Unveiling the obvious to Richard Byles
THE EDITOR, Sir:
Richard Byles, co-chair of the local Lagarde lobby, is pleased with the reduction in imports, but is very concerned about the reduction in exports. He has vowed to investigate the matter to find a reason.
There is a feeling in some quarters that a reduction in purchases from abroad would lead to a corresponding increase in local production and exports.
I am not sure Mr Byles needs to look too far for the answer. Most of what we consume is - either wholly or in part - imported. The only local inputs into the 'local' chickens we eat are the labour and the sunshine. Just about everything we export has varying degrees of import content.
May I remind Mr Byles that manufacturers are having difficulty collecting payments. Devaluation is pushing up the prices of inputs and the overall cost of doing business The economy is contracting and there is no growth or export strategy.
When devaluation finds itself in bed with inappropriate technology, we get what is happening to us now, Mr Byles.