May 21, 2021
Argentina officially formalises beef export ban, citing demand in Asia for high prices
Argentina's government officially formalises the controversial beef ban, which was first announced earlier this week citing strong demand in Asia for pushing up prices, Reuters reported.
The 30-day beef export ban begins on May 24 amid government concerns over high food inflation in the country ahead of important mid-term elections at the end-2021.
Argentine agricultural producer groups have responded with a planned halt in livestock trading as tensions mounted between the domestic agriculture industry and the government, the latter looking to curb an inflation forecast of near 50% this year.
Argentina's official gazette cited surging demand for beef from Argentina, especially from China, a major buyer that has increased purchases over the past few years.
The government said prices have continuously soared due to demand for these products mostly from Asia.
The gazette also said the suspension would be lifted once domestic beef supplies were assured at reasonable agreed prices.