That dollar amount reflects a 22.2% gain compared to $90.4 billion five years earlier during 2019.
Year over year, the overall value of South African exports fell by -10.6% from $123.6 billion in 2022.
Based on the average exchange rate for 2023, the South African rand diluted by -27.7% against the US dollar since 2019 and depreciated by -12.8% from 2022 to 2023. South Africa’s weaker local currency makes its exports paid for in stronger US dollars relatively less expensive for international buyers.
South Africa’s biggest export products by value in 2023 were platinum, coal, iron ores and concentrates, trucks and gold. In aggregate, those major exports accounted for a third (33.2%) of overall exports sales from South Africa. That relatively high percentage suggests a concentrated set of exported goods.
South Africa places number one for exporting platinum, ranks among world-leading export nations for iron, and is a major competitor selling coal on international markets.
South Africa’s Best International Trade Customers
The latest available country-specific data shows that 63.3% of products exported from South Africa were bought by importers in: mainland China (11.3% of the South African total), United States of America (7.6%), Germany (7.1%), Mozambique (5.6%), Japan (5.2%), United Kingdom (4.8%), India (4.6%), Netherlands (3.9%), Botswana (3.8%), Belgium (3.4%), Zimbabwe (3.1%) and Namibia (3%).
From a continental perspective, 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 European.
Smaller percentages went to North America (9%), Oceania led by Australia (1.2%), then Latin America (1%) excluding Mexico but including the Caribbean.
Given South Africa’s population of 61.5 million people, its total $110.5 billion in 2023 exports translates to roughly $1,800 for every resident in the relatively wealthy African nation. That per-capita amount lags the average $2,000 one year earlier in 2022.
South Africa’s Top 10 Exports
The following export product groups represent the highest dollar value in South African global shipments during 2023. Also shown is the percentage share each export category represents in terms of overall exports from South Africa.
- Gems, precious metals: US$19.5 billion (17.7% of total exports)
- Ores, slag, ash: $16.3 billion (14.7%)
- Vehicles: $12.7 billion (11.5%)
- Mineral fuels including oil: $11.9 billion (10.8%)
- Iron, steel: $6.5 billion (5.9%)
- Machinery including computers: $6.3 billion (5.7%)
- Fruits, nuts: $4.3 billion (3.9%)
- Aluminum: $2.3 billion (2%)
- Electrical machinery, equipment: $2 billion (1.8%)
- Cereals: $1.5 billion (1.4%)
South Africa’s top 10 exports was about three-quarters (75.3%) of the overall value of its global shipments.
Vehicles represent the fastest growere among the top 10 export categories, up by 13.4% from 2022 to 2023.
In second place for improving export sales was aluminum via a 12.3% advance.
South Africa’s shipments of electrical machinery and equipment posted the third-fastest gain in value, up by 5.5%.
The leading decliner among South Africa’s top 10 export categories was mineral fuels including oil which fell -30.2% year over year. That product category was dragged down by lower South African revenues from exported coal.
Note that the results listed above are at the categorized two-digit Harmonized Tariff System (HTS) code level. For a more granular view of exported goods at the four-digit HTS code level, see the section Searchable List of South Africa’s Most Valuable Export Products further down near the bottom of this article.
Products Generating the Greatest Trade Surpluses for South Africa
South Africa generated 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.
The following types of South African product shipments represent positive net exports or a trade balance surplus. Investopedia defines net exports as the value of a country’s total exports minus the value of its total imports.
In a nutshell, net exports represent the amount by which foreign spending on a home country’s goods or services exceeds or lags the home country’s spending on foreign goods or services.
- Gems, precious metals: US$18 billion (Down by -28.9% since 2022)
- Ores, slag, ash: $16.2 billion (Down by -0.1%)
- Iron, steel: $4.9 billion (Up by 1.9%)
- Vehicles: $4.3 billion (Up by 55.3%)
- Fruits, nuts: $4.2 billion (Down by -1.7%)
- Aluminum: $1.6 billion (Up by 26.6%)
- Woodpulp: $1 billion (Down by -2.4%)
- Nickel: $731.9 million (Down by -33.1%)
- Beverages, spirits, vinegar: $721.9 million (Down by -4%)
- Oil seeds: $596.4 million (Up by 95.4%)
South Africa has highly positive net exports in the international trade of platinum, gold and diamonds. In turn, these cashflows indicate South Africa’s strong competitive advantages under the gems and precious metals product category.
