, imports dropped by 5.8% to ZAR 141.1 billion.

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