The utilisation of installed capacity in the industry rose in December to 56.9%, compared to a year earlier, the National Institute of Statistics and Census (Indec) reported on Wednesday. Among the sectors with higher levels are petroleum refining (78.6%), chemical substances and products (68.8%), paper and cardboard (68.1%), basic metal industries (66.1%), and food and beverage products (63.3%).In contrast, the automotive industry decreased by 21.1% compared to December 2018.
Auto sales in Argentina may drop as much as 15% in 2020, below 400,000 units, as the country faces a difficult debt restructuring and economic crisis, according to Fiat Chrysler’s CEO for Latin America, Antonio Filosa. The automaker plans to keep its production in the country considering its long-term prospects though. Filosa predicts auto sales to grow 1.5% en the whole region and 6% in Brazil.
The presidents of Brazil, Jair Bolsonaro and Argentina, Alberto Fernández might hold their first meeting on March 1 in Montevideo, when they attend the inauguration ceremony of new Uruguay president, Luis Alberto Lacalle Pou. Bolsonaro made the suggestion of the place and date when he received in Brasilia on Wednesday, the Argentine Foreign Minister, Felipe Solá, the first sign of reducing tensions between both heads of State, of opposing ideologies
Argentina’s economy minister, Martín Guzmán, warned bondholders to brace for significant losses as the country restructures its debt “focused on sustainability” amid an economic crisis. His comments at a congressional hearing on Wednesday set the tone for tense negotiations with sovereign debt bondholders, among them major investment funds such as BlackRock and Fidelity. He also said the government won’t reduce its fiscal deficit in 2020.
Container terminals TecPlata of Argentina and Terport of Paraguay sealed a collaboration agreement to develop new connections between their hubs. Tecplata, part of Philippine holding International Container Terminal Services Inc. (Ictsi), could become the most important overseas transshipment centre for Paraguayan cargoes. Terport, a joint venture of Compañía Marítima Paraguaya and Grupo Navemar, operates San Antonio and modern Villeta terminals.