I. Recent import situation in the Argentine market
As the second largest economy in the South American Common Market, Argentina’s import market has always attracted much attention. Recently, the Argentine government has taken a series of measures to adjust import tariffs to promote the development of foreign trade and domestic economy.
According to the report of Argentina’s “Financial World”, the Argentine government passed Decree No. 908/2024 to reduce import tariffs on 89 products. Among them, tariffs on a variety of products including tires, motorcycles, small appliances, coffee, sunscreen, etc. have been reduced. For example, the import tariff on tires has been reduced from 35% to 16%, the tariff on motorcycles has been reduced from 35% to 20%, and the tariffs on small appliances, coffee and other products have also been reduced from 25%-35% to 9%-30%. These measures not only benefit the majority of consumers, but also further promote the import and development of related industries.
In terms of construction machinery and vertical transportation machinery, although the specific tariff adjustments are not directly mentioned, according to the Argentine government’s package of measures to promote foreign trade, these products may also benefit from the reduction in tariffs. As important tools for infrastructure construction, construction machinery and aerial machinery are in great demand in Argentina, such as suspended platform and construction hoist, so their import situation has also attracted much attention.
2. New foreign exchange policies in Argentina
In terms of foreign exchange policies, the Argentine government has also taken a series of measures to optimize foreign exchange management and promote the development of international trade.
The Central Bank of Argentina (BCRA) has issued a series of new regulations aimed at completely eliminating foreign exchange restrictions and promoting free trade between importers and exporters. From August 1, 2024, Argentina began to implement a new foreign exchange policy, shortening the payment period for import fees, increasing the amount settled by overseas staff, and allowing people who received state subsidies during the epidemic to buy and sell US dollars freely. These measures not only simplified the foreign exchange transaction process, but also improved the efficiency of the foreign exchange market.
In addition, the Argentine government also revoked foreign exchange control measures and implemented a floating exchange rate mechanism. This measure makes Argentina’s exchange rate more market-oriented, which helps to enhance the stability and international competitiveness of the Argentine currency.
Post time: Oct-25-2023