Venamcham reports 42%-hike in purchases from the US

The performance of the balance of trade with the United States, the senior partner of Venezuela, mirrors the twists and turns of the domestic production sector. In the first five months of 2012, imports from the United States surged by 42%, whereas exports from Venezuela plunged 8%.

Carlos Tejera, the managing director of the Venezuelan-American Chamber of Commerce and Industry (Venamcham) notified that exports until May amounted to USD 16.8 billion.

Note under this item the performance of non-exports, sagging 48% in such term, Tejera told private news TV channel Globovisión.

In 2011-2012, oil imports jumped to 457%, according to the Venancham CEO.

"Interestingly, the trends mirror the Venezuelan reality," he reasoned.

Tejera added that so far this year, Venancham member companies have 10% les access to foreign currency through the Foreign Exchange Administration Board (Cadivi) and the Transaction System for Foreign Currency Denominated Securities (Sitme).

In the areas of food and drugs, "the expected dollars were not received," he specified.

"Any restriction to foreign currency adversely affects consumers," the Venancham managing director cautioned.

Tejera disclosed that the wait period for Cadivi allocation of foreign currency is longer and longer, particularly in manufacturing and tourism. "Some of our companies receive their dollars within 210 days; some others between 60 and 90 days."