Import Tracker - Q2 2022

Following three consecutive quarters of decline, South Africa’s trade surplus increased from R61.4 billion in the first quarter of 2022 to R71.1 billion in the second quarter of 2022. Still, this surplus is about 56% lower the peak of R160.1 billion in the second quarter of 2021. Exports declined by about 0.2% to R519 billion in the year to the second quarter of 2022, but were nevertheless 70% higher compared to the second quarter 2020, at the peak of the COVID-19 pandemic-related lockdown for South Africa. In contrast, imports increased by about 28% to R448 billion in the year to the second quarter of 2022, and about 64% higher than in the second quarter of 2020 (in constant 2022 Rand). This is the highest reported value for second quarter imports, driven in part by South Africa’s deepening energy crisis.