South Africa’s merchandise exports have continued on their upward trajectory, although at a slower pace, increasing by 13.1 % in Q3 2021 from Q3 2020, amounting to R460 billion. However, a quarterly analysis for the period under review indicates that exports have marginally declined by 7.8% from Q2 2021. The quarterly decline is likely due to a fall in the mineral prices for ore and platinum. Imports have also increased by 23% in Q3 2021 from Q3 2020, amounting to R359 billion, a 7.7% increase from the previous quarter (Q2 2021). With the value of merchandise exports being higher than imports in the third quarter of 2021, South Africa experienced a trade surplus of R101 billion, although it significantly declined by 39% from the previous quarter. In US dollar terms, merchandise exports increased by 31.9% from Q2 2020, amounting to US$30 billion, while declining by 13% from the second quarter of 2021. In contrast, imports increased by 49.2% year-on-year, amounting to 24.5 billion and rising by 5.9% from Q2 2021.