Venezuelan seaport tariffs to hike 46.5% upon new forex rate

Devaluation of the Venezuelan currency will have immediate effects on import costs. Although the Government has announced that US dollar requests submitted by some sectors prior to the announcement of the new foreign exchange rate (USD 6.30) would be admitted at VEB 4.30 per US dollar, seaport services and tariffs will rise next Wednesday. 

As set forth in Article 4 of Official Gazette 40,078, dated December 26, 2012, seaport tariffs and services are based on the updated fees schedule of state-run company Bolivariana de Puertos (Bolipuertos), which calculates tariffs and services at the official foreign exchange rate.

"Seaport tariffs regulated under this resolution are estimated in dollars of the United States of America, in compliance with international standards, but payments are made in local currency based on the foreign exchange rate as determined by the Central Bank of Venezuela, and shall be made prior to dispatch and/or final withdrawal of goods from the seaport facilities," the document reads.

In other words, once the new forex rate (VEB 6.30 per US dollar) enters into force next Wednesday, importers and shipping lines shall pay 46.5% more for Bolipuertos' services.

Translated by Jhean Cabrera