Oil Imports South Africa 2026 Market Overview & Trends

South Africa's import trends show a recovery in value, reaching $5.17 billion in 2024. While the total quantity imported has decreased from its 2020 peak of 14.9 billion units, there has been consistent growth in both value and volume since 2022, indicating strengthening demand and shifting unit costs over the five-year period.

In 2024, Nigeria emerged as the leading supplier to South Africa, accounting for over $2.46 billion in export value. Saudi Arabia ($874 million) and Angola ($793 million) also hold significant market shares, highlighting a strong reliance on African and Middle Eastern energy partners for national requirements.

Angola and Ghana are the primary emerging partners, showing impressive growth rates of 1.36 and 1.06 respectively. These figures indicate a strategic shift or expansion in sourcing from West African markets, while partners like Cote d'Ivoire also show steady baseline participation in the 2024 trade cycle.

The sector is heavily dominated by petroleum crude oil (HS 270900), which accounted for a total import value of $5.17 billion in 2024. This single product category represents the core of the trade relationship, driving the vast majority of the sector's financial volume.