by James Suggett – Venezuelanalysis.com
Mérida, August 21st 2009 (Venezuelanalysis.com) – Trade between Venezuela and the United States decreased by more than half in the first semester of this year. Meanwhile, Venezuela continued to diversify its trading partners in South America and abroad, most recently through a series of bilateral accords with Brazil, while Russia increased its investments in the Orinoco Oil Belt fivefold.
According to a recent report by the Venezuelan-American Chamber of Commerce and Industry (Venamcham), trade between the U.S. and Venezuela was valued at $25.7 billion in the first half of 2008, and declined by nearly 53% to just over $12 billion during the first half of 2009.
During April and June of this year, Venezuela’s exports to the U.S. totaled $6.4 billion, which is nearly 56% less than its exports to the U.S. during April and June of last year, when exports were worth $14.5 billion, according to the report. Venezuela’s imports from the U.S. totaled $2.3 billion in April and June of this year, a 22% decline in comparison to April and June of 2008, when imports were worth $3 billion.
Overall, the Venamcham report shows that Venezuela’s oil sector accounted for 96% of exports to the U.S. in the first semester of this year, which is roughly the same as last year. Non-oil goods accounted for roughly 93% of Venezuela’s imports from the U.S. in the first semester of this year.
Meanwhile, Venezuela continues to diversify its trade amongst countries in South America and abroad. In a meeting in Caracas on Friday, the foreign relations ministers, trade ministers and other officials from Brazil and Venezuela signed a series of bilateral accords to increase cooperation in food security and electricity generation, and to boost Venezuela’s capacity to produce glass products, valve, PVC plastic products, industrial refrigeration, and electrical appliances.
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