ARGENTINA
– ECONOMIC OVERVIEW & TRADE ANALYSIS
EIP/MTR/013/04/2016
(MARKETREPORT)
ExportInitiatives&PartnershipsDivision,
Phone:+9714‐4455333;Fax:+9714‐4455355
E‐mail:[email protected];Web:www.dedc.gov.ae
POBox123336,Dubai–UAE
Primary Information Sources:
Prepared – April, 2016
Disclaimer: While all attempts have been made to collect & present accurate information, DE makes no warranty, express or implied, as to the fitness, appropriateness of the above information for a particular purpose, or assumes any legal liability for the accuracy or usefulness of any contained information. All 3rd. party information sourced are either through subscriptions of the organization or information freely available on the internet. TABLE OF CONTENTS
#
Description
Page
1
Economic Overview (Trading Economics)
3
2
WTO Trade Profile (World Trade Organization)
6
3
Economic Freedom Score (Heritage Foundation)
7
4
Country Profile (Euler Hermes)
9
5
Top Products imported by Argentina and Main Sourcing
Countries (ITC Trade Map)
11
6
Top Products imported by Argentina From UAE (ITC Trade
Map)
19
7
Doing Business In Argentina (World Bank)
20
Argentina: Economic Overview
Argentina is the third biggest economy in Latin America. After the 2001 crisis, Argentina returned
to high growth rates, expanding on average 1.7 percent from 2003 to 2012 on a quarter over
quarter basis. Yet, in 2009 and in 2012, the country was affected by global slowdown and the
economy grew much below average. Argentina has abundant natural resources, a well-educated
population and an export-oriented agricultural sector. Agricultural products have been the motor of
Argentina´s growth in recent years. In addition, Argentina has been diversifying its industrial base
and it has been experiencing a record growth in the automobile, textile and power sectors.
GDP Annual Growth Rate
The economy of Argentina expanded 0.9 percent year-on-year in the fourth quarter of 2015, and
3.5 percent in the third quarter, following an upwardly revised 3.9 percent increase in the previous
period. For the whole 2015, GDP advanced 2.1 percent. On the production side, fishery rose 8.1
percent in Q4 (+12.7 percent in Q3), electricity gas and water supply grew 2.1 percent (+5.7
percent in Q3) and construction increased 2.8 percent (+7.3 percent in Q3) while agriculture shrank
2.9 percent (+2.2 percent in Q3), mining and quarrying edged down 0.3 percent (+0.9 percent in
Q3) and manufacturing fell 1.7 percent (+0.7 percent in Q3). On the services side, trade grew 1.0
percent (+4.4 percent in Q3), transport went up 1.9 percent (+2.8 percent in Q3), public
administration increased 3.4 percent (+3.4 percent in Q3) while financial sector contracted 1.2
percent (+5.7 percent in Q3). GDP Annual Growth Rate in Argentina averaged 3.29 percent from
1994 until 2015, reaching an all time high of 12.50 percent in the second quarter of 2010 and a
record low of -16.30 percent in the first quarter of 2002. GDP Annual Growth Rate in Argentina is
reported by the Instituto Nacional de Estadística y Censos (INDEC).
GDP per capita
The Gross Domestic Product per capita in Argentina was last recorded at 7955.56 US dollars in
2014. The GDP per Capita in Argentina is equivalent to 63 percent of the world's average. GDP
per capita in Argentina averaged 5167.10 USD from 1960 until 2014, reaching an all time high of
7986.58 USD in 2013 and a record low of 3522.39 USD in 1963.
Ease of Doing Business
Ease of Doing Business in Argentina deteriorated to 121 in 2015 from 117 in 2014. Ease of Doing
Business in Argentina averaged 117.50 from 2008 until 2015, reaching an all time high of 124 in
2013 and a record low of 112 in 2008. Ease of Doing Business in Argentina is reported by the
World Bank
Balance of Trade
Argentina recorded a trade surplus of 98 USD Million in February of 2016. Balance of Trade in
Argentina averaged 250.67 USD Million from 1957 until 2016, reaching an all time high of 2543
USD Million in May of 2009 and a record low of -1110 USD Million in December of 2015. Balance
of Trade in Argentina is reported by the Instituto Nacional de Estadística y Censos (INDEC).
Argentina has been recording trade surpluses since 2001, mostly due to exports of agricultural
products. Main exports are: cereals, fats and oils, beef and related products and dairy products
(36 percent of total exports), motor vehicles and parts (12 percent); chemicals and related products
(7 percent) and crude oil and fuels (5 percent). Main imports are: intermediate goods (29 percent
of total imports), parts and accessories for capital goods (20 percent), capital goods (19 percent),
fuels and lubricants (13 percent) and motor vehicles (8 percent). Main trading partners are: Brazil
(21 percent of total exports and 29 percent of imports), China (7 percent of exports and 14 percent
of imports) and United States (5 percent of exports and 10 percent of imports). Others include:
Chile, Italy and Spain.
Exports
Exports in Argentina remained unchanged at 4127 USD Million in February from 4127 USD Million
in February of 2016. Exports in Argentina averaged 1669.20 USD Million from 1957 until 2016,
reaching an all time high of 8501 USD Million in May of 2013 and a record low of 55 USD Million
in November of 1961. In Argentina exports, have been the source of growth in recent years.
Argentina exports mostly agricultural products. Indeed, cereals, fats and oils, beef and related
products and dairy products account for 36 percent of total exports. Other exports include: motor
vehicles and parts (12 percent); chemicals and related products (7 percent); crude oil and fuels (5
percent) and base metals and glassware (4 percent). Main export partners are: Brazil (21 percent
of total exports), China (7 percent), Chile (6 percent), United States (5 percent) and Spain (4
percent). Others include: Netherlands, Uruguay, Italy and Venezuela.
Imports
Imports in Argentina remained unchanged at 4029 USD Million in February from 4029 USD Million
in February of 2016. Imports in Argentina averaged 1418.55 USD Million from 1957 until 2016,
reaching an all time high of 7671 USD Million in August of 2011 and a record low of 36 USD Million
in January of 1959. Imports in Argentina is reported by the Instituto Nacional de Estadística y
Censos (INDEC). Argentina main imports are: intermediate goods (29 percent of total imports),
parts and accessories for capital goods (20 percent), capital goods (19 percent), fuels and
lubricants (13 percent) and motor vehicles (8 percent). Main import partners are: Brazil (29 percent
of total imports), China (14 percent), United States (10 percent) and Germany (5 percent). Others
include: Mexico, France, Italy, South Korea and Japan. Source: Trading Economics, http://www.tradingeconomics.com/Argentina/
4/10/2016
stat.wto.org/CountryProfiles/AR_e.htm
September 2015
Argentina
BASIC INDICATORS
Population (thousands, 2014)
GDP (million current US$, 2014)
GDP (million current PPP US$, 2014)
Current account balance (million US$, 2014)
Trade per capita (US$, 2012­2014)
Trade to GDP ratio (2012­2014)
41 803
540 197
...
