March 4, 2008

Argentina to further reduce beef exports by 40 percent

Argentina's government expressed plans to lower down beef exports further by 40 percent to tame domestic beef prices which have risen by 15 percent so far this year.

The government will impose the 40-percent export reduction for two months, the daily newspaper Clarin reported Monday.

Argentinean ranchers and meat-packers are currently allowed to export 40,000 tonnes of beef per month.

Argentina is a leading beef supplier, with its domestic market also the world's top beef consumer.

Solid demand for beef overseas and in the locality has prompted government officials to keep a lid on prices.

In 2007, the country shipped 474,865 tonnes of beef, a little more than the previous year, officials said.