Tough Times – South African exports feeling China slowdown pinch
The recent Chinese economic slowdown has had a negative effect on local exports and South Africa’s fate is similar to the fate of other sub-Saharan Africa resource-dependent economies, Kutoane Kutoane, CEO of the official South African export credit agency, Export Credit Insurance Corporation of South Africa (ECIC), tells Engineering News.
“South Africa has been negatively affected in the past by commodity cycles that did not move in the country’s favour and, while the commodity prices were robust, the country didn’t do much to diversify its economy. We are feeling the effects of that now,” he says.
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