South Africa shipped US$123.4 billion worth of products around the globe in 2022. That dollar amount results from a 29.6% increase compared to $95.2 billion during 2018.
Year over year, the overall value of South African exports slowed by -0.3% from $123.7 billion in 2021.
The value of international South African shipments represents 0.6% of all global exports estimated at $22.144 trillion one year earlier in 2021.
Applying a continental lens, 33.6% of South African exports by value was delivered to Asian countries while 29.5% was sold to European importers. South Africa shipped another 25.7% worth of goods to Africa with 10.1% going to North America.
Tinier percentages went to, Oceania (0.8%) led by Australia and Latin America (0.1%) excluding Mexico but including the Caribbean.
South Africa’s Top Trading Partners
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 2022. Also shown is each import country’s percentage of total South African exports.
- China: US$11.9 billion (9.7% of total South African exports)
- United States: $10.9 billion (8.8%)
- Germany: $10.1 billion (8.1%)
- Japan: $8.6 billion (7%)
- United Kingdom: $6.3 billion (5.1%)
- Netherlands: $6 billion (4.8%)
- Mozambique: $5.8 billion (4.7%)
- India: $5.1 billion (4.2%)
- Botswana: $4.7 billion (3.8%)
- Belgium: $3.9 billion (3.2%)
- Namibia: $3.5 billion (2.8%)
- Zimbabwe: $3.2 billion (2.6%)
- Zambia: $2.7 billion (2.2%)
- South Korea: $2.7 billion (2.2%)
- United Arab Emirates: $2.5 billion (2%)
- Italy: $1.9 billion (1.5%)
- Eswatini: $1.6 billion (1.3%)
- Lesotho: $1.45 billion (1.2%)
- Dem. Rep. Congo: $1.44 billion (1.2%)
- Spain: $1.40 billion (1.1%)
- Hong Kong: $1.26 billion (1%)
- Taiwan: $1.2 billion (1%)
- France: $872.4 million (0.7%)
- Australia: $835.1 million (0.7%)
- Malaysia: $745.7 million (0.6%)
More than four-fifths (81.5%) of South African exports in 2022 were delivered to the above 25 trade partners.
The fastest-growing customers for South African exporters from 2021 to 2022 were Malaysia (up 80.7%), Italy (up 56.6%), Taiwan (up 52.2%), Netherlands (up 43.4%), Democratic Republic of the Congo (up 33.8%), Mozambique (up 32.6%), South Korea (up 26.2%) and India (up 20.2%).
Incurring double-digit declines year over year were larger trading partners Hong Kong (down -49%), United Kingdom (down -22.5%), United States of America (down -16.7%) and mainland China (down -14%).
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.
- China: -US$10.5 billion (country-specific trade deficit in 2022)
- Saudi Arabia: -$4 billion
- India: -$3.1 billion
- Thailand: -$2.7 billion
- Oman: -$2.5 billion
- Nigeria: -$1.8 billion
- United Arab Emirates: -$1.6 billion
- Türkiye: -$1.27 billion
- France: -$1.22 billion
- Brazil: -$1.1 billion
Among South Africa’s trading partners that cause the greatest negative trade balances, South African deficits with India (up 192.6%), Türkiye (up 171.9%) and China (up 93.2%) grew at the fastest pace from 2021 to 2022.
In addition, South Africa went from earning a $414.5 million surplus trading with the United Arab Emirates in 2021 to posting the deficit shown above for 2022.
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 recorded an overall $12.1 billion trade surplus for 2022, down by -60% from the $30.1 billion in black ink one year earlier in 2021.
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.
- Japan: US$5.8 billion (country-specific trade surplus in 2022)
- Mozambique: $4.8 billion
- United Kingdom: $4.5 billion
- Netherlands: $4.5 billion
- Botswana: $4 billion
- Zimbabwe: $3 billion
- United States: $2.7 billion
- Namibia: $2.52 billion
- Belgium: $2.5 billion
- Zambia: $2.47 billion
Among South Africa’s trading partners that generate the greatest positive trade balances, South African surpluses with Netherlands (up 74.2%), Mozambique (up 35.3%) and Zambia (up 17.8%) grew at the fastest pace from 2021 to 2022.
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 23, 2022
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on March 23, 2022
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on March 23, 2022
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on March 23, 2022
International Trade Centre, Trade Map. Accessed on March 23, 2022
Investopedia, Net Exports Definition. Accessed on March 23, 2022
Richest Country Reports, Key Statistics Powering Global Wealth. Accessed on March 23, 2022
Wikipedia, Gross domestic product. Accessed on March 23, 2022
Wikipedia, Purchasing power parity. Accessed on March 23, 2022
Wikipedia, South Africa. Accessed on March 23, 2022
