Sony Brazil Suspends Exports to Argentina Jul 14, 2004

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Consumer electronics maker Sony Corp. has suspended the exports of products manufactured in Brazil to Argentina after Argentine authorities announced restrictions to the country's bilateral trade, said Minoru Itaya, president of Sony's Brazilian operations.

Argentine authorities recently announced that they would impose restrictions on imports of electrical household appliances from Brazil and levy a special customs duty of 21 percent in the case of television sets exported from the Brazilian free zone of Manaus.

Mr. Itaya said that if duties of 21 percent are imposed on Brazilian products, it will dramatically change the price of the television sets and the export plan to Argentina. He stressed, however, that the Argentine market is not that relevant to Sony Brazil.

Sony Brazil's sales to Argentina generated revenues of U.S. $3 milllion in the 2003 fiscal year. The company's target for the 2004 fiscal year was to reach sales of $15 million. Sony Brazil noted that, whatever happens in Brazil, it has no plan to reduce production or cut jobs. (Forbes)

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