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Dumping is when an overseas company is exporting products at a lower value than in its home country.
An investigation was started at the request of fruit processor SPC Ardmona, which says it can't compete with cheap, unfair imports.
The Anti-Dumping Commission has ruled that two South African companies are dumping peaches, but not by a great enough margin (more than 2 per cent) to warrant tariffs.
The commission had earlier upheld a complaint from SPC Ardmona about dumped tinned tomatoes, saying tariffs could be imposed.