SA’s Agri Trade Surplus Shrinks as Imports Rise, BRIC+ Exports Decline

South Africa’s agricultural sector remained a net exporter in the fourth quarter of 2024, contributing nearly 20% of the country’s total exports. However, a rise in imports and a significant drop in exports to BRIC+ nations led to a weaker trade surplus, according to the latest analysis by the Bureau for Food and Agriculture Policy (BFAP). 

The country’s agricultural trade surplus shrank by 18% year-on-year, primarily due to a 13% increase in imports. Agricultural imports for the quarter totaled R38 billion, remaining below the R40 billion mark but rising compared to the previous year. Meanwhile, exports to BRIC+ countries—Brazil, Russia, India, China, Egypt, Ethiopia, Iran, and the UAE—dropped by 35%, with Russia (-76%), India (-34%), and China (-20%) recording the largest declines. 

Growth in African

Markets Despite setbacks in BRIC+ trade, South Africa saw strong growth in agricultural exports to African countries, particularly within the Southern African Development Community (SADC). The region absorbed almost 50% of the country’s agricultural exports, which grew 17% compared to Q4 2023. 

Notably, exports to Madagascar surged by 139%, though from a low base, accounting for less than 1% of total exports. Zimbabwe (10%) and Namibia (8%) emerged as key markets, while total agricultural exports to African countries increased by 16% year-on-year. 

“This is encouraging as it supports the objective of increasing intra-Africa trade, albeit still heavily focused on Southern Africa,” BFAP noted. 

Shifts in Imports and Exports 

While imports from the EU and SADC declined, those from BRIC+ nations and the rest of the world increased. The leading imported products included cereals (wheat and rice), beverages (alcohol and sweetened waters), and sugar products. 

Exports to non-SADC countries totaled R30 billion, marking a 16% increase compared to Q4 2023. The top three export products to Africa were cereals (mainly maize), beverages (wine and waters), and processed foods, collectively accounting for 41% of all agricultural exports to the continent. 

Fruit and Meat Exports Lead the Way 

Among all agricultural exports, fruit exports led in value at R13.64 billion, reaffirming South Africa’s global competitiveness in the fruit sector. Meat product exports surged 40% year-on-year, largely driven by increased demand from the Middle East (UAE, Kuwait, and Jordan). 

Steady Long-Term Growth

Despite short-term trade fluctuations, South Africa’s agricultural export sector has experienced steady long-term growth. BFAP data shows that sectoral exports have risen from R39 billion in 2019 to R59 billion in 2024, reflecting an average annual growth rate of 9%. 

While challenges remain, particularly with BRIC+ trade, South Africa’s expanding footprint in Africa and the Middle East suggests new opportunities for diversification and resilience in the sector.