TUESDAY, 1.00PM:
SOUTH African manufacturing exports have grown at a rate well above 10% since 1994, marking a significant improvement in the export sector, department of trade and industry representative Alan Hirsch said on Monday night.
Speaking on behalf of Trade and Industry Minister Alec Erwin at a conference on competitive growth and job creation, Hirsch said that, while exports in the gold and primary products sector fell from between 44% to 65% between 1988 and 1997, exports of manufacturing products grew from 5% to 20% over this period.
The highest growth sectors were transport equipment, professional equipment, motor vehicles, parts and accessories, and plastic products, all of which grew by some 40% last year, Hirsch said.
At the same time as reducing import protection tariffs, South Africa offered support to industrialists willing to bat against international competition, Hirsch said. These included supply side measures to support investment, industrial innovation, small business development and exports.
“In doing so [the department of trade and industry] has successfully lowered prices for consumers, increased exports and stabilised employment, which is falling fast in several industries,” Hirsch said.