South Africa Current Account to GDP Ratio

South Africa's current account to GDP improved to -0.6% in 2024 from -1.6% in 2023. This change is due to a widening trade surplus. The current account deficit narrowed to R44.5 billion (0.6% of GDP) in 2024, down from R112.1 billion (1.6% of GDP) in 2023. The trade surplus for goods increased to R177.0 billion in the third quarter of 2024, compared to R166.0 billion in the third quarter of 2023. The deficit on services, income and current transfers also reduced, falling to 3.1% of GDP in 2024 from 3.8% in 2023. While the primary income deficit widened, smaller deficits in services and secondary income accounts offset this. The South African Reserve Bank noted that merchandise imports rose more than goods exports in the fourth quarter of 2023, narrowing the trade surplus for that quarter as import prices increased faster than export prices. However for 2024, the trade surplus widened because goods exports increased more than merchandise imports in the fourth quarter of 2024. South Africa's record low current account to GDP was -7.5% in 1971 and its record high was 6% in 1987.