­ 5 069
4 237
29.8
Rank in world trade, 2014
Merchandise excluding intra­EU trade
Commercial services
excluding intra­EU trade
Exports
48
33
49
30
Imports
46
29
47
32
Annual percentage change
2014 113
88
104
Real GDP (2010=100)
Exports of goods and services (volume, 2010=100)
Imports of goods and services (volume, 2010=100)
TRADE POLICY
WTO accession
Trade Policy Review
GPA accession Tariffs and duty free imports
Tariff binding coverage (%) MFN tariffs
Simple average of import duties
All goods
Agricultural goods (AOA)
Non­agricultural goods
Non ad­valorem duties (% total tariff lines)
1 January 1995
20, 22 March 2013
Observer
100
Final bound Applied 2014
31.8
32.3
31.7
0.0
MFN duty free imports (%, 2013)
in agricultural goods (AOA)
in non­agricultural goods
Services sectors with GATS commitments
MERCHANDISE TRADE 13.6
10.4
14.2
0.0
5.5
22.1
63
2014 71 977
65 324
2014
0
­8
­13
Outstanding notifications in WTO Central Registry
Goods RTAs ­ services EIAs notified to WTO
Anti­dumping (30 June 2015)
Countervailing duties (30 June 2015)
Safeguards
Number of disputes (complainant ­ defendant) Requests for consultation
Original panel / Appellate Body (AB) reports
Compliance panel / AB reports (Article 21.5 DSU)
Arbitration awards (Article 22.6 DSU)
16
4 ­ 1
89
...
4
20 ­ 22
4 ­ 9
2 ­ 0
0 ­ 0
Annual percentage change
2010­2014
1
4
2013
2
8
2014
­12
­11
2014 0.38 Share in world total imports Share in world total exports 52.6
7.6
29.6
20.3
14.2
6.5
5.9
4.1
COMMERCIAL SERVICES TRADE 2014 13 511 16 353 2014
0.34
Breakdown in economy's total imports
By main commodity group (ITS)
Agricultural products
Fuels and mining products
Manufactures
By main origin
1. Brazil
2. European Union (28)
3. China
4. United States
5. Bolivia, Plurinational State of
Value
Commercial services exports (million US$)
Commercial services imports (million US$)
3.4
20.0
75.5
21.8
17.3
16.4
13.5
4.2
Annual percentage change
2010­2014
0
3
2013
­3
2
2014
­6
­10
2014 0.27 Share in world total imports
Share in world total exports
Breakdown in economy's total exports
By principal services item
Goods­related services
Transportation
Travel
Other commercial services
2013
3
­4
4
Contribution to WTO budget (%, 2015)
0.410
Import duties collected
in total tax revenue
...
to total imports
...
Number of notifications to WTO and measures in force Value
Merchandise exports, f.o.b. (million US$)
Merchandise imports, c.i.f. (million US$)
Breakdown in economy's total exports
By main commodity group (ITS)
Agricultural products
Fuels and mining products
Manufactures
By main destination
1. Brazil
2. European Union (28)
3. China
4. United States
5. Chile
2010­2014
3
­3
1
2014
0.34
Breakdown in economy's total imports
By principal services item
...
Goods­related services
18.6
Transportation
34.2
Travel
47.1
Other commercial services
...
24.4
32.8
42.8
INDUSTRIAL PROPERTY Patent grants by patent office, 2013
Residents
Non­residents
http://stat.wto.org/CountryProfiles/AR_e.htm
Trademark registrations by office, 2013
Total Direct residents Direct non­residents
Madrid
Total 1/2
ARGENTINA
Economic Freedom Score
25
World Rank:
169
Regional Rank:
27
Least
free 0
far below its potential, Argentina’s econPtheerforming
omy has been stifled by blatant disregard for both
rule of law and limited government. The private
50
75
Most
100 free
43.8
Freedom Trend
49
sector remains marginalized by structural and institutional impediments caused by ever-growing government
encroachment into the marketplace.
48
ECONOMIC FREEDOM SNAPSHOT
• 2016 Economic Freedom Score: 43.8 (down 0.3 point)
• Economic Freedom Status: Repressed
• Global Ranking: 169th
• Regional Ranking: 27th in the South and Central America/
Caribbean Region
• Notable Successes: None
• Concerns: Rule of Law, Regulatory Efficiency, and Open Markets
• Overall Score Change since 2012: –4.2
46
Interventionist, market-distorting policies including capital controls, restrictions on imports, and nationalizations
have severely undercut economic growth, and double-digit
inflation and price controls have severely eroded monetary
stability. The judicial system has become more vulnerable
to political interference, and corruption has been prevalent.
BACKGROUND: In a presidential runoff election in late November
2015, center-right candidate Mauricio Macri defeated President
Cristina Fernández de Kirchner’s hand-picked successor, Daniel
Scioli, sending shock waves through the Peronist political establishment. Macri campaigned with promises to end abuses that
have plagued Argentina’s political and economic environments,
including fiscal profligacy, labor unrest, rising protectionism,
corruption, and expropriations. Argentina, which is rich in natural
resources and has an educated and sophisticated population, has
performed far below its potential. Beyond the problems inherent
in Peronist authoritarianism, the government has made a series
of high-profile policy mistakes, including continued claims to
the Falkland Islands and a failure to settle with a small number
of remaining “hold-out” creditors that led to a default on its
restructured debt in 2014. These mistakes have positioned Argentina outside the mainstream of the international community.
How Do We Measure Economic Freedom?
See page 467 for an explanation of the methodology
or visit the Index Web site at heritage.org/index.
47
45
44
43
42
2012
2013
2014
2015
2016
Country Comparisons
43.8
Country
World
Average
60.7
Regional
Average
59.8
Free
Economies
83.9
0
20
40
60
80
100
Quick Facts
Population: 42.0 million
GDP (PPP): $947.6 billion
0.5% growth in 2014
5-year compound annual growth 4.4%
$22,582 per capita
Unemployment: 8.2%
Inflation (CPI): 37.6%
FDI Inflow: $6.6 billion
Public Debt: 48.6% of GDP
2014 data unless otherwise noted.
