CARACAS: Colombia, Venezuela trade in 2014 totaled USD 2.15 billion, 19.4% below USD 2.67 billion in 2013.
The numbers disseminated by the Venezuelan-Colombian Chamber of Economic Integration (Cavecol) reveal an upward trend in bilateral trade last year. Trade downsized in a 10-month term; only in two months –January and July- slight increments were reported relative to 2013.
Based on Cavecol’s estimates –retrieved from the Venezuelan National Statistics Institute (INE) and the Directorate of Taxes and National Customs of Colombia (DIAN)- exports from Venezuela to Colombia thinned out 1%, from USD 421 million in 2013 to USD 416 million in 2014.
In the meantime, exports from Colombia to Venezuela dived 22.8% by comparing both periods. In 2013, this indicator stood at USD 2.25 billion; last year, it accounted for USD 1.73 billion.
The bilateral balance of trade also ended in the red in 2013. As per Cavecol’s data, in 2013 and 2012, trade amounted to USD 2.66 billion and USD 2.92 billion, respectively, down 9%.
In August 2014, the Venezuelan government went into anti-smuggling efforts on the border so as to fight the “economic war” and counteract scarcity of staples in the domestic market.
Most recently, government authorities reported on the implementation of a special economic zone in order to enliven the economic activities (industry and trade) of both countries.
According to Cavecol, last December, the main tariff sub-items exported by Venezuela included urea, naphtha, polyvinyl chlorides, unleaded gasoline for vehicles, aluminum wire, plastics and manufactures.
Main tariff sub-items imported by Venezuela included mineral or chemical fertilizers; lead electric storage batteries; iron or steel flat laminates; soap, and cosmetics.
