Venezuela-US trade balance down 31.42% in 2012
Venezuela's oil imports skyrocketed in 2012 (474.96%), as the country imported vast quantities of compounds for the processing of gasoline and other oil by-products
Based on data revealed by the Venezuelan-American Chamber of Trade and Industry (VenAmCham), the rise in imports is accountable for the drop in the balance reported in favor of Venezuela. Purchases from the United States soared 41.51% in the aforementioned period, climbing from USD 11.24 billion in 2011 to USD 15.90 billion in 2012.
For their part, Venezuela's oil imports skyrocketed in 2012 (474.96%), jumping from USD 486 million in 2011 to USD 2.79 billion.
A blast in Venezuela's main refinery Amuay in August last year, made the country import vast quantities of compounds for gasoline and other oil byproducts processing.
Meanwhile, non-oil imports swelled 21.9%, rising from USD 10.7 billion in 2011 to USD 13.10 billion in 2012, the VenAmCham's report shows.
For their part, Venezuela's exports went down 10.98%, from USD 40.09 billion two years ago to USD 35.69 billion last year.
Oil exports slowed 11.35%, from USD 38.19 billion in 2011 to USD 34.49 billion in 2012.
A slight rise (1.17%) was reported in non-oil exports, from USD 1.18 billion to USD 1.19 billion.
Translated by Jhean Cabrera
A group of some 60 Venezuelan economists from across the country and from different generations and backgrounds, has met regularly in the past couple of years and now has brought forth a document explaining the reasons of the current emergency and outlining specific proposals on how to address the serious economic crisis the country has plunged into over the last three years.