Data compiled as of September 2015.
ARGENTINA (continued)
THE TEN ECONOMIC FREEDOMS
Score
RULE OF
LAW
Property Rights
Freedom from Corruption
Country
World Average
15.0
34.0
0
20
40
60
80
Rank
1–Year
Change
158th
109th
0
0
100
Corruption plagues Argentine society, and scandals are common. Drug-related violence has
increased as international criminal organizations use the country as both an operational base
and a transit route. The justice system is burdened by scores of tenured but incompetent and
corrupt judges. The lower courts are highly politicized, although the Supreme Court maintains
relative independence despite intense pressure from the government.
Fiscal Freedom 66.1
GOVERNMENT
Government Spending 51.3
SIZE
152nd
133rd
0
20
40
60
80
–0.7
+10.1
100
The top individual and corporate tax rates remain at 35 percent. Other taxes include a valueadded tax, a wealth tax, and a tax on financial transactions. The overall tax burden now equals
30.6 percent of total domestic income. Government spending still equals over 40 percent of
GDP. Public debt is close to 50 percent of domestic income. The budget deficit has been rising
due to pension nationalization and increased subsidies.
REGULATORY
EFFICIENCY
Business Freedom
Labor Freedom
Monetary Freedom
56.0
43.9
44.0
130th
158th
180th
0
20
40
60
80
+3.2
+0.6
–15.6
100
Bureaucratic interference undercuts regulatory efficiency and productivity growth. The labor
market remains rigidly controlled and severely impedes dynamic employment creation. Rebuffing IMF censure, the government underreported official inflation statistics and increased deficit spending on energy and other subsidies ahead of the 2015 presidential election.
OPEN
MARKETS
Trade Freedom
Investment Freedom
Financial Freedom
67.4
30.0
30.0
144th
152nd
132nd
0
20
40
60
80
–1.4
0
0
100
Argentina has a 6.3 percent tariff rate. A wide range of non-tariff barriers and foreign investment restrictions give Argentina one of the world’s worst trade and investment climates. The
financial system remains hobbled by state interference and uncertainty about the direction of
economic policies. State-owned banks play a dominant role, reducing competition in the sector.
Long-Term Score Change (since 1995)
RULE OF LAW
Property Rights
Freedom from
Corruption
–55.0
–16.0
GOVERNMENT
SIZE
Fiscal Freedom
Government
Spending
–14.6
–35.3
REGULATORY
EFFICIENCY
OPEN MARKETS
Business Freedom –29.0
Labor Freedom
0
Monetary Freedom –17.1
Trade Freedom
+9.0
Investment Freedom –40.0
Financial Freedom
–20.0
2016 Index of Economic Freedom
Country Report
Euler
Hermes
Economic
Research
Argentina
The long and winding road back to normal
General Information
GDP
USD540.197bn (World ranking 24, World Bank 2014)
Population
41.8mn (World ranking 32, World Bank 2014)
Form of state
Republic
Head of government
Mauricio Macri
Next elections
2017, legislatives and 2021, presidential
Strengths
Weaknesses
 Abundance of natural resources (agricultural, energy
and minerals)
 Developed and dynamic agricultural sector
 Stable, democratic political system
 High education level compared to the regional
average and skilled workforce
 Strong private industrial sector
 Vulnerable to changes in agriculture prices
 Important macroeconomic imbalances after years of
policy mismanagement (high inflation, external deficit,
low level of FX reserves, fragile fiscal accounts)
 Relatively weak business environment
C4
AA1
Country Rating
Trade Structure
By destination/origin (% of total)
Economic
risk
Exports
Business
environment
risk
Financing
risk
Rank
Imports
Brazil
20%
1
22%
Brazil
China
10%
2
16%
China
United States
6%
3
14%
United States
Chile
4%
4
5%
Germany
Venezuela
3%
5
4%
Bolivia
By product (% of total)
Exports
Political
risk
Commercial
risk
Source: Euler Hermes
Rank
Imports
Animal Food
14%
1
11%
Cereals
12%
2
8%
Natural Gas
Other Agricultural Prod
10%
3
8%
Refined Petroleum
Fats
9%
4
6%
Vehicles Components
Commercial Vehicles
6%
5
5%
Engines
Source: ITC, Chelem
Cars And Cycles
Economic Overview
Political change has brought an air of
optimism
Mauricio Macri, from the center-right party
‘Cambiemos’ won the Presidential elections last
December with 51.6% of the vote. This marks an
important political shift for the country after 12 years
of a Kirchner-led government. The new President
has vowed to address the economy, plagued by
fiscal monetization, soaring inflation and blocked
access to capital markets.
The government has a 5-step strategyto get the
economy back on its feet: (i) Easing capital
controls - Payment for imports can now be
executed without restrictions. The minimum required
permanence of foreign capitals in the country was
reduced from 365 days to 120 days. The mandatory
30% deposit, or ‘Encaje’, was abolished. (ii) Paving
the way back to capital markets – As soon as it
took office, the new government began active
negotiations to solve Argentina’s conflict with
‘holdout’ creditors. An agreement should be reached
soon, allow to return to international capital markets.
(iii) Finding
funds
to
meet
external
commitments- Argentina sealed a USD5bn loan
from international private banks in late-January.
Moreover, the government plans to issue USD15bn
bonds in 2016. (iv) Setting responsible economic
policies - Fiscal and inflation targets have been set.
The government has committed to reducing the
fiscal deficit from an estimated -10% in 2015,
to -4.8% in 2016 and -3.3% in 2017. It also aims to
ease inflation from above 40% in 2015 to 20-25% in
2016 and around 5% by 2019. (v) Building
credible economic statistics - “Statistical
emergency” was declared. The development of new
indicators (notably for CPI and GDP) is underway.
Key economic forecasts
2014
2015
2016
2017
GDP growth (% change)
0.5
1.3
-1.2
0.6
Inflation (%, yearly average)
21.4
16.0
48.0
34.4
Fiscal balance* (% of GDP)
-2.7
-10*
-5.2
-3.7
Public debt* (% of GDP)
45.3
52.1
58.3
65.
