This phenomenon occurs in parallel to the net growth of imports. This reflects a greater acceleration of inputs, which already represent 87% of the total, over final goods. The data is not minor, since the latter are the ones that are mainly regulated by non-automatic licenses that depend on the Ministry of Productive Development.
However, from that portfolio they assure that “non-automatic licenses are a tool of industrial policy, not of accumulation of reserves”. In other words, this barrier should be applied on the basis that the product in question has competitive local manufacturing that contributes to the generation of employment and local development and not based on a criterion of scarcity of foreign exchange.
With this scenario, in the Ministry of Economy they point out that economic growth demands more dollars and that the jump in energy prices enhances this phenomenon. In any case, they recognize that the focus of the coordination is on automatic licenses, where they believe that a speculative component is operating, driven by the exchange rate gap. Firms that advance purchases and overstock, betting on a devaluation jump.
Last week, the chief of staff, Juan Manzur, confirmed that the government is analyzing measures to stop the drain of foreign exchange via imports. Yesterday, Economy Minister Martín Guzmán ruled out the possibility of applying a “super trap”, although he maintained: “the national government is going to act so that no type of speculation takes place that occurs in a context where there is an exchange gap ”.
On the side of the portfolio that Daniel Scioli has been leading since last Thursday, they will aim to give dynamism to local manufacturers to promote import substitution. In that Ministry there are two financing plans with resources for this purpose, the one for Industrial Parks and the one for Supplier Development. In the environment of the former governor of the Province of Buenos Aires, they point out that “import substitution is an issue on which he has been working for a long time, he even did it when he passed through the Brazilian embassy and is part of the axes of his management” .
“Fine tuning”, this is how the economic cabinet defines the coordination that must be carried out so that the decrease in purchases abroad does not stop the activity. The magic number is $6.5 billion. They believe that with that level of monthly imports it should be enough to sustain growth and accumulate the net reserves that were established with the International Monetary Fund.
Source: Ambito
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