South Africa’s current account deficit narrowed to 0.3% of gross domestic product in the third quarter of 2022 from a deficit of 1.6% in the second quarter, central bank data showed on Thursday.

In rand terms, the current account deficit for the July-September period was R18.1 billion, from a deficit of R107 billion in the previous quarter.

The trade surplus fell to R233 billion in the quarter from R252 billion in the prior quarter, as the value of merchandise exports and imports increased to all-time highs, the central bank said in a statement.

Statistics South Africa data showed on Tuesday that the country’s economy grew by 1.6% in the third quarter, supported by exports and a strong showing by the agricultural sector.