Argentina temporarily suspended the export activities of 12 companies

 Last week, Argentina temporarily closed 12 beef exporting factories due to "irregular" operations and confiscated more than 220 tons of MEAT as tensions escalated over a government ban on meat exports.

Argentina is the world's fifth largest supplier of beef, but a 67% rise in prices forced the government to announce a beef EXPORT ban in an attempt to bolster domestic supply amid runaway inflation. The Department of Agriculture said it temporarily suspended the export activities of six companies after discovering "irregularities such as non-payment of taxes or registration of false addresses, among other allegations."

Officials said they closed six more firms on similar charges, 12 in total, linked to the seizure of 220 tons of meat. The ministry noted that five other firms are also under investigation. According to Rabobank's analysis, this decision could affect the global beef market, as Argentina is one of the main suppliers of beef to the Chinese market. “In mid-May, Argentina announced that it would impose a 30-day ban on beef exports to cushion domestic beef price increases. With Argentina supplying 22% of CHINA 's imports in the first quarter of 2021, this could be optimistic for other beef exporters, depending on how long the ban is in place,” commented Angus Gidley-Baird, senior analyst at Animal Protein.