Current account (% of GDP)
-1.6
-2.0
-2.5
-1.9
External debt (% of GDP)
32.3
38.3
64.8
71.6
*Estimates of the new government. The figure does not match with the initial data
published by the former government. Includes Local Government; Non-financial Public
Corporations; Social Security Funds; State Governments
Sources: National sources, IMF-WEO, IHS, Euler Hermes
Real GDP growth (%)
12%
10%
8%
6%
4%
0.6%
2%
0%
Argentina
Latin America
-2%
06 07 08 09 10 11 12 13 14 15 16 17
forecasts
The adjustment will be long and painful
Although necessary, these adjustments will be
painful in the short-term. 2016 will be marked by
recession, strong depreciation and still high inflation.
Private consumption will be one of the major
victims, although investment and exports should
fare better. All in all, we expect the Argentine
economy to contract by -1.2% in 2016, after +1.3%
in 2015. Economic activity should remain depressed
in 2017 with limited GDP growth of +0.6% only.
Against this background, financing the still significant twin deficits will be challenging. This is
especially true given adverse external conditions:
US monetary normalization, economic recession in
Brazil, and economic slowdown in China. Financing
risk remains strong given that import cover is less
than 3 months. Moreover, Mr. Macri’s coalition does
not hold an absolute majority in the Congress. Thus,
enacting the most ambitious reforms could prove
challenging.
-1.2%
-4%
Exchange rte : ARS/USD
16.8
Release
of capital
controls
14.8
14.5
12.8
10.8
8.8
6.8
5.1
4.8
2013
2014
2015
2016
Sources: Bloomberg, IHS, Euler Hermes
DISCLAIMER
These assessments are, as always, subject to the disclaimer provided below.
This material is published by Euler Hermes SA, a Company of Allianz, for information purposes only and should not be regarded
as providing any specific advice. Recipients should make their own independent evaluation of this information and no action
should be taken, solely relying on it. This material should not be reproduced or disclosed without our consent. It is not intended
for distribution in any jurisdiction in which this would be prohibited. Whilst this information is believed to be reliable, it has not
been independently verified by Euler Hermes and Euler Hermes makes no representation or warranty (express or implied) of
any kind, as regards the accuracy or completeness of this information, nor does it accept any responsibility or liability for any
loss or damage arising in any way from any use made of or reliance placed on, this information. Unless otherwise stated, any
views, forecasts, or estimates are solely those of the Euler Hermes Economics Department, as of this date and are subject to
change without notice. Euler Hermes SA is authorised and regulated by the Financial Markets Authority of France.
© Copyright 2016 Euler Hermes. All rights reserved.
View all Euler Hermes Economic
Research online
http://www.eulerhermes.com
Contact Euler Hermes
Economic Research Team
[email protected]
Last review: 2016-03-30
Country Risk Analyst:
Daniela Ordóñez
[email protected]
Top products at 4 digits HS level imported by Argentina in 2014‐15 and Exporting Countries Sources: ITC calculations based on UN COMTRADE statistics.2015 values estimated by Dubai Exports based on last 1 year growth
Code
Product label
Imported
value 2015
(USD '000)
Est.
Trade Indicators
Trade
Imported
balance
value 2014
2014 (USD
(USD '000)
'000)
Annual value
growth 201014 (%, p.a.)
Top Exporters to Argentina for Selected
Products
All products
58,137,806
65,323,378
3,011,718
3
Brazil
China
USA
'2710
Petroleum oils, not crude
3,305,365
4,080,698
(3,180,588)
9
USA
Russia
Netherlands
'8703
Cars (incl. station wagon)
1,819,553
3,567,751
(482,346)
(2)
Brazil
Mexico
Korea
'8708
Parts & access of motor vehicles
2,467,539
3,163,511
(2,066,453)
(1)
Brazil
Germany
Japan
'8517
Electric app for line telephony,incl curr line system
1,586,816
2,034,380
(2,020,461)
2
China
Korea
USA
'3004
Medicament mixtures (not 3002, 3005, 3006),
1,038,064
1,081,317
(426,403)
8
Germany
USA
France
'8704
630,725
941,380
2,915,137
0
Brazil
Mexico
Turkey
'3002
Trucks, motor vehicles for the transport of goods
Human & animal blood; antisera, vaccines, toxins, microorganism cultu
864,473
855,914
(701,059)
11
Germany
USA
Switzerland
'8802
Aircraft, (helicopter,aeroplanes) & spacecraft
1,184,134
828,066
(610,857)
(14)
USA
France
Canada
'2601
Iron ores & concentrates; including roasted iron p
744,430
759,622
(733,151)
(6)
Brazil
Canada
South Africa
'3808
Insecticides, fungicides, herbicides packaged
666,888
709,455
(154,975)
8
USA
China
Brazil
'2931
Organo-inorganic compounds, nes
721,589
674,382
(668,653)
11
China
USA
Korea
'8471
Automatic data processing machines;optical reader
533,991
659,248
(577,025)
(12)
China
Mexico
USA
'8529
Part suitable for use solely/princ with televisions,
457,479
626,684
(623,189)
6
China
Korea
Taipei
'8414
Air, vacuum pumps; hoods incorp a fan
536,680
570,936
(511,893)
4
China
Brazil
USA
'8409
Part for use solely/principally with the motor engines
488,331
561,300
(405,541)
11
Japan
Brazil
Thailand
'3901
Polymers of ethylene, in primary forms
532,257
560,270
(195,890)
(1)
Brazil
USA
Canada
'3105
Mixtures of..N P K fertilizers
524,347
519,155
(518,239)
(5)
USA
Russia
China
'8481
Tap,cock,valve for pipe,tank for the like,
516,595
473,940
(367,769)
11
USA
China
Germany
'4011
364,000
472,727
(280,499)
(1)
Brazil
China
Japan
'8407
New pneumatic tires, of rubber
Engines, spark-ignition reciprocating or rotary int. combust.
Piston
356,508
462,997
(460,421)
(3)
Brazil
USA
Mexico
'8413
Pumps for liquids; liquid elevators
512,192
461,434
(324,547)
10
USA
Brazil
China
'8544
Insulated wire/cable
352,782
405,496
(353,327)
1
Brazil
China
Uruguay
'8443
Printing machinery; machines for printing
361,394
392,820
(389,744)
(2)
China
Japan
USA
Top products at 4 digits HS level imported by Argentina in 2014‐15 and Exporting Countries Sources: ITC calculations based on UN COMTRADE statistics.2015 values estimated by Dubai Exports based on last 1 year growth
Code
Product label
Imported
value 2015
(USD '000)
Est.
Trade Indicators
Trade
Imported
balance
value 2014
2014 (USD
(USD '000)
'000)
Annual value
growth 201014 (%, p.a.)
