Import Tracker - Q3 2022

South Africa’s trade surplus declined to about R51 billion in the year to the third quarter of 2022, from about R109.3 billion in the third quarter of 2021. Although exports have continued to grow, they have done so at a lower rate than during the COVID-driven rise in the price of minerals mainly seen during 2020 and 2021. Imports, having reached their lowest level during the second quarter of 2020, have begun to grow at a higher rate than exports. Exports grew by slightly under 10% to R543 billion in the year to the third quarter of 2022. Imports grew by 27% to R492 billion over the same period, the highest third quarter value between 2010 and 2022. Nevertheless, exports were 24% higher in the third quarter of 2022 compared to the same period in 2020, while imports were 57% higher.