Formerly called Zuid-Afrika, South Africa continues to face international trade challenges related to its geographic distances from South African trading partners like mainland China, Germany and the United States of America.
South Africa exported US$110.5 billion worth of products around the globe in 2023. That dollar amount results from a 22.2% increase compared to $90.4 billion back in 2019.
Year over year, the overall value of South African exports shrank by -10.6% from $123.6 billion in 2022.
Applying a continental lens, just over a third (34%) of South Africa exports by value was delivered to Asian countries while 28.6% was sold to fellow African importers. South Africa shipped another 26.4% worth of goods to buyers in Europe.
Lesser percentages went to North America (9%), Oceania (1.2%) led by Australia, then Latin America (1%) excluding Mexico but including the Caribbean.
South Africa’s population is about 61.5 million people. The African country’s total $110.5 billion in 2023 exports translates to roughly $1,800 for every South African. That per-capita amount falls below the $2,000 per-capita average for 2022.
Below is a list showcasing 25 of South Africa’s top trading partners in terms of its export sales. That is, countries that imported the most South African shipments by dollar value during 2023. Also shown is each import country’s percentage of total South African exports (adjusted for the non-attributed percentage in the source data).
- mainland China: US$12.5 billion (12.3% of total South African exports)
- United States: $8.4 billion (8.3%)
- Germany: $7.8 billion (7.7%)
- Mozambique: $6.2 billion (6.1%)
- Japan: $5.8 billion (5.7%)
- United Kingdom: $5.3 billion (5.2%)
- India: $5.04 billion (5%)
- Netherlands: $4.3 billion (4.2%)
- Botswana: $4.2 billion (4.1%)
- Belgium: $3.7 billion (3.7%)
- Zimbabwe: $3.38 billion (3.3%)
- Namibia: $3.36 billion (3.3%)
- Zambia: $2.8 billion (2.7%)
- United Arab Emirates: $2.5 billion (2.5%)
- South Korea: $2.1 billion (2%)
- Eswatini: $1.61 billion (1.6%)
- Spain: $1.59 billion (1.6%)
- Democratic Republic of the Congo: $1.56 billion (1.5%)
- Hong Kong: $1.48 billion (1.5%)
- Lesotho: $1.37 billion (1.3%)
- Italy: $1.11 billion (1.1%)
- Australia: $1.07 billion (1%)
- Taiwan: $937.5 million (0.9%)
- Malaysia: $742 million (0.7%)
- Singapore: $699.9 million (0.7%)
Almost nine-tenths (87.9%) of South African exports in 2023 was delivered to the above 25 trade partners.
Posting double-digit increases among the top buyers of South African exports were Australia (up 28.1% from 2022), Hong Kong (up 17.5%), Singapore (up 16%) and Spain (up 13%).
Incurring the severest year-over-year declines were South Africa’s trading partners Italy (down -40.6% from 2022), Japan (down -33.1%), Netherlands (down -28.2%), South Korea (down -23.9%), United States of America (down -23.1%) and Germany (down -21.9%).
Countries Causing the Greatest Deficits for South Africa
As defined by Investopedia, a country whose total value of all imported goods is higher than its value of all exports is said to have a negative trade balance or deficit.
It would be unrealistic for any exporting nation to expect across-the-board positive trade balances with all its importing partners. Similarly, that export country doesn’t necessarily post a negative trade balance with each individual partner with which it exchanges exports and imports.
South Africa incurred the highest trade deficits with the following countries.
- mainland China: -US$9.5 billion (country-specific trade deficit in 2023)
- Thailand: -$3.1 billion
- Saudi Arabia: -$2.7 billion
- Oman: -$2.5 billion
- India: -$2.4 billion
- Nigeria: -$2 billion
- Bahrain: -$1.49 billion
- France: -$1.49 billion
- United Arab Emirates: -$1.5 billion
- Italy: -$1.3 billion
Among South Africa’s trading partners that cause the greatest negative trade balances, South African deficits with Italy (up 117.8%), Bahrain (up 71.8%) and France (up 19.8%) grew at the fastest pace from 2022 to 2023.
These cashflow deficiencies clearly indicate South Africa’s competitive disadvantages with the above countries, but also represent key opportunities for South Africa to develop country-specific strategies to strengthen its overall position in international trade.
Countries Generating the Biggest Surpluses for South Africa
South Africa produced an overall US$3.3 billion trade surplus for 2023, down by -71.9% from the $11.7 billion in black ink one year earlier in 2022.
Based on Investopedia’s definition of net importer, a country whose total value of all imported goods is lower than its value of all exports is said to have a positive trade balance or surplus.
South Africa incurred the highest trade surpluses with the following countries.
- Mozambique: US$5.2 billion (country-specific trade surplus in 2023)
- Botswana: $3.7 billion
- United Kingdom: $3.5 billion
- Zimbabwe: $3.13 billion
- Japan: $3.05 billion
- Netherlands: $2.7 billion
- Zambia: $2.51 billion
- Belgium: $2.48 billion
- Namibia: $2.3 billion
- Democratic Rep. Congo: $1.4 billion
Among South Africa’s trading partners that generate the greatest positive trade balances, South African surpluses with fellow African nations Democratic Republic of the Congo (up 8.1%), Mozambique (up 7.6%) and Zimbabwe (up 4.3%) grew at the fastest pace from 2022 to 2023.
These positive cashflow streams clearly indicate South Africa’s competitive advantages with the above countries, but also represent key opportunities for South Africa to develop country-specific strategies to optimize its overall position in international trade.
Major South African Export Companies
Fifteen South African corporations rank among Forbes Global 2000. Below is a sample of the major South African companies that Forbes included.
- Aspen Pharmacare Holdings (pharmaceuticals)
- Bidvest Group (industrials conglomerate)
- MTN Group (telecommunications)
- Naspers (broadcasting, cable)
- Remgro (industrials conglomerate)
- Sasol (diversified chemicals)
- Steinhoff International (furniture)
See also South Africa’s Top 10 Imports, South Africa’s Top 10 Exports and Top African Export Countries
Research Sources:
Central Intelligence Agency, The World Factbook: Country Profiles. Accessed on March 25, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on March 25, 2024
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on March 25, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on March 25, 2024
International Trade Centre, Trade Map. Accessed on March 25, 2024
Investopedia, Net Exports Definition. Accessed on March 25, 2024
Richest Country Reports, Key Statistics Powering Global Wealth. Accessed on March 25, 2024
Wikipedia, Gross domestic product. Accessed on March 25, 2024
Wikipedia, Purchasing power parity. Accessed on March 25, 2024
Wikipedia, South Africa. Accessed on March 25, 2024
