In spite of a low gold price, high oil prices and unfavourable conditions in certain trading partner countries in the wake of the emerging markets crisis, South Africa has managed to record very small deficits on its current account in recent quarters.
Over the past decade both exports and imports have increased relative to GDP, as can be expected as part of the process of globalisation. South Africa's authorities have added momentum to globalisation by phasing in lower import duties in terms of the World Trade Organisation agreements.