Commercial exchange between Venezuela and the US grew

Trade between Venezuela and the United States experienced a notable increase of 113 % during the first half of this year compared to the same period in 2022. This rise is largely due to the resumption of Chevron operations in the South American country .

The information was revealed by Luis García, general manager of the Venezuelan-American Chamber of Commerce and Industry (Venamcham). According to a report from the chamber, trade between both nations reached the figure of 2,610 million dollars from January to June 2023, in contrast to the 1,225 million registered in the same period of the previous year.

García highlighted that the authorization granted to Chevron to resume its operations in Venezuela, granted by the US Government last November after the reestablishment of political talks between the Executive of Nicolás Maduro and the opposition (although currently frozen), has had a significant impact on this increase in commercial exchange.

Oil exchange also grew

According to the report presented by Venamcham, Venezuela’s oil exports to the United States in the first half of 2023 amounted to 1,209 million dollars, which represents an astonishing growth of 122,392.4% compared to the same period of the previous year, when they reached $987,000. These oil exports represented 86 % of the country’s total exports to the United States.

The document also reveals that total exports to the United States, including non-oil exports, experienced an increase of 555 %, reaching a value of 1,396 million dollars.

On the other hand, imports from the United States to Venezuela increased by 19.8 %, going from 1,013 million dollars to 1,214 million in the same period analyzed.

K. Tovar

Source: Bancaynegocios

(Reference image source: Grant Durr, Unsplash)

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