ARGENTINA: Government announces tighter restrictions on imports in move aimed at protecting local industry

Record ID: 1518999

  • Title: ARGENTINA: Government announces tighter restrictions on imports in move aimed at protecting local industry
  • Date: 18th August 2007
  • Summary: BUENOS AIRES, ARGENTINA (FILE) (REUTERS) VARIOUS OF CONTAINER SHIPS IN PORT
  • Embargoed: 2nd September 2007 04:43
  • Keywords:
  • Location: Argentina
  • Country: Argentina
  • Topics: Economic News,Domestic Politics
  • Reuters ID: LVA1DOSWIIVVEPVJG5D8GFDQ9ZAR
  • Aspect Ratio: 4:3
  • Story Text: Argentine moves to curb imports, specifically targeting goods from China.

    The Argentine government announced tighter restrictions on imports on Friday (August 17) in a move aimed at protecting local industry.
    The new limits apply to imports of shoes, tyres, autoparts and bicycles among other goods, and particularly target products from China.
    Economy Minister Miguel Peirano made the announcement alongside President Nestor Kirchner during a televised meeting with Argentine businessmen.
    The move is aimed at shielding sectors that generate local jobs.
    Peirano said they were permanently analyzing the requirements of small and medium businesses.
    But some investment banks warned the measure could stoke inflation, the biggest economic challenge facing President Kirchner in an election year.
    Peirano said the government was trying to balance out all the big economic factors.
    The decision comes after the trade surplus in Latin America's third-largest economy narrowed in May and June due to increasing imports.
    Also, President Nestor Kirchner said the country's economic fundamentals are solid enough to weather any global market turbulence.
    Investor worries over a housing loan crisis in the United States have dragged down markets across the globe in recent weeks. The market turmoil has pushed down Argentine stocks, bonds and the peso currency.
    Kirchner said Argentina did not have the force to move world markets, but did have the ability to guard against external market forces.
    Peirano elaborated by saying that the country's 8 percent annual growth rate in the last five years, budget surplus and high foreign reserves would help the country cope with any market volatility.
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