South Africa posted a current account deficit of ZAR 205.5 billion in Q2 2026, the widest since Q4 2015, compared to a surplus of ZAR 181.6 billion in the previous period. The quarter marked the first full period to reflect the impact of the war in Iran, which put upward pressure on energy prices and import costs. The trade surplus narrowed sharply to ZAR 146.4 billion from ZAR 428.8 billion in Q1, as the value of merchandise imports far outpaced that of merchandise and net gold exports. The increase in the import bill was driven largely by an 82% surge in the value of crude oil imports, reflecting South Africa’s high reliance on imported fuel. Concurrently, the shortfall on the services, income and current transfer account widened sharply to ZAR 351.9 billion from ZAR 247.2 billion, mainly attributed to a substantial increase in the primary income deficit.