South Africa recorded a current account deficit equivalent to 2.6% of gross domestic product in the second quarter of the year, reversing a surplus of 2.3% in the first three months, as rising oil and petroleum product import costs — driven by the conflict involving Israel, the United States, and Iran — weighed on the external balance, Reuters reported.
Data released on Thursday, 10 September, by the South African Reserve Bank (SARB) show that the current account deficit reached US$2.81 billion between April and June, compared with a surplus of US$11.3 billion recorded in the first quarter.
The deterioration was driven primarily by a sharp contraction in the trade surplus, which fell from US$26.7 billion to US$9.13 billion over the period under review. The SARB attributed a significant portion of this shift to higher import values for crude oil and refined petroleum products, against a backdrop of heightened supply concerns stemming from the Middle East conflict.
In the case of crude oil, the value of imports rose 82.1%, while the volume imported grew by just 1.8%, reflecting the impact of rising international energy prices on the country's import bill.
South Africa imports the majority of the fuel it consumes, leaving the economy particularly exposed to swings in international energy prices. Pressure on import costs has intensified since the war involving the United States, Israel, and Iran escalated in late February.
Source: Diário Económico
Original article: https://www.diarioeconomico.co.mz/2026/09/10/mundo/africa/africa-do-sul-conta-corrente-registou-defice-de-26-do-pib-no-segundo-trimestre/
