BCRA will maintain currency flotation and stimulate credit in 2020

The Central Bank of Argentina (BCRA) announced that during 2020 it will extend the terms of placement of Leliq as well as the terms of the daily tenders to intervene in "open market" operations. In the "plans and objectives for 2020" published on their website, the monetary authority also includes maintaining flotation of the peso with the current exchange regulations and stimulating the supply of credit to the private sector.

Argentine beef exports grew 50% due to higher Chinese demand

Argentina exported 670,000 tons of beef in the first 10 months of 2019, 50% more than in the same period of 2018, according to a report by Rosgan Livestock Market of Rosario Stock Exchange. The analysis indicates that this was due to higher demand in China, where 74% of total exports were directed. It also projects an annual closure of 850,000 tons, thus exceeding the historical record of 2005 (771,000 tons).

Fernández appoints teams leaders for external debt negotiations

President Alberto Fernández will appoint Lisandro Cleri in the next few hours as chairman of the advisory committee on the Argentine external debt negotiations, according to sources from the Ministry of Economy. In addition, a Technical Relations Unit with the IMF will be created, led by Emiliano Libman, and Sergio Chodos will assume as executive director of the representation of the Southern Cone before the IMF.

Bad year for the footwear industry: production -10%, consumption -15%

Footwear production reached 69 million pairs between January and October 2019, a 10.3% drop compared to the same period of 2018, according to a report by the consulting firm Investigaciones Económicas Sectoriales (IES). In that period, consumption registered a total of 89 million pairs, with a decrease in comparison of 15%. Exports decreased 11.1% by registering $ 8 million while imports decreased 32.8% ($353 m vs. $525 m).

Argentina ends 2019 with a trade surplus of $1.017 billion with Brazil

The bilateral trade balance with Brazil in December showed a surplus of US $196 million for Argentina, according to data from the Ministry of Development, Industry and Foreign Trade (MDIC) of Brazil. Therefore, the trade surplus for 2019 amounts to $1.017 billion, which implies a reversal of $5.080 billion in relation to the $4.063 billion of 2018, and the first positive annual result since 2002.