Trade between Colombia and Venezuela will grow 200 %
Cavecol estimates that the commercial exchange between Colombia and Venezuela could grow by 200 % if the governments reestablish formal trade on the border
The Venezuelan-Colombian Chamber of Economic Integration (Cavecol), estimates that by the end of 2022, the commercial exchange between Colombia and Venezuela could grow by 200 % if the governments manage to re-establish formal trade on the border, once Gustavo Petro was elected as the new president of Colombia.
The president of Cavecol, Luis Alberto Russián explained that by 2021 the binational exchange closed 406 million dollars, of which 331 million corresponded to imports made from Colombia.
“In principle, we think that the commercial exchange could double to 800 million dollars of binational exchange this year 2022, but if there is a re-impulse and if there is a situation where this formal relationship is established, we could reach 1,200 million dollars”, he pointed out.
The reactivation of binational trade is a challenge for Venezuela
The president of Cavecol stressed that the possible reactivation of formal trade on the border between the Táchira and Norte de Santander, which has been closed for 7 years, represents a great challenge for the Venezuelan sectors due to the restrictions that the country.
“We are in a situation with many limitations to overcome, electric power, diesel, elements that are urgently needed to be able to attend to and overcome because the challenge of competitiveness for the Venezuelan private sectors is important within this opportunity,” Russián said.
In his opinion, one of the main challenges is to optimize the competitiveness of the Venezuelan productive sector to take advantage of the situation and achieve a greater participation in exports.
Russián explained that in 2020 the commercial exchange registered some 224 million dollars, where Colombia obtained the largest share. When comparing the first quarter of 2022 with the first quarter of 2021 “the exchange has continued to grow by 90 percent, because we jumped from a figure of 64 million to 127 million, but the highest percentage is of imports that we make from Colombia with 109 million dollars.”
M. Rodríguez
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Source: finanzasdigital.com