Products Causing the Biggest Trade Deficits for South Africa
Below are exports from South Africa that result in negative net exports or product trade balance deficits. These negative net exports reveal product categories where foreign spending on home country South Africa’s goods trail South African importer spending on foreign products.
- Mineral fuels including oil: -US$10.6 billion (Up by 25.3% since 2022)
- Electrical machinery, equipment: -$10.3 billion (Up by 20.6%)
- Machinery including computers: -$6.6 billion (Up by 12.2%)
- Pharmaceuticals: -$2 billion (Up by 9%)
- Books, newspapers, pictures: -$1.8 billion (Down by -5.5%)
- Optical, technical, medical apparatus: -$1.7 billion (Up by 2.3%)
- Plastics, plastic articles: -$1.2 billion (Down by -22.5%)
- Rubber, rubber articles: -$843.7 million (Down by -5.3%)
- Clothing, accessories (not knit or crochet): -$729.7 million (Down by -9.1%)
- Knit or crochet clothing, accessories: -$698.5 million (Down by -16.9%)
South Africa has highly negative net exports and therefore deep international trade deficits for coal and oil under the mineral fuels-related product category.
These cashflow deficiencies clearly indicate South Africa’s competitive disadvantages in the mineral fuels market, but also represent key opportunities for South Africa to improve its position in the global economy through focused innovations.
Major South African Export Companies
Fifteen South African corporations rank among Forbes Global 2000. Below are major South African companies involved in international trade.
- Aspen Pharmacare Holdings (pharmaceuticals)
- Bidvest Group (industrials conglomerate)
- MTN Group (telecommunications)
- Naspers (broadcasting, cable)
- Remgro (industrials conglomerate)
- Sasol (diversified chemicals)
- Steinhoff International (furniture)
Searchable List of South Africa’s Most Valuable Export Products
The following searchable table displays 100 of the most in-demand goods shipped from South Africa during 2023. Shown beside each product label is its total export value then the percentage increase or decrease since 2022.
| Rank | South African Export | Value (US$) | Change |
|---|---|---|---|
| 1 | Platinum (unwrought) | $10,715,636,000 | -36% |
| 2 | Coal, solid fuels made from coal | $7,897,824,000 | -39.4% |
| 3 | Iron ores, concentrates | $6,533,269,000 | -2.5% |
| 4 | Trucks | $5,942,693,000 | +47.1% |
| 5 | Gold (unwrought) | $5,618,857,000 | +6.4% |
| 6 | Cars | $5,376,846,000 | -7.3% |
| 7 | Iron ferroalloys | $4,649,214,000 | +8.2% |
| 8 | Chromium ores, concentrates | $3,931,330,000 | +59.6% |
| 9 | Processed petroleum oils | $2,949,906,000 | +4.3% |
| 10 | Manganese ores, concentrates | $2,666,735,000 | -8.3% |
| 11 | Diamonds (unmounted/unset) | $2,047,573,000 | -23% |
| 12 | Fresh or dried citrus fruit | $1,839,343,000 | +6.5% |
| 13 | Centrifuges, filters and purifiers | $1,791,226,000 | -21.4% |
| 14 | Aluminum (unwrought) | $1,580,560,000 | +34.7% |
| 15 | Corn | $1,209,522,000 | -0.2% |
| 16 | Precious metal ores, concentrates | $1,133,785,000 | -39.9% |
| 17 | Chemical woodpulp (dissolving) | $1,048,432,000 | -2.8% |
| 18 | Nickel (unwrought) | $737,352,000 | -33.2% |
| 19 | Grapes (fresh or dried) | $730,701,000 | -16.5% |
| 20 | Automobile parts/accessories | $703,217,000 | +3.1% |
