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"But it certainly helps compensate for some of the dollar costs we have in importing raw materials".
But he suggested it could be possible to switch to arc furnaces to recycle scrap steel instead of importing raw materials and then exporting scrap.
Japan and Korea benefited from importing raw materials with high emission intensity from China to meet domestic consumption needs and keep a low national emission level.
Mendoza has always denied these accusations and in January 2014 announced that the country's currency regulator, Cencoex, owed Polar $463 million, a debt that was impeding the company from importing raw materials needed for production.
The other pattern occurs in countries that export these products by importing raw materials, and so they will have a higher imported content than countries fitting the first pattern.
He used this newspaper to explain his economic ideas: manufacturing and exporting finished goods, importing raw materials to manufacture, avoiding importing luxury goods or raw materials that could be produced or extracted locally, importing only vital products, and owning a merchant navy.
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He notes that he, too, will benefit from lower duties on imported raw materials.
The greatest weakness of this sector has been its dependence on imported raw materials.
Another area of significant growth was in value-added reexport manufacturing (i.e., processing imported raw materials or assembling imported parts and components into finished products for reexport).
Photograph: Thomson Reuters Manufacturing firms have, so far, shrugged off the stronger pound -- which makes their goods more expensive overseas, but also makes imported raw materials cheaper.
Some journalists I spoke with believed that sanctions would seriously harm Iran's private sector by late fall, when manufacturers ran out of imported raw materials and machinery.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com