Export Tracker - Q3 2022

The third quarter of 2022 saw South Africa’s merchandise exports increase by 9.5% from the same period last year, amounting to R543 billion, with a marginal increase of 2.8% from the previous quarter (Q2 2022). Imports experienced a larger increase, growing by 27.1% year-on-year to the value of R491 billion in constant rand terms. The greater increase in imports compared to exports in the third quarter of 2022 resulted in a decline in South Africa’s trade balance which shrunk by 53% from R109 billion (US$6.9 billion) in Q3 2021 to R51.3 billion (US$3 billion) in Q3 2022. In US dollar terms, exports saw a marginal year-on-year increase of 1.2%, amounting to US$31.9 billion, representing a 3.6% decrease from Q2 2022. Imports were up by 17.5%  year-on-year to US$28.9 billion.