Sharp hike in wheat duties
An increase in wheat-import duty of 34% - the highest on record - to protect local farmers has been approved by the Treasury, but it has asked the International Trade Administration Commission to review the formula used to calculate the increase because it is worried about the higher tariff's effect on food prices.The tariff on wheat imports is now R1224.31 a ton, an increase of R313. The increase is in line with the commission's current formula, the Treasury said.It has proposed to Trade and Industry Minister Rob Davies that he consider "an urgent and accelerated review" of the formula, and that this be followed by evaluations of the calculations used in fixing the duties for sugar and corn.GrainSA chief economist Dirk Strydom said the increase would cause an increase of less than 1% in the price of bread. The amount of wheat in bread equates to about four slices in a loaf. ..
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