Argentina's car production reached 27,099 units in November, that is, 26.4% below the same month of 2018, while exports contracted 31.2% in the same year-on-year comparison. The information provided by the Association of Automotive Manufacturers (Adefa) indicates that November marked the 15th month of a consecutive fall in national vehicle production.
Argentina's president elect, Alberto Fernandez, has stated that once he takes office the country will attempt to solve its sovereign debt issues quickly and without seeking a haircut for creditors. A difficult task taking in account the different challenges of a country with a persistent fiscal deficits and recession. According to the latest government statistics, Argentina’s total outstanding debt totals $337 billion, or 80.7 percent of GDP.
The Central Bank of Argentina (BCRA) injected an additional of nearly ARG$300 billion ($5 billion) in the market in November, this is 20% more than the previous month. This was as a result of the relaxation of the monetary base goal, plus the issuance of money to add dollars to reserves and to help the Treasury meet its expenses.
The government of Neuquén awarded two new areas of unconventional fields in Vaca Muerta to the companies YPF and Vista Oil & Gas, associated with Gas & Petroleum of Neuquén, for an amount in the first pilot stage of more than US $ 90 millions, official sources reported.
President-elect Alberto Fernández, will send the new draft Budget 2020 to Congress on December 12, two days after taking office. Opposition lawmakers said they will not hinder the debate of the initiative. Fernández decision was notified by the future head of the Chamber of Deputies, Sergio Massa, to the next heads of all blocs in the lower house including the 'macrista' Álvaro González, and Máximo Kirchner, future head of the official bloc.
Shares in the Buenos Aires Stock Exchange of the Aluar aluminum producer sank 11.9% and those of the Ternium steel factory 6% following Donald Trump's announcement to restore tariffs on Argentine imports. Aluar and Ternium concentrate local steel and aluminum production and export to the United States worth $700 million a year.
According to last May report from Argentine Commercial Exchange (ICA), exports in the first five months of the year reached $1.7 billion and imports, 2.7 billion. Among what the country exported are common metals and their manufactures ($ 260 million); stones and precious metals and their manufactures, coins ($138 million).
Oil companies operating in Argentina apply a further increase of up to 6.5% in fuel prices as of today, thus totaling 17.8% in one month, after authorization granted by the Government. Meanwhile, companies offering prepaid health plans also apply a 12% increase as of today. This is the sixth consecutive increase of the year that accumulates 61%, 6 points above the estimated inflation of 55%.
Argentina' central bank (BCRA) will maintain the floor underneath its benchmark Leliq interest rate at 63% to help protect the country's wobbly peso currency. In a monthly report, the bank said that it would hold the rate steady for December due to the "importance of sustaining a real positive return for savers".
Argentine embassy organised a commercial event in Lahore to promote bilateral relationships with Pakistan in the fields of agriculture, pharma industry and tourism. In 2018, Argentina exported to Pakistan $90 million mainly in agro-industrial products, and imported close to $50 million in textiles, cotton, sports accessories and medical equipment.