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HomeEconomyVenezuela increased its exports by more than 70% in 2021

Venezuela increased its exports by more than 70% in 2021

A report presented by the Inter-American Development Bank (IDB) revealed that Venezuela increased its exports in 2021, despite the situation of the coronavirus pandemic and the unilateral measures and the blockade imposed by the United States (USA).

In the document, entitled Estimates of Trade Trends in Latin America and the Caribbean, The international financial organization revealed that Venezuelan exports increased by 78,3%, compared to 2020.

In this sense, the IDB pointed out that one of the main export products was oil, a sector where Venezuela achieved a great recovery in its production.

Crude oil was one of the raw materials hardest hit by the pandemic in view of its complex transport logistics.  

Despite the economic blockade and the unilateral measures imposed by the US, Venezuela experienced the greatest recovery in terms of exports in the south of the continent.

In the text, the international organization detailed that the pandemic affected commercial transactions on a global scale, and Latin America and the Caribbean was hit, because one of its main economic activities is exports.

According to IDB figures, the drop in exports for the region in 2020 was -9,1%, however, in 2021 an estimated recovery of between 24,8% and 27,8% was recorded.

This recovery, indicates the organization, is mainly due to the improvement in the prices of products exported by the region rather than by the volumes of merchandise, the latter having seen a slower recovery.

On repeated occasions, the president of the Bolivarian Republic of Venezuela, Nicolás Maduro, has asserted a growth in the Gross Domestic Product (GDP), placing it at 7,5% in the last months of 2021.