South Africa exported US$110.5 billion worth of products around the globe in 2024. That dollar amount results from a 28.9% increase compared to $85.7 billion five years earlier during 2020.
Year over year, the overall value of South African exports slowed by -0.2% from $110.7 billion in 2023.
Applying a continental lens, about a third (33%) of South African exports by value was delivered to Asian countries while 30.9% was sold to fellow African importers. In addition, South Africa shipped 25.1% worth of products to customers in Europe.
Smaller percentages went to buyers in North America (8.9%), Oceania (1.2%) led by Australia, then Latin America (0.9%) excluding Mexico but including the Caribbean.
South Africa’s population is about 63.2 million people, so its total $110.5 billion in 2024 exports translates to roughly $1,750 for every South African resident. That per-capita amount lags the average $1,800 one year earlier in 2023.
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 2024. 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$12.4 billion (12.3% of total South African exports)
- United States of America: $8.2 billion (8.3%)
- Germany: $7.3 billion (7.7%)
- Mozambique: $6.6 billion (6.1%)
- United Kingdom: $5.3 billion (5.7%)
- Japan: $4.9 billion (5.2%)
- India: $4.7 billion (5%)
- Botswana: $4.33 billion (4.2%)
- Netherlands: $4.27 billion (4.1%)
- Namibia: $3.9 billion (3.7%)
- Zimbabwe: $3.8 billion (3.3%)
- Zambia: $3.05 billion (3.3%)
- Belgium: $3.03 billion (2.7%)
- United Arab Emirates: $2.7 billion (2.5%)
- Eswatini: $1.69 billion (2%)
- South Korea: $1.66 billion (1.6%)
- Lesotho: $1.46 billion (1.6%)
- Democratic Republic of Congo: $1.36 billion (1.5%)
- Hong Kong: $1.36 billion (1.5%)
- Spain: $1.31 billion (1.3%)
- Australia: $1 billion (1.1%)
- Italy: $872.6 million (1%)
- Malaysia: $717 million (0.9%)
- Singapore: $711.9 million (0.7%)
- Vietnam: $607.1 million (0.7%)
Almost eight-tenths (79%) of South African exports in 2024 was delivered to the above 25 trade partners.
Posting double-digit increases among the top buyers of South African exports were Vietnam (up 65.4% from 2023), Namibia (up 14.5%), Zimbabwe (up 11.7%), Zambia (up 9.7%) and Lesotho (up 6.7%).
Recording the severest year-over-year declines were South Africa’s trading partners Italy (down -21% from 2023), South Korea (down -19.4%), Belgium (down -18.8%), Spain (down -18%) and Japan (down -14.9%).
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$9.4 billion (country-specific trade deficit in 2024)
- Oman: -$2.9 billion
- Thailand: -$2.86 billion
- India: -$2.6 billion
- Nigeria: -$2.2 billion
- Saudi Arabia: -$2.1 billion
- Italy: -$1.6 billion
- France: -$1.4 billion
- Poland: -$1.3 billion
- Brazil: -$1.1 billion
Among South Africa’s trading partners that cause the greatest negative trade balances, South African deficits with Italy (up 21.3%), Brazil (up 19.7%) and Oman (up 15.7%) grew at the fastest pace from 2023 to 2024.
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 captured an overall US$9.2 billion trade surplus for 2024, growing by 170.9% from the $3.4 billion in black ink one year prior in 2023.
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$5.5 billion (country-specific trade surplus in 2024)
- Botswana: $3.8 billion
- United Kingdom: $3.6 billion
- Zimbabwe: $3.5 billion
- Netherlands: $3 billion
- Zambia: $2.8 billion
- Namibia: $2.64 billion
- Japan: $2.58 billion
- Belgium: $1.9 billion
- Hong Kong: $1.3 billion
Among South Africa’s trading partners that generate the greatest positive trade balances, South African surpluses with Namibia (up 12.4%), Zimbabwe (up 11.3%) and Zambia (up 11.2%) grew at the fastest pace from 2023 to 2024.
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 19, 2025
Forbes Global 2000 rankings, The World’s Biggest Public Companies. Accessed on March 19, 2025
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on March 19, 2025
International Trade Centre, Trade Map. Accessed on March 19, 2025
Investopedia, Net Exports Definition. Accessed on March 19, 2025
Richest Country Reports, Key Statistics Powering Global Wealth. Accessed on March 19, 2025
Wikipedia, Gross domestic product. Accessed on March 19, 2025
Wikipedia, Purchasing power parity. Accessed on March 19, 2025
Wikipedia, South Africa. Accessed on March 19, 2025