| 21 | Apples, pears (fresh) | $680,743,000 | -5.4% |
| 22 | Wine | $617,867,000 | -11.4% |
| 23 | Electrical energy | $610,037,000 | -9.9% |
| 24 | Coins | $588,025,000 | -62.8% |
| 25 | Titanium ores, concentrates | $571,355,000 | -5.1% |
| 26 | Niobium/zirconium ores, concentrates | $543,286,000 | -14.7% |
| 27 | Sort/screen/washing machinery | $519,426,000 | +2.6% |
| 28 | Refined copper, unwrought alloys | $490,981,000 | +11.3% |
| 29 | Machinery parts | $479,534,000 | +3.6% |
| 30 | Sugar (cane or beet) | $475,402,000 | +61.9% |
| 31 | Initiators/accelerators, catalytic preps | $462,630,000 | -2.7% |
| 32 | Liquid pumps and elevators | $427,206,000 | +0.8% |
| 33 | Acyclic hydrocarbons | $417,048,000 | -7.7% |
| 34 | Miscellaneous nuts | $389,590,000 | -14.6% |
| 35 | Soya beans | $385,269,000 | +130.6% |
| 36 | Unrefined copper | $369,317,000 | +10.9% |
| 37 | Propylene/olefin polymers | $348,246,000 | -21.3% |
| 38 | Aluminum plates, sheets, strips | $339,713,000 | -26.7% |
| 39 | Fruit and vegetable juices | $333,767,000 | +16.4% |
| 40 | Medication mixes in dosage | $324,682,000 | +3% |
| 41 | Other organic cleaning preparations | $318,040,000 | +19.4% |
| 42 | Zinc ores, concentrates | $316,866,000 | -40.4% |
| 43 | Nitrogenous fertilizers | $313,820,000 | -33.2% |
| 44 | Miscellaneous iron and steel structures | $311,645,000 | +9.3% |
| 45 | Heavy machinery (bulldozers, excavators, road rollers) | $310,091,000 | +16.3% |
| 46 | Beauty/makeup/skin care preparations | $305,076,000 | -3.2% |
| 47 | Flat-rolled stainless steel items | $289,078,000 | -49.5% |
| 48 | Wool (uncarded, uncombed) | $284,097,000 | +11.3% |
| 49 | Yachts, other pleasure/sports vessels | $282,863,000 | +49.8% |
| 50 | Rubber tires (new) | $279,014,000 | -10.6% |
| 51 | Sulphates, alums | $271,063,000 | -51.3% |
| 52 | Precious metal waste, scrap | $263,237,000 | -24.4% |
| 53 | Phone system devices | $261,517,000 | +10.8% |
| 54 | Packaged insecticides/fungicides/herbicides | $256,508,000 | +0.5% |
| 55 | Miscellaneous fruits (fresh) | $254,382,000 | +2.8% |
| 56 | Piston engine parts | $240,526,000 | -7.3% |
| 57 | Computers, optical readers | $237,060,000 | +5.7% |
| 58 | Miscellaneous iron or steel items | $236,831,000 | -13.6% |
| 59 | Pig iron | $233,479,000 | -25.1% |
| 60 | Jewelry | $232,155,000 | +13.3% |
| 61 | Iron or non-alloy steel products (semi-finished) | $230,295,000 | +31.4% |
| 62 | Trailers | $229,524,000 | -4.7% |
| 63 | Insulated wire/cable | $224,238,000 | -7.1% |
| 64 | Acyclic alcohols | $223,792,000 | -24.3% |
| 65 | Non-alcoholic drinks (not water/juice/milk) | $221,439,000 | +34.3% |
| 66 | Tractors | $220,633,000 | -9.7% |
| 67 | Copper ores, concentrates | $219,960,000 | +17.4% |
| 68 | Miscellaneous animal feed preparations | $217,466,000 | +4.6% |
| 69 | Other food preparations | $212,981,000 | +3% |
| 70 | Miscellaneous preserved fruits | $208,417,000 | -10.9% |
| 71 | Ethyl alcohol | $207,683,000 | +16.2% |
| 72 | Aircraft or spacecraft parts | $203,079,000 | +12.1% |
| 73 | Slag sand for making iron or steel | $202,873,000 | -19.4% |
| 74 | Flat-rolled iron or non-alloy steel products (plated/coated) | $199,010,000 | -49.9% |
| 75 | Plastic packing goods, lids, caps | $198,023,000 | -14.7% |
