SA raises import duties on wheat after slump in US prices


National Treasury has approved increased duties on wheat imports to protect local producers after United States prices of the grain dropped to the lowest in more than five years this month.

The tariff increased by 78% to R911.20 a metric tonne – the highest since the government introduced the tariff regime in January 2002 – according to a National Treasury statement posted on the website of the South African Grain Information Service (Sagis) website.

Hellenic Shipping News cited Wandile Sihlobo, an economist at the Grain SA farmers’ lobby, as saying: “An increase in the tariff would provide a base for domestic prices. The tariff is a good increase given that South African producers are heading towards harvesting now.”

 


More News