Top Exporters to Argentina for Selected
Products
'8603
Self-propeled railway/tramway coache
6,831,241
386,820
(386,820)
China
Spain
Austria
'8701
Tractors (other than tractors of heading no 87.09)
191,009
382,018
(370,583)
(3)
Brazil
Uruguay
USA
'8408
Diesel or semi-diesel engines
259,462
341,397
(88,065)
(12)
Germany
Brazil
France
'8421
Centrifuges, incl centrifugal dryers; filtering/purifying
Parts suitable for use solely/princ with machines of hd no
85.01/85.02
329,145
335,862
(284,719)
5
USA
Germany
Brazil
381,889
326,401
(323,269)
2
Germany
USA
China
338,264
322,156
1,035,632
5
USA
Brazil
China
'8536
Chemical industry products and residuals nes
Electrical app for switchg (ex fuse,switche,etc) not exceedg
1000 volt
292,680
314,710
(286,977)
2
China
Brazil
Germany
'8430
Moving/grading/scraping/boring machinery for earth
836,065
313,133
(303,086)
37
USA
Italy
Canada
'8503
'3824
'4810
Paper & paperboard, coated with kaolin or other
299,323
311,795
(309,686)
(1)
Brazil
Uruguay
Chile
'8711
180,332
305,647
(303,887)
(4)
China
India
Brazil
'9018
Motorcycles, side-cars
Electro-medical apparatus (electro-cardiographs, infra-red
ray app, sy
335,512
299,564
(276,503)
7
USA
China
Germany
'8542
Electronic integrated circuits and microassemblies
185,229
298,757
(296,316)
17
China
Taipei
CostaRica
'8502
Electric generating sets and rotary converters
687,193
297,486
(284,950)
(7)
USA
UK
Germany
'8483
Transmission shafts&cranks, bearing housing; gearing; etc
264,623
290,794
(241,634)
6
USA
Brazil
Germany
'2933
Heterocyclic compounds with nitrogen hetero-atom;
351,061
287,755
(266,259)
3
China
India
France
'8429
287,528
287,528
(286,571)
(9)
Brazil
China
USA
'8605
Self-propelld bulldozer, angledozer, grader, excavator
Railway passenger and special purpose coaches, not selfpropelled
338,180
284,185
(284,185)
547
China
Austria
Germany
'2818
Aluminium oxide ; aluminium hydroxide
299,847
280,231
(280,062)
0
Brazil
Australia
Ireland
'9032
Automatic regulating or controlling instruments
269,440
274,939
(256,883)
6
Brazil
Japan
USA
'8479
Machines&mech appl having indiv functions, nes
258,030
271,610
(237,857)
4
USA
Germany
Italy
'3402
preparations, nes
Polycarboxylic acids, their anhydrides, halides etc & their
derivative
268,355
263,093
(162,341)
5
USA
Brazil
Uruguay
225,458
262,160
(242,405)
1
Brazil
Mexico
USA
'2917
Top products at 4 digits HS level imported by Argentina in 2014‐15 and Exporting Countries Sources: ITC calculations based on UN COMTRADE statistics.2015 values estimated by Dubai Exports based on last 1 year growth
Code
'8473
Product label
Imported
value 2015
(USD '000)
Est.
Trade Indicators
Trade
Imported
balance
value 2014
2014 (USD
(USD '000)
'000)
Annual value
growth 201014 (%, p.a.)
Top Exporters to Argentina for Selected
Products
170,337
262,057
(250,470)
8
China
Taipei
USA
'3907
Parts&acces of computers & office machines
Polyacetal,o polyether,epoxide resin,polycarbonate,etc,in
primary form
243,648
259,200
(189,185)
(2)
USA
Brazil
Taipei
'8504
Electric transformer,static converter (for example rectifiers)
258,105
258,105
(229,767)
(3)
China
Brazil
USA
'3926
Article of plastic nes.
216,656
251,925
(221,317)
2
China
Brazil
USA
'8411
Turbo-jets, turbo-propellers and other gas turbines
252,316
249,818
(241,522)
2
Germany
China
USA
'3102
Mineral or chemical fertilizers, nitrogenous
227,492
244,615
(220,460)
(10)
Russia
Chile
Netherlands
'8415
207,227
240,962
(232,207)
0
China
Brazil
Thailand
'8419
Air conditioning machines, with motor-driven elements
Machinery,plant/lab,involving a change of temp ex
heating,cooking,etc
229,460
236,557
(161,798)
14
China
USA
Italy
'8501
Electric motors and generators (excluding generating sets)
188,781
227,447
(207,477)
1
China
Brazil
Italy
'8507
Electric accumulator
188,621
219,327
(213,960)
8
China
Brazil
USA
'0803
Bananas and plantains, fresh or dried
240,264
216,454
(216,454)
17
Ecuador
Bolivia
Brazil
'9401
175,269
216,381
(190,047)
(1)
Brazil
China
Uruguay
'8428
Seat (o/t dentists' & barbers' chairs, etc), &part thereof
Lifting/handling/loading/unloadg machinery (excl.
lift/escalator/conve
280,066
215,435
(165,618)
14
Italy
Canada
USA
'3902
Polymers of propylene or of other olefins, in primary forms
188,065
202,220
(111,073)
0
Brazil
Columbia
USA
'8537
Board & panels, equipped with two/more switches, fuses
209,464
201,408
(174,518)
14
Brazil
Spain
Germany
'7326
Articles of iron or steel nes
175,806
199,779
(137,509)
(2)
Chile
Brazil
USA
'4016
Articles of vulcanised rubber o/t hard rubber, nes
178,005
195,610
(166,881)
4
Brazil
USA
China
'3920
Other plates, sheets, film, foil, tape, strip of plastics etc.
185,978
193,727
(49,703)
(2)
USA
Brazil
China
'8433
Harvesting/threshing machinery,hay mower,etc
122,514
188,483
(136,355)
(7)
Brazil
USA
Germany
Top products at 4 digits HS level imported by Argentina in 2014‐15 and Exporting Countries Sources: ITC calculations based on UN COMTRADE statistics.2015 values estimated by Dubai Exports based on last 1 year growth
Code
'7304
Product label
Imported
value 2015
(USD '000)
Est.
