Cape Chamber of Commerce: clothing and textile industry to suffer

Imogen Vollenhoven
1June 2013

The Cape Chamber of Commerce said the sudden drop in the value of the rand should be seen as a strong negative comment on the management of the country.

Executive Director of the Cape Chamber of Commerce Viola Manuel said the new situation required a review of a whole range of decisions by government, which includes the ruling out of purchase of unnecessary luxury aircraft for our VIPs.

Manuel said South Africa is the leading economy on the continent and we should be reaping the benefits of this economic upsurge.

“This sudden depreciation on the rand will create many problems for businesses and we are hearing that from our members all the time,” said Manuel.

She added that however some exporting industries will benefit, but others that rely on imports will definitely be hurt and by way of example, it specifically will hurt the clothing and textile industry that will have to pay 80 percent more for their imports.