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Global credit crunch affects SA agriculture markets abroad
The current worldwide credit crunch was affecting South Africa's major agriculture markets in Europe, says the Department of Agriculture, Forestry and Fisheries (DAFF). The financial and economic uncertainty and debt crisis in Europe "continue to keep global markets jittery with talk of another global recession gaining momentum," said the department.
During a presentation of the department's unqualified annual report to Parliament's Portfolio Committee on Agriculture, Director-General Langa Zita highlighted the successes and challenges of the department. He said that last year, agricultural commodity markets experienced "significant volatility as the balance between demand and supply and weather conditions occurred," adding that gross farming income from all agricultural products for 2010/11 was estimated at R131.7 billion, or 0.4 percent lower than the previous corresponding period.
The committee, however, was not pleased with the presentation. Some MPs argued that it lacked depth. They complained that the department was hiding reports from the committee, and that it was difficult for them to get responses to their queries. MPs alleged that they were being "kept in the dark" and had to rely on media reports to understand what was going on. They asked that the department release the findings of an investigation into irregular activities, which some reports say include wasteful and fruitless expenditure.
Read the full article on http://7thspace.com.
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