Ford Argentina Agrees To Boost Exports In Deal With Government
24 5월 2011 - 6:06AM
Dow Jones News
The Argentine unit of Ford Motor Co. (F) is the latest carmaker
to sign an agreement with the government to boost exports to
compensate for increased imports, as the government jacks up the
pressure on manufacturers to help it maintain a wide trade balance
despite soaring demand for imports.
Ford has vowed to boost its export surplus to $90 million by
2012, the economy ministry said in a press release Monday. That
follows a deficit of $250 million in 2010.
Ford executives vowed to increase exports 70% next year through
developing new models and to increase imports by no more than 30%
by boosting domestic manufacturing, according to the ministry.
The agreement comes three weeks after Ford was fined $1.3
million by the tax agency Afip for allegedly failing to accurately
declare auto parts that were imported from Brazil.
Ford is the latest of a long list of carmakers to sign similar
agreements with the government, which has strong-armed the
companies to balance any imports with corresponding exports.
The local units of Chery, General Motors Co. (GM), Volkswagen AG
(VLKAY, VOW.XE), Daimler AG's (DDAIY, DAI.XE) Mercedes Benz,
Porsche (POAHY, PAH3.XE), Fiat SpA (FIATY F.MI), Peugot SA's
(PEUGY, UG.FR) PSA Peugeot Citroen and Fiat's Alfa Romeo have also
agreed to the deals, according to the ministry. Most of the
companies vowed to export more cars or parts, but Porche, which
doesn't manufacture cars in Argentina, agreed to export wine and
olive oil to balance out the 100 vehicles it plans to bring in this
year.
In April, Germany's BMW AG (BMW.XE) said it would stop importing
cars to Argentina due to restrictions. BMW sold around 3,500
vehicles in Argentina in 2010, according to data from the Argentine
automotive dealers association, Acara. That was up almost 60% from
2009.
The agreements with the other carmakers will lead to an export
surplus of $4 billion next year for the vehicle industry, compared
with a deficit of almost $6 billion last year, Industry Minister
Debora Giorgi said in the release.
Despite the government measures, the carmakers are on track to
set records for production, exports and domestic sales this year as
they benefit from booming economic growth in the region and runaway
inflation in Argentina, which has led consumers to pour cash into
durable goods like cars as a hedge.
During the first four months of the year, vehicle production was
up 27.8% on the year, according to vehicle manufacturers chamber
Adefa.
During the first four months of the year, exports were up 32.4%
on the year, with the vast majority shipped to neighboring Brazil,
where demand has surged over the past year.
In 2010, Argentina ran a $12.06 billion trade surplus thanks to
high prices for its grain exports and strong demand for Argentine
manufactured goods in Brazil. But the government has aggressively
thrown up barriers to imports so far this year amid booming
economic growth which has fueled strong demand for goods from
overseas.
In April, Argentina's trade surplus tumbled 38% from a year ago
to $1.3 billion as import growth continued to outstrip exports. In
April, exports grew 12% on the year to $6.95 billion, while imports
surged 38% to $5.65 billion, according to the national statistics
agency Indec.
Amid those soaring imports, last month the central bank trimmed
its forecast for this year's trade surplus to $9 billion from $10
billion.
Argentina's measures to slow imports have angered top trade
partners Brazil and China and fueled friction.
Earlier this month, Brazil stopped granting non-automatic import
licenses on a number of products, including automobiles and auto
parts, produced in Argentina. The move, which can delay goods at
the border for up to 60 days, was in retaliation for similar
measures imposed by Argentina against Brazilian goods.
Brazilian and Argentine trade officials are scheduled to meet
this week for talks to end the latest trade spat.
-By Shane Romig, Dow Jones Newswires; 54-11-4103-6738;
shane.romig@dowjones.com
Porsche Automobile (PK) (USOTC:POAHY)
과거 데이터 주식 차트
부터 6월(6) 2024 으로 7월(7) 2024
Porsche Automobile (PK) (USOTC:POAHY)
과거 데이터 주식 차트
부터 7월(7) 2023 으로 7월(7) 2024