South Africa recorded its first current account surplus in more than two years in the final quarter of 2025, supported by higher prices for precious metals, according to data released by the South African Reserve Bank (SARB) on Thursday.
The current account swung to a surplus of 0.6% of gross domestic product in Q4, up from a deficit of 0.9% in the third quarter. In absolute terms, the surplus amounted to 50.2 billion rand ($3.03 billion) in October-December, compared with a deficit of 72.0 billion rand in the previous quarter.
South Africa last posted a current account surplus in the third quarter of 2023.
The trade surplus widened to 282.2 billion rand in Q4, up from 169.0 billion rand in Q3, largely driven by higher export prices for commodities such as gold.
Economists said the rebound reflects the country’s exposure to global commodity markets, which helped cushion the economy against previous deficits and strengthened its external balance.
