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6 January 2026 – Even though precious metals such as platinum were excluded from US trade tariffs and saw red-hot price gains last year, they contributed far less than expected to the value of South Africa’s exports in October, Statistics South Africa data shows.
The value of South Africa’s exports rose in October 2025 even as United States tariffs on local goods, which took effect in August, began to bite.
According to Statistics South Africa’s Export and Import Unit Value Indices, export prices increased 5.5 % year-on-year and 0.4 % month-on-month.
Import prices fell 0.2 % annually and 0.9 % month-on-month.
These latest figures highlight the complex interplay of global commodity prices, tariff policy, and domestic export dynamics.
They offer a snapshot of South Africa’s external trade environment as the country navigates both strong commodity markets and trade restrictions.
The agency noted that the October increase in export unit values was mainly driven by metal products, machinery, and equipment.
Declines in import prices were led by crude petroleum and other transportable goods.
Precious metals were one of the items excluded from the Trump administration’s tariffs, which came into effect last August.
The US tariffs, announced under President Donald Trump’s trade policy, imposed 30 % duties on a wide range of South African exports, though key minerals were exempted.
Specifically, platinum-group metals, coal, manganese, chrome, and other critical minerals were excluded, while iron ore, diamonds, and some precious-metal jewellery remained subject to the tariffs.
A closer look at the data shows interesting contrasts in contributions to the value of exports, given that global commodity prices performed strongly through 2025. Source: Business Report (IoL)