September’s goods-trade surplus was slightly larger than August’s revised figure. The useful business story is in what moved, and which comparison readers use.
South Africa recorded a preliminary merchandise trade surplus of R19.8 billion in September 2026, with exports of R190.6 billion exceeding imports of R170.8 billion. SARS released the figures on 30 October. The totals include trade with Botswana, Eswatini, Lesotho and Namibia. SARS release
The comparison that changes the reading
August’s surplus was initially reported as R20.5 billion, but SARS has revised it to R19.0 billion following corrections. September therefore sits above the revised August figure. Comparing it with the original release would give the opposite impression. September report, page 1
Goods trade: August and September 2026
| Measure | Aug Revised |
Sep Preliminary |
|---|---|---|
| Exports | 181.3 | 190.6 |
| Imports | 162.3 | 170.8 |
| Surplus | 19.0 | 19.8 |
Source: SARS, 30 October 2026. Values are rounded as published. September figures remain preliminary.
What moved during September?
SARS attributes the monthly export increase to platinum group metals, gold, and zinc ores and concentrates. On the import side, it identifies petroleum oils excluding crude, aeroplanes and automatic data-processing machines. SARS commodity summary
These movements matter because the national total combines very different businesses. A precious-metals exporter and an importer of equipment can face different conditions even when both appear in a stronger month for trade values.
What the headline cannot tell a business
SARS’s methodology notes explain that these are merchandise statistics and that both exports and imports are reported on a free-on-board basis. Its reporting framework also has specific coverage rules, including how warehoused goods destined for local consumption are treated.
SBL analysis: A higher rand value of exports does not, on its own, establish that more goods were shipped. Prices, exchange rates and the mix of products can affect values. This release should therefore not be presented as proof of higher employment, stronger physical output or immediate savings for households.
For an importer or exporter, the practical next step is to look beyond the national surplus. Check the relevant commodity category, compare the same reporting periods and use revised figures where available. Then test whether the pattern matches the business’s own orders, costs and margins before changing a forecast.
SARS provides trade data and visualisation tools for readers who want to investigate further. A national surplus is useful context, but it does not describe every sector or every trading relationship.
Sources and method
Prepared and source-checked on 31 October 2026 using SARS’s 30 October release, September data and published methodology notes, last updated 4 May 2021. These are primary sources from one institution, not independent corroboration. The comparison uses revised August and preliminary September figures; interpretation is labelled as SBL analysis.
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