2024-09-06 13:27:34
The most recent report from the Colombian-Venezuelan Chamber revealed that, during the first half of 2024, total trade between both nations reached US$491 million FOB.
Trade between Colombia and Venezuela has experienced a revival since the reopening of trade relations under the government of President Gustavo Petro, after a prolonged closure during the administration of Iván Duque. The closure of the border, which lasted for several years, caused an almost total paralysis in trade between the two countries, affecting not only large industries, but also thousands of small and medium-sized businesses on both sides of the border.
During Duque’s term, political tensions with the government of Nicolás Maduro led to the suspension of diplomatic and commercial relations in 2019. This situation caused a significant decline in bilateral trade, which at one time had reached historic figures. However, with the arrival of Gustavo Petro to power in August 2022, talks began to reestablish dialogue and reopen the border, which was completed in September of that same year. Since then, there has been an upturn in Colombian exports to Venezuela.
Exports are growing
The most recent report from the Colombian-Venezuelan Chamber revealed that, during the first half of 2024, total trade between the two nations reached US$491 million FOB, representing an increase of 30% compared to the same period in 2023. This increase is largely due to the 40% increase in Colombia’s exports to Venezuela, which reached US$427 million FOB.
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Among the products most exported by Colombia to Venezuela are food and beverages, which represent 25% of the total, followed by products from the chemical industry (24%) and plastic materials (10%). Confectionery (9%), centrifugal liquid pumps (5%) and milk and cream (4%) were some of the specific products that led sales.
Imports down
However, imports from Venezuela have shown a downward trend, registering a 12% decrease during the first half of 2024, closing at US$70 million CIF. Imports have been concentrated mainly in foundry, iron and steel (28%), fertilizers (16%) and electrical equipment and material (13%).
“These sectors continue to be fundamental pillars of bilateral trade, presenting both opportunities and challenges for companies from both countries,” said the Colombian-Venezuelan Chamber of Commerce.
At a regional level, Bogotá was positioned as the largest Colombian exporter to Venezuela, representing 20% of the total, followed by Antioquia (12%) and Valle del Cauca (11%). As for imports, Atlántico led with 30%, followed by Boyacá (22%) and again Bogotá (11%).
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