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The Argentine government's new measures to strengthen import regulation include:
Whether the import application scale of the importer is in line with its financial resources will be certified;
Requiring importers to designate only one bank account for foreign trade;
Require importers to more precisely time their purchases of reserve currencies such as dollars from central banks.
Details of the measures, which are set to take effect on October 17, will be announced in the next few days, the sources said.
This year, Argentina has been trying to rescue its flagging foreign exchange reserves by regulating imports. The country relies on imports for a large number of consumer goods. The surge in international energy, raw materials, and other commodities has already pushed up imported inflation in the country, and the sharp depreciation of the currency has further aggravated imported inflationary pressure.
To prevent hyperinflation, Argentina's central bank sold dollars every day in an effort to keep the peso from falling, but to no avail. Today, Argentina has one of the world's worst inflation rates.
A survey of analysts released by Argentina's central bank on Oct. 6 predicted inflation could hit an annualized 100.3% this year, up 5.3 percentage points from its previous forecast. Annualized inflation is expected to hit 90.5% in 2023, up from 84.1% previously forecast.
In June, Argentina's central bank issued Notice No. A7532, extending the import exchange control measures to the system of financing imports of services and non-automatically licensed products for three months until September 30 this year.
As a result, on September 28, Argentine Economy Minister Felipe Massa, when submitting the 2023 budget bill to the Argentine Congress, criticized the absurdity of the current automatic import license system and announced that the new foreign trade system will be launched on September 30.
On the new import control measures, the minister said there would be a focus on automatic (LA) and non-automatic (LNA) import licensing systems, while also improving the Integrated Import Monitoring System (SIMI) to incorporate convenience and traceability.
With all but energy, capital goods, and pharmaceuticals subject to import controls, many Argentine importers fear they will not be able to continue their business. Many suppliers have stopped supplying to Argentina, and importers may raise prices to reduce demand and maintain inventories.
The gap between the official rate and the black market rate has widened since currency controls were introduced in 2019, and Argentina now has at least seven exchange rates.
Importers convert dollars to the central bank at the official exchange rate, and the dollar-Argentine peso rate is as much as 88 percent above the official rate in some trading markets, prompting some importers to overdo or repeat requests for official quotas.
This is in effect earning dollars at the official exchange rate, something Argentina, which has few foreign reserves, to begin with, cannot tolerate.
So recently, Argentina customs also did another thing, that set out to punish violations, import and export trade mainly involved in the import and export trade a clampdown on false goods price behavior, such as writing export invoices at a lower price, high open import invoice, in the first round of the campaign involving 13640 business and 722 companies, fob goods total about $1.25 billion.
In addition, in the direction of small trade and cross-border e-commerce, the Argentine government recently adopted resolution 5260/2022, reducing the limit of goods purchased overseas by express delivery from the US $3,000 to the US $1,000. The measure, which took effect on September 23, covers both natural and legal persons and is overseen by Argentina's Federal Administration of Public Revenue (AFIP).
In this case, the new rules apply to inbound parcels sent by Courier service "for personal or legal purposes, consisting of no more than three items of the same kind, not having a commercial purpose, weighing no more than 50kg in total and not exceeding $1,000 on a FOB basis".
It is understood that the measure previously set a total amount of $3,000, now the limit is reduced to $1,000; Article 7 relating to imports and exports of reduced form consumption has also been amended. From now on, "each sender must export no more than $3,000 FOB," while the same recipient must import no more than $1,000 FOB and no more than 50kg in total weight.
In addition, items that can be ordered by mail from overseas, including food, clothing, toys, technology products, decorations, etc., should always be for personal use rather than commercial use, weigh less than 50 kg, and weigh less than $1,000.
Whether the import application scale of the importer is in line with its financial resources will be certified;
Requiring importers to designate only one bank account for foreign trade;
Require importers to more precisely time their purchases of reserve currencies such as dollars from central banks.
Details of the measures, which are set to take effect on October 17, will be announced in the next few days, the sources said.
This year, Argentina has been trying to rescue its flagging foreign exchange reserves by regulating imports. The country relies on imports for a large number of consumer goods. The surge in international energy, raw materials, and other commodities has already pushed up imported inflation in the country, and the sharp depreciation of the currency has further aggravated imported inflationary pressure.
To prevent hyperinflation, Argentina's central bank sold dollars every day in an effort to keep the peso from falling, but to no avail. Today, Argentina has one of the world's worst inflation rates.
A survey of analysts released by Argentina's central bank on Oct. 6 predicted inflation could hit an annualized 100.3% this year, up 5.3 percentage points from its previous forecast. Annualized inflation is expected to hit 90.5% in 2023, up from 84.1% previously forecast.
In June, Argentina's central bank issued Notice No. A7532, extending the import exchange control measures to the system of financing imports of services and non-automatically licensed products for three months until September 30 this year.
As a result, on September 28, Argentine Economy Minister Felipe Massa, when submitting the 2023 budget bill to the Argentine Congress, criticized the absurdity of the current automatic import license system and announced that the new foreign trade system will be launched on September 30.
On the new import control measures, the minister said there would be a focus on automatic (LA) and non-automatic (LNA) import licensing systems, while also improving the Integrated Import Monitoring System (SIMI) to incorporate convenience and traceability.
With all but energy, capital goods, and pharmaceuticals subject to import controls, many Argentine importers fear they will not be able to continue their business. Many suppliers have stopped supplying to Argentina, and importers may raise prices to reduce demand and maintain inventories.
The gap between the official rate and the black market rate has widened since currency controls were introduced in 2019, and Argentina now has at least seven exchange rates.
Importers convert dollars to the central bank at the official exchange rate, and the dollar-Argentine peso rate is as much as 88 percent above the official rate in some trading markets, prompting some importers to overdo or repeat requests for official quotas.
This is in effect earning dollars at the official exchange rate, something Argentina, which has few foreign reserves, to begin with, cannot tolerate.
So recently, Argentina customs also did another thing, that set out to punish violations, import and export trade mainly involved in the import and export trade a clampdown on false goods price behavior, such as writing export invoices at a lower price, high open import invoice, in the first round of the campaign involving 13640 business and 722 companies, fob goods total about $1.25 billion.
In addition, in the direction of small trade and cross-border e-commerce, the Argentine government recently adopted resolution 5260/2022, reducing the limit of goods purchased overseas by express delivery from the US $3,000 to the US $1,000. The measure, which took effect on September 23, covers both natural and legal persons and is overseen by Argentina's Federal Administration of Public Revenue (AFIP).
In this case, the new rules apply to inbound parcels sent by Courier service "for personal or legal purposes, consisting of no more than three items of the same kind, not having a commercial purpose, weighing no more than 50kg in total and not exceeding $1,000 on a FOB basis".
It is understood that the measure previously set a total amount of $3,000, now the limit is reduced to $1,000; Article 7 relating to imports and exports of reduced form consumption has also been amended. From now on, "each sender must export no more than $3,000 FOB," while the same recipient must import no more than $1,000 FOB and no more than 50kg in total weight.
In addition, items that can be ordered by mail from overseas, including food, clothing, toys, technology products, decorations, etc., should always be for personal use rather than commercial use, weigh less than 50 kg, and weigh less than $1,000.
