Argentina allows Porsche imports in exchange for wine exports

Argentina’s Industry Ministry signed an accord with Grupo Pulenta, which imports Porsche SE vehicles, to offset its auto purchases with exports of wines and olive products.

The accord is in line with regulations that allow companies to import vehicles for sale as long as they export goods for the same value, the Industry Ministry said in an e-mail statement today.

Grupo Pulenta plans to import 100 vehicles with a value of about $8 million this year, according to the statement. In exchange, the company will export wines and olive products to 18 countries, including the U.S. and Brazil, the ministry statement said.

The agreement with Grupo Pulenta comes two weeks after Volkswagen AG (VOW) signed an accord with the government to boost exports from Argentina by 77 percent in 2011 in order to reduce the deficit between its exports and imports by 70 percent, according to the statement.

Domestic automobile sales rose last year 43 percent to a record 698,299 units, of which 435,767 were imported, according to the country’s Automobile Manufacturers Association. Argentina exported 447,953 vehicles in 2010.