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Port Strike in Argentine to Reduce Exports

05/07/2024

Radical economic reform measures introduced by President Javier Milei resulted in protest strikes effectively terminating export operations among terminals of the Ports of Rosario.  The two unions involved included both soybean crushing plants and marine activities.  At issue is a provision to lower the salary level exempted from income tax together with other labor reforms recently approved by the Lower House of the Argentine legislature.

 

The austerity program introduced by President Milei, an economist has the support of the population that has suffered from hyperinflation induced by the corruption, profligate spending and socialistic policies of previous Peronista administrations.  As of the being of May, the Ports of Rosario are nonfunctional according to the Chamber of Grain Exporters and Processors.  The union representing workers in oilseed processing will await the result of votes in the Argentine Congress before deciding on either termination or prolongation of the strike.

 

Strikes among workers at crushing plants and related maritime activities could seriously impact exports and raise prices for soybean meal and corn on international markets with an indirect effect on U.S. producers.