'7210
Tubes, pipes and hollow profiles, seamless, or iron or steel 224,748
Flat-rolled prod of iron or non-al/s wd>/=600mm,clad, plated
or coated
184,527
'7408
Copper wire
190,950
'7318
Iron & steel screws,bolts,nuts,coach-screws, etc
167,069
'8543
'8512
Electrical mach&app having individual function, nes
Electrical lighting/signalling equip,windscreen
wipers,defrosters,etc
'8422
Dish washing machines; machinery for aerating bottles
Trade Indicators
Trade
Imported
balance
value 2014
2014 (USD
(USD '000)
'000)
185,742
Annual value
growth 201014 (%, p.a.)
Top Exporters to Argentina for Selected
Products
665,900
19
Mexico
USA
China
184,527
(178,916)
(4)
Brazil
Mexico
India
181,857
(181,806)
9
Brazil
Chile
Peru
181,597
(169,896)
2
Brazil
Germany
China
154,328
177,389
(171,990)
9
China
Brazil
Japan
141,722
177,153
(166,878)
1
Brazil
Thailand
China
143,459
177,110
(132,330)
14
Italy
Germany
China
'9021
Orthopaedic appliance (crutche/surgical belts & trusse)
189,323
176,937
(163,286)
7
USA
Ireland
Germany
'2905
Acyclic alcohols and their derivatives
165,111
171,991
(25,217)
1
USA
Brazil
KSA
'9031
Measuring or checking machines, nes
158,254
168,355
(157,683)
8
USA
Germany
Japan
'8431
Machinery part (hd 84.25 to 84.30)
Machinery for wrkg rbr/plas/ for the mfr of prod from these
material
134,765
164,347
(129,157)
8
USA
China
Canada
180,711
161,349
(157,736)
5
Italy
China
Germany
149,949
161,236
(131,685)
(5)
China
Brazil
Germany
'4804
Ball or roller bearings
Uncoated kraft paper&paperboard, in rolls/sheets not of hd
48.02/48.03
158,248
153,639
(151,838)
2
Brazil
USA
Australia
'8418
Refrigerator, freezer, etc
131,923
149,913
(93,686)
(8)
Brazil
Mexico
China
'3906
160,094
149,621
(140,856)
6
USA
Korea
Japan
139,215
146,542
(144,710)
0
China
Germany
Brazil
'9027
Acrylic polymers in primary forms
Tool for working in the hand,pneumatic/with self-containd
non-elec mot
Instruments for physical/chemical analysis;inst for
viscosity,heat,etc
150,813
146,420
(139,525)
1
USA
Germany
Japan
'2918
Carboxylic acids & their derivatives
148,469
145,558
(115,154)
10
China
Brazil
USA
'8477
'8482
'8467
Top products at 4 digits HS level imported by Argentina in 2014‐15 and Exporting Countries Sources: ITC calculations based on UN COMTRADE statistics.2015 values estimated by Dubai Exports based on last 1 year growth
Code
Product label
Imported
value 2015
(USD '000)
Est.
Trade Indicators
Trade
Imported
balance
value 2014
2014 (USD
(USD '000)
'000)
Annual value
growth 201014 (%, p.a.)
Top Exporters to Argentina for Selected
Products
'3923
Fork-lift trucks;other works trucks fitted with lifting/handling
equip
Part of footwear;romovable in-soles,heel cushion etc;gaiter
etc
Plastic packing goods or closures stoppers, lids, caps,
closures, plas
Brazil
China
'8523
Prepared unrecordd media for sound record (tapes)
100,864
134,485
(122,150)
(11)
USA
China
Taipei
'2106
Food preparations, nes
Other coloring matter;inorganic products used as
luminophores
139,473
132,831
(23,448)
12
USA
Netherlands
Brazil
117,914
132,488
(120,376)
0
USA
China
Brazil
146,302
131,804
(131,189)
(23)
China
Brazil
Korea
112,152
130,409
(128,961)
(7)
China
USA
Austria
137,888
127,674
(125,757)
2
USA
Brazil
Germany
'8518
Television receivers (incl video monitors & video projectors)
Articles for funfair, table/parlour games&auto bowling alley
equipment
Antiknock preparations, oxidation & gum inhibitors, viscosity
improver
Microphones&stand;loudspeaker;headphone/earphone;soun
d amplifier set
103,760
126,537
(125,935)
9
China
Korea
Thailand
'8511
Electrical ignition/starting equip (spark plugs/starter motors)
98,083
125,747
(121,067)
1
Brazil
France
China
'5402
Synthetic filam yarn, not put up
119,196
125,469
(68,394)
2
Brazil
India
China
'6402
Footwear nes, outers uppers of rubber or plastics
82,986
123,860
(115,241)
(9)
Brazil
China
Vietnam
'8427
'6406
'3206
'8528
'9504
'3811
125,722
138,156
(137,655)
2
China
USA
Germany
129,169
137,414
(133,806)
11
China
Brazil
Indonesia
125,271
134,700
8,144
1
USA
'8302
Base metal mountings, fttgs & sim art suitable for furn, doors, 105,598
122,788
(110,856)
1
Brazil
China
Germany
'8424
Mechanical appl. for proj/dispersing/spray;sand blastg mach,e99,447
Steam or vapour generatg boiler; super-heated water boiler 93,548
122,774
(76,197)
(3)
China
USA
Brazil
121,491
(119,624)
26
China
Korea
Thailand
'3917
Tubes, pipes & hoses & fittings therefor of plastics
123,784
121,357
(6,522)
5
Brazil
Germany
USA
'4811
Paper, paperboard, cellulose wadding & webs of cellulose fibe113,946
121,219
6,772
2
Brazil
Germany
USA
'8402
Top products Exported by UAE to Argentina
Sources: ITC calculations based on UN COMTRADE statistics. Code
Product label
All products
Trade Indicators
Annual growth
UAE Share in
Imported value
in value
Argentina's
2014 (USD '000) between 2010imports, %
2014, %, p.a.
