South Africa’s current account deficit widened to 205.5 billion rand in the second quarter, marking the largest since 2015.

⑴ South Africa’s current account deficit for the second quarter was 205.5 billion rand, the largest since Q4 2015; the previous quarter saw a surplus of 181.6 billion rand. ⑵ This quarter was the first full period reflecting the impact of the Middle East conflict, with upward pressure on energy prices and import costs. ⑶ The trade surplus sharply narrowed from 428.8 billion rand in the first quarter to 146.4 billion rand, as the value of goods imported far exceeded the export value of goods and net gold. ⑷ The rise in the import bill was mainly driven by crude oil imports surging 82%, highlighting South Africa’s heavy dependence on imported fuel. ⑸ The deficit in services, income, and current transfers widened significantly from 247.2 billion rand to 351.9 billion rand, mainly due to a notable rise in the primary income deficit.