Growth in the consumption of chemical products has always been similar to the country's manufacturing GDP growth, because the chemical sector affects the agriculture, automotive, construction, consumer products and food industries.
South Africa's chemical manufacturing industry - the continent's largest - uses local companies to develop and market higher-value chemicals, giving them a competitive edge. On the down side, locally manufactured goods have generally been less competitive in export markets, reports CBN. High transport costs to coastal ports and high raw material prices, as a result of import tariffs, are also negatively affecting the industry.
South African chemical companies are focusing on the need to be internationally competitive and the industry is reshaping itself accordingly to become leaner and more price competitive, CBN says.
Read the full article on www.cbn.co.za
