2023-10-24 12:58:00
The National Government made official the expansion of the Export Promotion Program (PIE)previously applied in the agricultural and oil sectors, to mention, to the rest of the export activities. The measure will be valid until November 17two days before runoff between Sergio Massa and the libertarian Javier Milei.
This was carried out through the Decree of Necessity and Urgency (DNU) 549/2023published in the Official bulletin. This Monday, following winning the general elections, the Minister of Economy himself, as well as the presidential candidate of Union for the Homeland, He had anticipated the disposition before the foreign press.
Is regarding a differential exchange rate focused on those exporters of merchandise included in the Common Nomenclature of Mercosur (NCM)a system that allows individualizing and classifying items traded between the states that are part of the group and between them and the rest of the world.
However, there is a specific difference compared to Soybean Dollar and the Vaca Muerta Dollarto name some previously implemented PIE: in this case, 30% of the currencies will be “freely available” to change to Cash with Settlement, and not the 25% previously defined, so, in this way, 5 “profit” points are increased for producers.
Online, the remaining 70% of the equivalent value of the export of the merchandise, It must be entered in foreign currency and negotiated through the Free Exchange Marketat the official rate, currently $350.
This DNU bears the signature of the President of the Nation, Alberto Fernandezand the entire Cabinet, among which are Agustín Rossicandidate for vice president for the ruling party, Santiago Cafiero, Anibal Fernandez, Sergio Massa himselfamong other names.
This expansion of the Export Increase Program takes place in the midst of the bleeding of reserves of the Central Bankbeyond the recent expansion of the swap with China for a total of 47 billion yuan, equivalent to US$6.5 billion dollars.
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According to INDEC, the balance of trade in September suffered a contraction of US$ 793 million. Despite the strict restrictions on imports, The streak of seven consecutive losing months continued.
The exported values totaled US$ 5,751 million, with a year-on-year drop of 23.5%while imports were also down: totaled US$ 6,544 million, 8.3% less than in the same month last year.
So far in 2023, commercial red It was US$6,960: this represents a drop of 10 billion following its surplus of US$ 2,578 registered, at a cumulative level, in the same period of 2022. This trend would remain until the end of the year calendar, in the middle of defining the electoral process.
“The year 2023 can hardly be closed with a trade deficit of less than US$6,000/7,000 millionwhen last year we had a trade surplus of US$6.9 billion“said the consultant CEB in a report.
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