Consulate General and Promotion Centre
of the Argentine Republic in Mumbai
of the Argentine Republic in Mumbai
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Argentine Economy and Trade
The Argentine Economy - Basic Facts
| GDP (2009) | US$ 310.06 billion |
| Per Capita Income (2009) | US$ 8,493 |
| Foreign Reserves | US$ 46.4 billion |
| Population below poverty line | 15.3% |
| Labour Force | 17 million approx. |
| Main Industries | Food processing, automobiles, consumer durables, textiles, chemicals and petrochemicals, printing, metallurgy, steel. |
| Main Services | IT, film, television, animation, advertising, industries, fashion, design. |
- The agriculture sector forms the backbone of the economy as well as exports, accounting for over 50% of all exports. Argentina is the world’s largest exporter of sunflower oil, the second largest exporter of soy oil and the fifth largest producer of wine
- In contrast to the subsidies handed out by most countries, agricultural exports in Argentina are taxed, rather than subsidized. Despite this, the sector has managed to stay competitive. And Argentina is a major player in the international food market.
- About 55% of all automobiles manufactured in Argentina are exported, and this number is expected to reach 85% by 2010.
- Primary products and manufacturing contribute 14% and 27% respectively to Argentina’s GDP, while services contribute 59%
Sectoral Breakup of Argentina's GDP (Source: INDEC, 2009)
Foreign Trade
| Exports | US$ 70.02 billion |
| Top 5 export destinations | Brazil, China, Chile, United States, Netherlands (the port of Rotterdam is the entrance of choice to the EU for Argentine exporters) |
| Principal Items of Export | Products of vegetable origin; Feeding products; beverages and tobacco, mineral products; transport equipment; fats and oils. |
| Imports | US$ 55.75 billion |
| Top 5 Import Origins | Brazil, United States, China, Germany, Paraguay |
| Principal Items of Import | Machines, instruments and electric material; transport equipment; industrial products; mineral products and common metals and manufactures. |
Indo-Argentine Bilateral Trade
| Argentine
Exports to India (FOB) (in US$ millions) |
Argentine
Imports from India (CIF) (in US$ millions) |
|
|---|---|---|
| Total Trade | US$ 647.60 | US$
368.09 |
| Rate of Annual Growth | -22.23% | -25.13% |
| India's Share in Total Argentine Foreign Trade | 1.18% | 0.86% |
| India's Ranking in Total Argentine Foreign Trade | 22 |
17 |
| Principal Items of Trade | Oils or fats of animal or vegetable origin; sugar and confectionery items; leather and fur; non-electric machinery; cereals; | Organic chemicals; non-electric machinery; synthetic or artificial fibres; plastics and plastic manufactures; electric machinery |
Source: Indec,
2009
The Indo-Mercosur Preferential Trade Agreement
On
the 24th of January, 2004, India and Mercosur signed a Preferential
Trade Agreement (PTA) which was subsequently ratified and has been in
force since 1st June of this year.
The PTA aims to strengthen existing relations between India and Mercosur apart from strengthening trade links by granting reciprocal fixed tariff preferences with the ultimate objective of creating a free trade area between the two parties, as per WTO regulations. The PTA offers tariff concession between 10% and 100% to 452 nomenclature positions exported by India and 450 exported by Mercosur countries.
For more information on the PTA, as well as the list of nomenclature positions offered under the same, please see the webpage of the Ministry of Commerce, Government of India by clicking here.
In the IBSA-BRIC meeting held in Brasilia on the 16th of April 2010, new products were considered for the enlargement of the reciprocated tariff preferences.
The PTA aims to strengthen existing relations between India and Mercosur apart from strengthening trade links by granting reciprocal fixed tariff preferences with the ultimate objective of creating a free trade area between the two parties, as per WTO regulations. The PTA offers tariff concession between 10% and 100% to 452 nomenclature positions exported by India and 450 exported by Mercosur countries.
For more information on the PTA, as well as the list of nomenclature positions offered under the same, please see the webpage of the Ministry of Commerce, Government of India by clicking here.
In the IBSA-BRIC meeting held in Brasilia on the 16th of April 2010, new products were considered for the enlargement of the reciprocated tariff preferences.
Source:
Ministry of Commerce, Government of India