Export Tracker - Q1 2022

The growth of South Africa’s merchandise exports moderated further in the first quarter of 2022, recording an increase of 6.2% year-on-year amounting to R456 billion, down from a 7.3% increase in Q4 2021. The slow growth was driven by poor quarterly performance, with exports declining by 3.7% from Q4 2021. In contrast, merchandise imports saw a significant increase of 19.2% year-on-year, amounting to R394 billion, as well as an increase of 1.8% from Q4 2021. The increase in imports is attributable to the surge in mineral prices, particularly the petroleum prices, exacerbated by the Russian invasion of Ukraine.