Argentina bans beef exports for 30 days

The Argentine government has decided to suspend the EXPORT of beef for 30 days.

At a meeting with cattle breeders and beef exporters, Argentine President Alberto Angel Fernandez explained the forced restriction of external supplies by the need to curb rising prices in the domestic market. Year-on-year inflation in this South American country is close to 50% and beef prices are rising steadily.

If the set of measures to resolve the situation turns out to be fruitful, then exports will resume earlier than in a month, the President noted, that is, the exact date of lifting the ban is still unknown. Experts estimate possible business losses at $240 million.

In recent years, the volume of supply of Argentine beef to world markets has increased and at the beginning of 2021 reached a historical record. RUSSIA ranks fourth among importers. DIRECTOR of the National Union of Beef Producers Roman Kostyuk believes that the restrictions imposed by the government of Argentina will not affect the situation in the industry. If necessary, domestic importers will change the supplier, he said.