Bloomberg News

Argentina Forces Miners to Replace Imported Goods, Cronista Says

May 29, 2012

Argentina ordered mining companies to use local transport companies for exports and replace imported goods with locally-made products, newspaper El Cronista reported, citing government resolutions.

The measures aim to limit the purchase of dollars used to pay for imported goods and services, the Buenos Aires-based newspaper said. The government may extend this resolution to other industries, according to the newspaper.

About 70 percent of the industry’s supplies are bought abroad, the paper said. The government of President Cristina Fernandez de Kirchner estimates that replacing imported goods will help boost the trade balance by $1.5 billion, Cronista said.

To contact the reporter on this story: Eliana Raszewski in Buenos Aires at eraszewski@bloomberg.net

To contact the editor responsible for this story: Joshua Goodman at jgoodman19@bloomberg.net


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