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BMW Halts Argentina Sales as Trade Talks With Government Fail, Clarin Says
Bayerische Motoren Werke AG (BMW) suspended its sales to Argentina after it failed to reach an accord with the government to shrink the company’s trade deficit in the country, newspaper Clarin said, citing sources at the automaker it didn’t identify.
Argentina has signed accords with automakers to allow them to import vehicles for sale as long as they export goods for the same value, the Buenos Aires-based newspaper said. The government is seeking to reduce the auto industry’s trade deficit, Clarin reported.
The lack of an accord led the Munich-based company to ship about 1,000 BMW vehicles that were seized by Argentine customs to Brazil, the newspaper said.