| 76 | Organic surface-active products, soap | $195,865,000 | +1% |
| 77 | Taps, valves, similar appliances | $188,591,000 | +8.4% |
| 78 | Chemical industry products/residuals | $187,700,000 | +0.4% |
| 79 | Transmission shafts, gears, clutches | $187,611,000 | +10.5% |
| 80 | Fuel wood, wood chips, sawdust | $185,647,000 | -25.6% |
| 81 | Dates/figs/pineapples/mangoes/avocadoes/guavas | $184,728,000 | +19.1% |
| 82 | Natural calcium phospates | $183,678,000 | +1.9% |
| 83 | Wheat | $182,924,000 | -10.1% |
| 84 | Sauces, mixes condiments, seasonings | $177,551,000 | +0.7% |
| 85 | Hot-rolled iron or non-alloy steel products | $175,784,000 | +43.5% |
| 86 | Ethylene polymers | $174,645,000 | -11.8% |
| 87 | Cereal groats, meal, pellets | $167,122,000 | +55.5% |
| 88 | Apricots, cherries, peaches, nectarines, plums | $161,961,000 | -14.3% |
| 89 | Feldspar, leucite, nepheline | $160,510,000 | -4% |
| 90 | Ketones, quinones | $160,474,000 | -17.5% |
| 91 | Coiled iron or non-alloy steel bars, rods | $159,707,000 | +94.1% |
| 92 | Iron or non-alloy steel bars, rods | $152,219,000 | +12.8% |
| 93 | Refrigerators, freezers | $150,283,000 | -3.6% |
| 94 | Phosphoric/polyphosphoric acids | $147,865,000 | -5.1% |
| 95 | Vermiculite, perlite, other mineral substances | $146,386,000 | +110% |
| 96 | Petroleum gases | $143,257,000 | +7.3% |
| 97 | Fish fillets, pieces | $141,366,000 | +5% |
| 98 | Plastic tubes, pipes, fittings | $138,402,000 | -13.4% |
| 99 | Uncoated kraft paper | $137,089,000 | +17.2% |
| 100 | Electrical converters/power units | $136,918,000 | -1.7% |
This cohort of 100 exported goods were worth a subtotal of US$90.5 billion or 81.9% by value for all products exported from South Africa during 2023.
In macroeconomic terms, South Africa’s total exported goods represent 11.1% of its overall Gross Domestic Product for 2023 ($997.4 billion valued in Purchasing Power Parity US dollars). That 11.1% for exports to overall GDP per PPP in 2023 compares to 13% one year earlier. Those percentages suggest a decreasing reliance on products sold on international markets for South Africa’s total economic performance, albeit based on a short timeframe.
Another key indicator of a country’s economic performance is its unemployment rate. South Africa’s unemployment rate averaged 32.8% for 2023, down from an average 33.5% for 2022 according to International Monetary Fund statistics.
See also South Africa’s Top 10 Imports, Top South African Trading Partners and Top African Export Countries
Research Sources:
Central Intelligence Agency, The World Factbook: Country Profiles. Accessed on March 23, 2024
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on March 23, 2024
International Monetary Fund, Exchange Rates selected indicators (Domestic Currency per U.S. dollar, period average). Accessed on March 23, 2024
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on March 23, 2024
International Trade Centre, Trade Map. Accessed on March 23, 2024
Investopedia, Net Exports Definition. Accessed on March 23, 2024
Richest Country Reports, Key Statistics Powering Global Wealth. Accessed on March 23, 2024
Wikipedia, Gross domestic product. Accessed on March 23, 2024
Wikipedia, Purchasing power parity. Accessed on March 23, 2024
Wikipedia, South Africa. Accessed on March 23, 2024