Argentina's industrial production in May slumped 5.1% from a year earlier due to a sharp slowdown in the automotive, non-metal minerals and base metals sectors, manufacturer chamber UIA said in its monthly report Tuesday.
Ford Motor Argentina is the latest carmaker to sign an agreement with the government to boost exports to compensate for increased imports. Ford has vowed to boost its export surplus to 90 million USD by 2012, the Economy ministry said in a press release Monday. That follows a deficit of 250 million USD in 2010.
Argentina reached an agreement with the French conglomerate Peugeot-Citroen and the importers of Italy’s Alfa Romeo, to balance imports-exports value, following on Argentina’s latest regulations for the country’s auto industry.