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South Africa recorded a current account deficit of 205.5 billion rand ($12.81 billion) in the second quarter of 2026, reversing a strong surplus from the first three months of the year as global energy prices surged.
Data from the South African Reserve Bank (SARB) released on Thursday showed the current account shifted to a deficit of 2.6 per cent of gross domestic product in Q2, down from a 2.3 per cent surplus in Q1.
The sharp economic turn narrowed the nation’s trade surplus to 146.4 billion rand, down from 428.8 billion rand in the previous quarter.
The central bank attributed the widening deficit to a massive spike in energy import costs driven by the ongoing U.S.-Israeli conflict with Iran.
While South Africa’s imported crude oil volume increased by just 1.8 per cent, the total value of those crude imports jumped 82.1 per cent.
Due to the fact that South Africa imports the majority of its fuel, the abrupt increase in prices made the nation’s economy extremely vulnerable to disruptions in the international market after hostilities broke out in late February.
