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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:South African real exchange rates and manufacturing competitiveness
Authors:Golub, Stephen S.ISNI
Ceglowski, Janet
Periodical:South African Journal of Economics
Geographic term:South Africa
Subjects:exchange rates
industrial exports
industrial products
Abstract:South African export performance has improved markedly during the 1990s, particularly the post-1994 period, coinciding with the demise of apartheid, the ending of sanctions, and the adoption of more liberal economic policies. However, although improved, South African overall export growth still lags behind that of the most dynamic emerging economies. Moreover, the improved export growth could be due to a one-time post-sanctions boom, and imports of manufactures have also surged. To better understand these issues, this paper quantitatively analyses South Africa's trade in manufactured goods, focusing on price and cost competitiveness. It concludes that, despite the political and social upheavals in South Africa and the changing stance of South Africa vis--vis the world economy, South Africa's trade pattern appears to be well explained by the main traditional variables influencing trade flows. The success of South Africa's export-led growth strategy and shift towards manufacturing exports away from primary products is dependent on maintaining a competitive real exchange rate as well as on the growth of the world economy. Bibliogr., notes, ref. [ASC Leiden abstract]