What happened
On 30 October, SARS reported a trade surplus of R19.8 billion for September, with exports of R190.6 billion and imports of R170.8 billion.. For the year to date, the surplus stands at R169.0 billion, well up on R117.5 billion for the same period in 2025..
SARS says the export increase came mainly from platinum group metals, gold and zinc ores, while imports rose on the back of refined petroleum, aircraft and computers.. By region, Asia took 30.3% of exports, Africa 26.0%, Europe 24.1% and the Americas only 8.3%, after exports there fell 11.6% from August..
Why it matters
A surplus always makes for a good headline, but look at what is carrying it.. Precious metals and ores move with world prices, so a strong month for PGMs and gold says more about the metals market than about the health of South African manufacturing or agriculture..
The regional split is the more interesting part.. Africa now takes more than a quarter of our exports and gives us a R29.6 billion surplus, more than any other region, while the Americas are down to 8%.. The SARS release does not separate the US, and one month is not a trend, but with a 12.5% US tariff on South African goods in place since July, that is the number to watch..
On the import side, Asia supplied 56% of everything we brought in, which is where our biggest deficit, R37.9 billion, comes from..
What you should do
If you export to the US, work out what the extra duty is doing to your landed price, and check who carries it under your Incoterms® rule and contract.. If it is eroding your margin, the African and Asian numbers above show where the growth is..
If you import, check the tariff amendments SARS published in the Government Gazette on 30 October, which include provisional payments on office paper from all countries and on hexagon head screws and bolts from China and Malaysia..
Source: SARS trade statistics, September 2026 · SARS tariff amendments · AmCham South Africa
