Venezuela's imports from the US rise 50.9% in the first quarter

During the first three months of the year, the accumulated trade balance between Venezuela and the United States amounted to USD 6.64 billion. Therefore, the trade balance edged 15.71% lower than USD 7.88 billion the same term last year, the Venezuelan-American Chamber of Commerce and Industry (VenAmCham) informed.

The trade chamber reported that in the first quarter of the year Venezuela's imports from the United States amounted to USD 3.72 billion, a 50.9% spike over the same period last year (USD 2.46 billion).

"It is also important to highlight that in March 2012 total imports reached USD 1.33 billion, an unprecedented amount in the past three years. In October 2008, Venezuela's imports from the United States were USD 1.40 billion," VenAmCham broke down.

Venamcham also notified that "in the first quarter of the year, total Venezuelan exports amounted to USD 10.35 billion, a 0.16% rise over the first quarter of 2011."

The trade chamber noted that "oil exports accounted for 96.02% of overall (Venezuelan) exports (to the United States)."