Despite the strain that the pandemic has caused for most industries, the agricultural sector has experienced a growth of 15.9%. According to the Bureau for Food and Agricultural Policy's estimations. Amid this, there are reports that fertiliser prices are expected to increase by a staggering 70% and more rising input costs. This means that farmers will feel the heat going forward as we approach the plowing season and recovering from years of drought. Join us as we unpack more of the story below.
Moreover Eskom has announced their new proposal to increase electricity tarrifs once again by atleast 20.5%. Labour costs and agrichemicals are other factors that put this industry at risk. The production for this year is in motion and there are reports that prices have already increased by more than 32%. One thing that must be kept in mind is that Africa relies on countries like Saudi Arabia and China amongst others to source for fertilisers.
Oil prices and import taxes
In the past couple of days, it was announced that prices for petrol and oil are going to increase. Even if they were to manufacturer them locally, most of the key ingredients will need to be imported. What are your thoughts about? Let's keep the conversation going on the comments section below and remember to follow us for more informative articles like this one published daily.
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