29,741
15
0.0
'3102 Mineral or chemical fertilizers, nitrogenous
14,722
9
6.0
'7304 Tubes, pipes and hollow profiles, iron or steel
5,263
321
2.8
'5404 Synth mono>/=67dtex,...,syn tex mat wd<=5mm
2,137
49
25.9
'3901 Polymers of ethylene, in primary forms
1,330
(13)
0.2
'5606 Gimped yarn nes; chenille yarn; loop wale-yarn
Flat-rolled products of other alloy steel, of a width of
'7225 600mm or more
1,017
50
16.4
912
N/A
1.0
'8431 Machinery part (hd 84.25 to 84.30)
Unglazed ceram flags&paving,hearth/wall tiles;
'6907 mosaic cube
593
65
0.4
553
N/A
3.5
'8413 Pumps for liquids; liquid elevators
Electric motors and generators (excluding generating
'8501 sets)
514
N/A
0.1
509
N/A
0.2
'4901 Printed books,brochures,leaflets & similar
377
121
0.9
'8504 Electric transformer,static converter
214
N/A
0.1
'7013 Glassware usd for table,kitchen,toilet office, etc
208
6
1.0
'8307 Flexible tubing of base metal,
145
N/A
1.6
'3105 Mixtures of..N P Kfertilizers
141
12
0.0
'4821 Paper or paperboard labels of all kinds
'8537 fuses
137
124
N/A
(28)
3.5
0.1
'8411 Turbo-jets, turbo-propellers,other gas turbines
Machinery for sorting/screening/washg;
'8474 agglomeratg/shapg mineral produc
110
N/A
0.0
93
N/A
0.1
'9406 Prefabricated buildings
76
N/A
0.6
'3920 Other plates, sheets, film, foil, tape,
69
(28)
0.0
'8507 Electric accumulator
62
N/A
0.0
'8412 Engines and motors, nes
54
N/A
0.1
'4911 Printed matter nes, including printed pictures
Iron & steel radiators, air heaters&hot air distributors,
'7322 etc.
54
23
0.3
46
N/A
1.1
'8479 Machines&mech appl having indiv functions
38
N/A
0.0
'3211 Prepared driers
Tap,cock,valve for pipe,tank for the like,incl pressure
'8481 reducing valve
31
N/A
2.6
21
N/A
0.0
'7223 Wire of stainless steel
19
N/A
0.3
'8483 Transmission shafts&cranks, bearing housing
18
N/A
0.0
'3402 Organic surface-active agents,
18
N/A
0.0
'6908 Glazed ceram flags&paving,hearth/wall tiles;
16
(23)
0.0
'7326 Articles of iron or steel nes
16
N/A
0.0
'8484 Gaskets & sim joints of met sheeting
14
N/A
0.0
'8531 Electric sound/visual signallg apps
11
N/A
0.0
'9506 Articles&equip for gymnastics, athletics, sport
Registers,acct,note,order books etc;other stationary
'4820 articles of paper
10
29
0.0
9
60
0.2
Doing Business 2016
Argentina
THE BUSINESS ENVIRONMENT
The absolute values of the indicators tell another part of
the story (table 1.1). The indicators, on their own or in
comparison with the indicators of a good practice
economy or those of comparator economies in the
region, may reveal bottlenecks reflected in large numbers
of procedures, long delays or high costs. Or they may
reveal unexpected strengths in an area of business
regulation—such as a regulatory process that can be
completed with a small number of procedures in a few
days and at a low cost. Comparison of the economy’s
indicators today with those in the previous year may
show where substantial bottlenecks persist—and where
they are diminishing.
Argentina DB2016
Argentina DB2015
Brazil DB2016
Chile DB2016
Colombia DB2016
Mexico DB2016
Peru DB2016
Uruguay DB2016
Best performer globally
DB2016
Table 1.1 Summary of Doing Business indicators for Argentina
157
147
174
62
84
65
97
61
New Zealand (1)
Starting a Business (DTF
Score)
73.36
72.59
64.33
89.84
86.13
88.94
85.02
89.87
New Zealand (99.96)
Procedures (number)
14.0
14.0
11.0
7.0
8.0
6.0
6.0
5.0
New Zealand (1.00)*
Time (days)
25.0
25.0
83.0
5.5
11.0
6.3
26.0
6.5
New Zealand (0.50)
Cost (% of income per
capita)
9.7
15.1
3.8
0.7
7.5
17.9
9.8
22.0
Slovenia (0.00)
Paid-in min. capital (%
of income per capita)
2.3
4.0
0.0
0.0
0.0
0.0
0.0
0.0
105 Economies (0.00)*
Dealing with
Construction Permits
(rank)
173
176
169
24
38
67
48
160
Singapore (1)
Dealing with
Construction Permits
(DTF Score)
49.67
48.57
51.92
78.78
75.99
71.76
74.69
54.68
Singapore (92.97)
Procedures (number)
21.0
21.0
18.2
13.0
10.0
10.5
14.0
21.0
5 Economies (7.00)*
Indicator
Starting a Business
(rank)
Argentina DB2015
Brazil DB2016
Chile DB2016
Colombia DB2016
Mexico DB2016
Peru DB2016
Uruguay DB2016
Best performer globally
DB2016
Argentina
Argentina DB2016
Doing Business 2016
341.0
341.0
425.7
152.0
73.0
86.4
174.0
251.0
Singapore (26.00)
Cost (% of warehouse
value)
2.6
3.5
0.4
0.6
7.2
10.2
0.5
1.2
Qatar (0.00)
Building quality control
index (0-15)
10.0
10.0
9.4
13.0
11.0
11.7
12.0
8.0
New Zealand (15.00)
Getting Electricity
(rank)
85
79
22
51
69
72
64
40
Korea, Rep. (1)
Getting Electricity (DTF
Score)
70
69.95
85.5
79.71
74.82
73.27
75.96
82.12
Korea, Rep. (99.88)
Procedures (number)
6.0
6.0
4.0
6.0
5.0
6.8
5.0
5.0
14 Economies (3.00)*
Time (days)
92.0
92.0
43.6
30.0
102.0
78.9
67.0
48.0
Korea, Rep. (18.00)*
Cost (% of income per
capita)
24.9
41.9
28.6
76.8
475.4
332.9
324.5
12.7
Japan (0.00)
Reliability of supply and
transparency of tariff
index (0-8)
5.0
5.0
5.6
6.0
6.0
7.0
5.0
6.0
18 Economies (8.00)*
Registering Property
(rank)
116
115
130
56
54
106
35
110
New Zealand (1)
Registering Property
(DTF Score)
56.31
56.3
52.48
71.72
72.85
58.74
76.77
58.01
New Zealand (94.46)
Procedures (number)
7.0
7.0
13.6
6.0
6.0
6.8
4.0
8.0
4 Economies (1.00)*
Time (days)
51.5
51.5
31.7
28.5
16.0
63.7
6.5
66.0
3 Economies (1.00)*
Cost (% of property
