Argentina

Argentina suspends 12 beef export operations

Beef

The conflict between the industry and the government deepens.

Posted on Jun 07 ,06:56

Argentina suspends 12 beef export operations

Last week, Argentina temporarily shut down 12 beef exporters over "irregular" operations and had seized over 220 tonnes of meat as tensions over the government's meat export ban deepen. Argentina is the world's fifth supplier of beef but a spike of 67% in prices has forced the government to announce a ban on exports in a bid to bolster domestic supply amid runaway inflation. The ministry of agriculture said it had temporarily suspended the export activities of six companies after discovering "irregularities such as not liquidating foreign currency or having registered false addresses, among other charges."
Officials said they had already shut down six firms on similar charges, for a total of 12, involving the seizure of 220 tonnes of meat. The ministry noted an additional five firms were also under investigation. According to a Rabobank analysis, the decision may have an impact in the global market as Argentina is one of the main suppliers of beef in the Chinese market. "Argentina announced in mid-May that it would impose a 30-day ban on the export of beef to alleviate rising domestic beef prices. As Argentina supplied 22% of China’s imports in Q1 2021, this could be bullish to trade prices for beef, depending on how long the ban stays in place," commented Angus Gidley-Baird, Senior Analyst - Animal Protein.

 NEWSLETTER - Stay informed with the latest news!

Comments





Similar articles

BRAZIL

Reuters: Pension fund Previ sells stake in Brazil's BRF ahead of Marfrig deal

Previ, which represents workers from state-run lender Banco do Brasil, said the move aims to avoi...


Read more Read more
NEW ZEALAND

New Zealand: Beef systems boost productivity and profitability

Speaking on a Beef + Lamb New Zealand Central Otago Farming for Profit Systemising Beef webinar, ...


Read more Read more
AUSTRALIA

Australia: How goats built a thriving enterprise

"Basically, the cattle would go in and knock down the taller shrubs and weeds in paddocks that ha...


Read more Read more
Websolutions by Angular Software and SpiderClass