During the recent Binational Business Council to analyze bilateral investment strategies, Venezuelan vice president, Delcy Rodríguez, pointed out that non-oil exports to Russia exceeded 450% until September.

In her meeting with the Russian ambassador in Caracas, Sergei Melik-Bagdasarov, the official highlighted that these exports quadrupled from 2022 to September 2024.

The meeting is part of the XVIII Meeting of the High Level Intergovernmental Commission (CIAN) between both nations. In her speech, “Rodríguez highlighted the potential that Venezuela has for the development of industrial activities, in view of the growth projections expected for this year.”

She pointed out that the country’s economy “should be closing above 9% in 2024,” which she considers a positive indicator for the national economy.

Rodríguez stated that non-oil products exported from Venezuela to Russia include “cocoa, coffee, avocado, cane sugar and vegetables” and underlined the growth of the Venezuelan economy towards other productive sectors.

M.Pino

Source: actualidad.rt

(Reference image source: Paul Teysen in Unsplash)

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Venezuela has great possibilities to increase its exports for this 2022, due to the “conditions in the international markets”. This was stated by the president of the Venezuelan Association of Exporters (AVEX), Ramón Goyo, who considers that there is “room to grow”, but it is necessary to improve “public policies that help produce more.”

According to Goyo, the country has a large installed capacity that is not fully operational at the moment, but it is an important competitive advantage. “The fact of having an installed capacity in the domestic sector means that we can increase exports with products with added value, with greater knowledge that implies better prices in international markets.”

According to Fedeagro and Conindustria reports, approximately 23 % of the installed capacity is not being used. “At this stage, this increase is positive, but it has little effect on consumption, so the alternative left to companies is to export to increase production and installed capacity,” he added.

Venezuela will reorient its exports

The president of AVEX considers that the pandemic generated a disruption of international value chains in Venezuela, resulting in two aspects of great importance. The first is related to the “security of supplies from international markets, which are experiencing a “trend to localize production”.

The second aspect is linked to an “internal increase in the trade regions“, warning in Latin America “an interregional increase in trade and these variables can be very favorable in Venezuela if they are used correctly.”

It is for these reasons that Goyo considers that the country could redirect its exports to the Latin American market, that is, to countries such as Peru, Mexico, Brazil, Chile and Colombia, in which there is a greater demand for products.

Global export rebound

The AVEX representative highlighted that currently all developing countries are experiencing a very interesting international situation, due to the global repercussion due to the “policies of fiscal and monetary spaces” that stimulated domestic consumption and world trade causing its increase in world exports. “There has been extremely large growth in world trade,” he stated.

By 2021, world trade growth was recorded at 10 %, positively impacting the increase in global gross domestic product (GDP) in the order of 5 %.

For its part, Venezuela, in particular, registered a 30 % rebound in its non-oil exports by 2021, which is equivalent to “1.8 billion dollars against 1.45 billion dollars in a pandemic,” he highlighted.

M. Rodríguez

Source: financedigital.com

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