Motor industry trade deficit narrows, but more markets needed
SA’s exports of vehicles and components to 155 countries and territories worldwide set new records in 2018, with Germany remaining the biggest trading partner
The SA motor industry needs new overseas markets but also new foreign investment in local manufacturing if it is to fulfil its potential as a global export hub, says Norman Lamprecht, executive manager of the Automotive Industry Export Council. He was speaking on Friday at the launch of the council’s 2019 Automotive Export Manual, which showed that the industry’s trade deficit narrowed by more than 7% in 2018 as vehicle and component exports set new records. For the gap to close completely, however, the industry will have to continuously increase its export activities. The government wants the industry to double annual vehicle production of about 600,000 vehicles to 1.2-million vehicles by 2035. With the domestic new-vehicle market expected to show no more than steady growth in coming years, most of the extra volumes produced will have to find foreign buyers. The SA motor industry already exports more than 50% of its production. While Lamprecht is confident the industry can meet ...
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