LAC

Venezuela Trade, Exports and Imports

  • By LAC Blog
  • Saturday 05, April 2014

Venezuela’s trade involves several restrictive processes and heavy documentation. Moreover, foreign exchange is not available in the nation freely. This implies that all trading transactions need to be administered by a bank managing the documentation process, in collaboration with the nation’s government agency, Comisión de Administración de Divisas. The agency has complete discretion to permit or refuse a bank foreign exchange to trade. Venezuela Trade, Exports and Imports Agreement Imports in Venezuela are subject to customs duty, which is levied on the basis of the Andean Pact. The Andean Pact is a regional trade agreement between Venezuela, Bolivia, Columbia, Ecuador and Peru to setup a common external trade tariff structure. Transit duties are also applicable on certain goods, which include coffee, cocoa and cotton. Additionally, the Government of Venezuela has complete authority to levy export duties if it deems fit. The US was, for a large portion of the first decade of the 21st century, Venezuela’s biggest trading partner, accounting for as much as 60% of its exports. However, trade relations between the two nations have weakened gradually since Hugo Chavez was elected President. This was a result of Chávez’s public friendship with Fidel Castro, leading to close trade ties with Cuba. Important trade partners of Venezuela, according to the 2008 statistics published iny the CIA World Factbook.

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