value)
6.6
6.6
3.1
1.2
2.0
5.1
3.3
7.0
Saudi Arabia (0.00)
Quality of the land
administration index (030)
13.0
13.0
13.6
15.0
16.0
14.3
17.0
20.5
3 Economies (28.50)*
Indicator
Time (days)
Argentina DB2015
Brazil DB2016
Chile DB2016
Colombia DB2016
Mexico DB2016
Peru DB2016
Uruguay DB2016
Best performer globally
DB2016
Argentina
Argentina DB2016
Doing Business 2016
Getting Credit (rank)
79
71
97
79
2
5
15
59
New Zealand (1)
Getting Credit (DTF
Score)
50
50
45
50
95
90
80
60
New Zealand (100)
Strength of legal rights
index (0-12)
2.0
2.0
2.0
4.0
12.0
10.0
8.0
4.0
3 Economies (12.00)*
Depth of credit
information index (0-8)
8.0
8.0
7.0
6.0
7.0
8.0
8.0
8.0
26 Economies (8.00)*
Credit registry coverage
(% of adults)
42.6
41.2
55.1
45.1
0.0
0.0
35.2
84.1
Portugal (100.00)
Credit bureau coverage
(% of adults)
100.0
100.0
79.0
11.2
88.7
100.0
100.0
100.0
22 Economies
(100.00)*
Protecting Minority
Investors (rank)
49
46
29
36
14
57
49
122
Singapore (1)*
Protecting Minority
Investors (DTF Score)
60
60
65
63.33
71.67
58.33
60
45
Singapore (83.33)*
Strength of minority
investor protection
index (0-10)
6.0
6.0
6.5
6.3
7.2
5.8
6.0
4.5
3 Economies (8.30)*
Extent of conflict of
interest regulation
index (0-10)
5.0
5.0
5.7
7.0
8.0
6.0
7.0
5.0
Singapore (9.30)*
Extent of shareholder
governance index (010)
7.0
7.0
7.3
5.7
6.3
5.7
5.0
4.0
4 Economies (8.00)*
Paying Taxes (rank)
170
169
178
33
136
92
50
130
United Arab Emirates
(1)*
44.99
44.99
40.85
84
63.32
73.67
81.18
65.25
United Arab Emirates
(99.44)*
9.0
9.0
9.6
7.0
11.0
6.0
9.0
31.0
Hong Kong SAR,
Indicator
Paying Taxes (DTF
Score)
Payments (number per
year)
Best performer globally
DB2016
Uruguay DB2016
Peru DB2016
Mexico DB2016
Colombia DB2016
Chile DB2016
Brazil DB2016
Argentina
Argentina DB2015
Indicator
Argentina DB2016
Doing Business 2016
China (3.00)*
Time (hours per year)
405.0
405.0
2,600.0
291.0
239.0
286.0
260.0
277.0
Luxembourg (55.00)
Total tax rate (% of
profit)
137.4
137.4
69.2
28.9
69.7
51.7
35.9
41.8
Ireland (25.90)
Trading Across Borders
(rank)
143
143
145
63
110
59
88
153
Denmark (1)*
Trading across Borders
(DTF Score)
53
53
52.43
80.56
62.83
82.09
71.45
48.77
Denmark (100)*
Time to export: Border
compliance (hours)
21
21
49
60
112
20
48
144
15 Economies (0.00)*
Cost to export: Border
compliance (USD)
150
150
959
290
545
400
460
1,095
18 Economies (0.00)*
Time to export:
Documentary
compliance (hours)
30
30
42
24
60
8
48
96
Jordan (0.00)
Cost to export:
Documentary
compliance (USD)
60
60
226
50
90
60
50
231
20 Economies (0.00)*
Time to import: Border
compliance (hours)
300
300
63
54
112
44
72
13
19 Economies (0.00)*
Cost to import: Border
compliance (USD)
1,200
1,200
970
290
545
450
583
375
28 Economies (0.00)*
Time to import:
Documentary
compliance (hours)
336
336
146
36
64
18
72
72
21 Economies (1.00)*
Cost to import:
Documentary
compliance (USD)
120
120
107
50
50
100
80
285
30 Economies (0.00)*
Enforcing Contracts
38
38
45
56
180
41
69
104
Singapore (1)
Argentina DB2015
Brazil DB2016
Chile DB2016
Colombia DB2016
Mexico DB2016
Peru DB2016
Uruguay DB2016
Best performer globally
DB2016
Argentina
Argentina DB2016
Doing Business 2016
Enforcing Contracts
(DTF Score)
67.65
67.65
66.48
62.81
29.66
67.39
60.7
56.01
Singapore (84.91)
Time (days)
590.0
590.0
731.0
480.0
1,288.0
389.0
426.0
725.0
Singapore (150.00)
Cost (% of claim)
22.5
22.5
20.7
28.6
45.8
30.9
35.7
19.0
Iceland (9.00)
Quality of judicial
processes index (0-18)
12.0
12.0
13.1
9.0
6.5
10.6
8.5
7.0
3 Economies (15.50)*
Resolving Insolvency
(rank)
95
79
62
58
30
28
74
64
Finland (1)
Resolving Insolvency
(DTF Score)
42.87
45.1
52.68
54.18
72.06
73.03
47.57
52.37
Finland (93.81)
Recovery rate (cents on
the dollar)
24.5
28.6
22.4
31.0
70.0
68.9
30.3
42.1
Japan (92.90)
Time (years)
2.8
2.8
4.0
3.2
1.7
1.8
3.1
1.8
Ireland (0.40)
Cost (% of estate)
12.0
12.0
12.0
14.5
8.5
18.0
7.0
7.0
Norway (1.00)
Outcome (0 as
piecemeal sale and 1 as
going concern)
0
0
1
0
1
1
0
0
Strength of insolvency
framework index (0-16)
9.5
9.5
13.0
12.0
11.0
11.5
10.0
9.5
Indicator
(rank)
4 Economies (15.00)*
Source: Doing Business database.
Note: DB2015 rankings shown are not last year’s published rankings but comparable rankings for DB2015 that capture the effects of such
factors as data revisions and changes to the methodology. The global best performer on time for paying taxes is defined as the lowest
time recorded among all economies in the DB2016 sample that levy the 3 major taxes: profit tax, labor taxes and mandatory
contributions, and VAT or sales tax. If an economy has no laws or regulations covering a specific area—for example, insolvency—it
receives a “no practice” mark. Similarly, an economy receives a “no practice” mark if regulation exists but is never used in practice or if a
competing regulation prohibits such practice. Either way, a “no practice” mark puts the economy at the bottom of the ranking on the
relevant indicator. * Two or more economies share the top ranking on this indicator. A number shown in place of an economy’s name
indicates the number of economies that share the top ranking on the indicator. For a list of these economies, see the Doing Business
website (http://www.doingbusiness.org).