Argentina’s January trade surplus in January confirmed the shrinking tendency increasingly present all along 2010 as imports’ growth outpaced exports by two to one.
Even when Uruguay and Brazil are in the course of reaching understandings with Argentina regarding the latest trade restrictions to be implemented by President Cristina Fernandez de Kirchner administration, ‘which are not targeted against Mercosur members’, the Brazilian press presents another angle.
Argentina and Brazil agreed Friday to set up a Monitoring Committee in order to exclude Brazilian products from being affected by the imports non-automatic licence system announced this week by the administration of President Cristina Fernandez de Kirchner.
Argentina extended the application of LNA non-automatic licenses to a list of new imported products, which include metallurgical products, electronics, some fabrics, high-range automobiles, bicycles and bicycle parts.
Argentina has stopped the import of high-class luxury cars and redoubled efforts to convince companies with no assembly plants in Mercosur to reduce imports and reach export agreements with Argentine auto parts industry.
Trade between the four member Mercosur block is expected to reach 42 billion US dollars in 2010 revealed Argentine Industry minister Debora Giorgi who on Thursday will be participating of the Mercosur summit in Foz de Iguazu, Brazil.
Bilateral trade among Mercosur main partners, Argentina and Brazil is expected to reach a “historic record” of almost 34 billion US dollars this year, 80% of which mostly manufactured goods, according to Argentine Industry minister Deborayh Giorgi, who also anticipated that the deficit would drop 30%.
India could become the main buyer of Argentine soybean oil according to Industry Minister Deborah Giorgi. The official made the announcement following a meeting on Monday with Indian in Buenos Aires Rengaraj Viswanathan.
Brazil is seriously considering retaliation against Argentina for new rules restricting food imports which allegedly compete directly with Argentine production. EU ambassadors in Buenos Aires made a similar presentation before the Argentine congress earlier this week.
While the Argentine government remained silent, European Union country ambassadors showed up at the Argentine Congress Thursday in order to protest against food import restrictions. The ambassadors, however, saved their criticisms and instead spoke in a conciliatory tone before the Lower House Foreign Affairs Committee, although they did not hide their “growing worry.”