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Briefing

South Africa: External Balance

Appears in: Middle East and Africa, Macroeconomy, South Africa, Current Account, Trade and External Balance

Critical Issues

Background:

South Africa has a persistent current account deficit as it imports more than it exports. The current account deficit peaked as a share of GDP in 2008 as import prices soared and demands for South Africa's metal imports weakened. South Africa's current account deficit narrowed to under 3% of GDP in Q4 2009, after peaking at 9.2% of GDP in Q1 2008. South Africa has traditionally had ample foreign investment to finance the CA deficit, attracted by the country's high domestic interest rates and commodity-related investments. As domestic demand picks up in 2010, so should imports, widening the current account deficit.

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