The latest research from policy research entity Trade and Industrial Policy Strategies (TIPS) reveals that, for the first time since the start of the Covid-19 pandemic, exports declined while imports continued to grow. The latest Imports Localisation and Supply Chain Disruption Study for the fourth quarter of 2022, shows that exports fell 3% to R495-billion during the fourth quarter of 2022, from R510-billion in the fourth quarter of 2021.