RABAT August 24 (Reuters) -
RABAT August 24 (Reuters) –
Morocco is likely to lift import duties on soft wheat temporarily in October, a government source said on Thursday, as the cash-tight country delays its biggest import campaign of the commodity in 30 years while it buys up the local harvest.
“The 17 percent import duty on soft wheat will eventually have to be suspended, probably in October, to ensure adequate supplies,” the source said.
With monthly milling needs at around 450,000 tonnes, Morocco will need to import no less than 4 million tonnes of soft wheat in the 12 months to end-May. The previous year, the domestic harvest and imports amounted to 7.1 million tonnes.
The domestic crop has fallen short this year, while the $92 billion economy is struggling to recover after racking up its biggest trade deficit last year in nearly 30 years