• Change of culture needed

    The right leadership will help SA shed its culture of violence, says Mandi Smallhorne.

  • 10 tips to find bargains

    Susan Erasmus gives advice on how bargain hunters can get the most bang for their buck.

  • Inside Labour

    Labour's bitter breaches need to be seen in historical context, says Terry Bell.

See More

Clothing chamber takes swipe at govt

May 31 2013 18:16 Sapa

Related Articles

Zuma takes a drubbing for run on rand

Gold stocks rally as rand tanks

Rand plummets to record lows

Rand takes breather, still eyes R10/$

Rand low won't last

Rand pauses on weaker dollar


Cape Town - The sharp drop in the value of the rand could negatively affect the clothing industry, the Cape Chamber of Commerce warned on Friday.

"In the Western Cape, the clothing industry will have to pay more for imported textiles, and as 80% of the fabric used by local manufacturers is imported, the industry could be hurt," said chamber director Viola Manuel.

"On top of that, there is a 22% duty on imported fabrics. This adds up to the threat to jobs."

On Thursday, the rand fell to around R10/$ a few hours after President Jacob Zuma tried to assure the nation and investors that government was dealing with the instability in the mining sector.

The rand was at its lowest level in four years.

By Friday afternoon, it was hovering around R10.15/$.

Manuel said the sudden depreciation should be seen as a strong negative comment on the management of the country.

"It is clear that the world has not been impressed by the instability in industrial relations and some of the recent decisions on matters such as electricity and toll roads, as well as the scandals that have come to light."

She said it was a tragedy this came at a time when Africa was poised for years of growth, driven by a boom in natural resources, particularly oil and gas.

"The sudden depreciation of the rand would create many problems for business. Some exporting industries would benefit, but others which rely on imports would be hurt," she said.

Manuel said government would have to review a whole range of decisions and rule out the purchase of "unnecessary" luxury aircraft.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

jacob zuma  |  rand


Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Add your comment
Comment 0 characters remaining

Company Snapshot

Brought to you by BizNews

More from BizNews

We're talking about:


Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.

Top 10 richest musicians of all time

Check out the gallery to find out who they are!


Luxury living

10 of the most expensive things that will leave your jaw hanging!
Seven of the most expensive children's toys ever made
5 millionaires turned murderers
The youngest billionaires in the world and how they made it

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

How do you see your boss? He/sheis:

Previous results · Suggest a vote