Argentina's industrial sector loses more than 30 companies a day

[Uncle Wong]

These numbers sound terrible. This article says 30 companies have been closing each day in Argentina for the past 1.5 years with a net loss of 236,000 jobs.

Argentina’s industrial sector loses more than 30 companies a day - UPI.com

More than 30 companies have been closing each day in Argentina for the past 1 1/2 years, with a net loss of more than 236,000 jobs, data show.

www.upi.com

 

[Bingo]

These numbers sound terrible. This article says 30 companies have been closing each day in Argentina for the past 1.5 years with a net loss of 236,000 jobs.

Argentina’s industrial sector loses more than 30 companies a day - UPI.com

More than 30 companies have been closing each day in Argentina for the past 1 1/2 years, with a net loss of more than 236,000 jobs, data show.

www.upi.com

This doesn't even count all the public jobs they have gotten rid of which probably needed to be done. Can't see this slowing down with all of the cheap imports flooding in. Plus the exchange rate is totally artificial and not competitive.



"Argentina is expensive in dollars. We have a high tax burden, elevated energy costs, no access to financing and labor charges that are far higher than in other countries," he said.
Letcher attributed the industrial crisis to a combination of factors. One of them is the drop in purchasing power, which has reduced sales by about 10% on average, with sharper declines in certain sectors.

He said the second and most damaging factor is the opening of imports. The third is an exchange rate that is uncompetitive for industrial production.

 

[lemonade]

They are saying this manufacturing sector crises is the worst in history for Argentina.

New wave of shutdowns and layoffs puts Argentine industry on alert - Buenos Aires Herald

The country's manufacturing sector is facing a crisis that some are calling the worst in its history

buenosairesherald.com

 

[Uncle Wong]

They are saying this manufacturing sector crises is the worst in history for Argentina.

New wave of shutdowns and layoffs puts Argentine industry on alert - Buenos Aires Herald

The country's manufacturing sector is facing a crisis that some are calling the worst in its history

buenosairesherald.com

Probably will get much worse. I don't see how any local manufacturers can compete with China.