Venezuela-Colombia trade up 32.9%

Venezuela-Colombia trade rose 32.9% in January-November with respect to the same period time last year.

Data recorded by Colombia's National Tax and Customs Agency (DIAN), based on estimates from the Venezuelan-Colombian Chamber of Economic Integration (Cavecol), reveals that Venezuela-Colombia trade totaled USD 2.68 billion, compared to USD 2.02 billion a year earlier.

The figure was registered before the enforcement of the Partial Scope Trade Agreement (PSA) entered into by the presidents of Venezuela and Colombia in 2011. It was not until November 19, 2012 when the Principal Customs Office of San Antonio del Táchira informed to Cavecol about the entry into force of the bilateral agreement.

The recorded figure represents a trade surplus for Colombia and a deficit for Venezuela, just as it has been over the last 10 years.

Venezuela's imports from Colombia in 2011 amounted to USD 1.5 billion, compared to USD 2.2 billion this year (up 44.3%).

In the meantime, Venezuela's exports to Colombia slipped 3.5%, from USD 482,000 in 2011 to USD 465,000 in 2012.

Translated by Jhean Cabrera